The scrip was listed at Rs 215, up 7.50% over the initial public offer (IPO) price. The counter hit a high of Rs 225.75 and a low of Rs 214 so far. About 6.67 lakh shares of the company changed hands at the counter.
Organic Recycling Systems' IPO was subscribed 3.12 times. The issue opened for bidding on 21 September 2023 and it closed on 26 September 2023. The price of the IPO was fixed at Rs 200 per share.
The IPO comprised fresh issue of 25,00,200 shares. The promoter and promoter group shareholding diluted to 20.35% from 30.14% pre-IPO.
The company plans to use the net proceeds from the fresh issue for reduction of the aggregate outstanding borrowings of the company; towards general corporate purposes.
Organic Recycling Systems is an engineering company specializing in environmental solutions and waste management in India. The company has expertise in anaerobic biomethanation technology and successfully operate a Waste to Energy (WTE) plant. It also has a Municipal Solid Waste (MSW) processing and disposal plant that converts waste into electricity and compost. The company provides solutions for waste management across the entire value chain.
The company recorded a revenue from operations of Rs 24.72 crore and net profit of Rs 3.65 crore for the period ended as on 31 March 2023.