Urban Enviro Waste Management to launch IPO

Waste handling and management services provider Urban Enviro Waste Management has announced its plans to go public with an Initial Public Offering (IPO) to raise Rs 11.42 crore.

The IPO will open on June 12 and close on June 14.

The shares of the company will be listed on the NSE EMERGE, a platform for small and medium enterprises, the company said in a statement.

The initial share sale consists of fresh issue size of 9.20 lakh equity shares with a face value of Rs 10 each, aggregating to Rs 9.2 crore and an offer for sale component of 2.22 lakh equity shares.

Under the OFS, the selling shareholder — Vikas Sharma — will sell 2,22,400 equity shares with a face value of Rs 10 each, aggregating to Rs 2.224 crore. The company is offering its shares for Rs 100 apiece.

The company proposes to utilise the net proceeds towards repayment of certain secured borrowings (including accrued interest and foreclosure charges, if any) in full availed by the company, funding the working capital requirements of the company and other general corporate purposes.

The book running lead manager to the issue is Pantomath Capital Advisors Pvt Ltd and the registrar to the issue is Bigshare Services Pvt Ltd, the statement said.