Organic Recycling Systems, an engineering company offering sustainable waste management solutions, has announced its Initial Public Offering (IPO) on Thursday. The company intends to raise Rs 50 crores (approx. $6 million) from this IPO, which opened for subscription on Thursday.
The IPO comprises a fresh issue of 25 lakh shares. Following the allotment, the shares are expected to list on BSE SME. Currently, the shares of the Organic Recycling Systems IPO are trading at a premium of Rs 0 to Rs 10 per share in the grey market.
Subscribers of the IPO will likely be allotted their shares on Friday, September 29, with the listing expected on NSE SME on Thursday, October 5. The minimum lot size for this IPO is 600 shares, with each share priced at Rs 200 ($1 = INR83.109). Therefore, the minimum investment for one lot of shares is Rs 1,20,000.
The net proceeds from the issue will be used towards reducing the aggregate outstanding borrowings of the company and for general corporate purposes.
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