Organic Recycling Systems IPO has opened for subscription today (Thursday, September 21), and will close on Tuesday, September 26. Organic Recycling IPO price band has been set at ₹200 per equity share of face value of ₹10 each. Organic Recycling IPO lot size is 600 equity shares and in multiples of 600 equity shares thereafter. The issue price is 20 times of the face value of the equity shares.
Organic Recycling IPO details
Organic Recycling Systems IPO, which is worth ₹50 crores, is completely a fresh issue of 2,500,200 equity share; there is no offer for sale (OFS) component. Sarang Bhand is the promoter of the company.
The company plans to use the net proceeds from the offering to repay debt, meet general corporate purposes, and fund issue expenses. According to red herring prospectus (RHP), 75% of gross IPO proceeds will go towards debt repayment, 20.96% will be used to meet general corporate purposes, and 4.04% will be utilised to meet issue expenses.
Arihant Capital Markets Ltd is the book running lead manager of the Organic Recycling IPO, while Maashitla Securities Private Ltd is the registrar for the issue. The market maker for Organic Recycling Systems IPO is Arihant Capital Markets.
According to RHP, Organic Recycling Systems is engaged in the solutions across waste types and across the value chain. Organic Recycling has been providing sustainable waste management solutions in India since 2008. Incorporated by technocrats our focus primarily has been on developing robust, cost effective and environment friendly technologies that are simple to operate.
The company reported the total revenue of ₹25.34 crore for FY23, up from ₹17.56 crore for FY22 and ₹15.78 crore for FY21.
As per company’s RHP, there is no other listed company which is specifically comparable to Organic Recycling Systems in terms of business model, size and financials.
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Organic Recycling Systems IPO subscription status
Organic Recycling IPO subscription status today was 7% on day 1, so far. The issue received tepid response from retail investors who’s portion set was subscribed 12%, and non-institutional buyers who’s portion set was subscribed 1%, according to data on chittorgarh.com.
The company has received bids for 1,54,200 shares against 2,500,200 shares on offer, at 15:05 IST, according to data on chittorgarh.com.
Organic Recycling Systems IPO GMP today
Organic Recycling IPO GMP today or grey market premium on Thursday was ₹0, which meant shares were trading at their issue price of ₹200 with no premium or discount in the grey market according to topsharebrokers.com
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Organic Recycling Systems IPO Review
“The company is engaged in waste management with more technological aspects to bring a win-win situation for all. The company suffered setbacks for FY21 and FY22 following the Pandemic impact. FY23 performance indicates the prospects ahead for the specialized services and solutions segment in the MSW projects. The issue appears aggressively priced. However, well-informed/cash surplus investors may park funds for the medium to long-term rewards,” said Dilip Davda, the contributing editor at Chittorgarh.com.
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Updated: 21 Sep 2023, 03:28 PM IST