NSE SME Divyadhan Recycling Industries off to a great start

The scrip was listed at Rs 84, a premium of 31.25% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 88.20 and a low of Rs 81. About 15.58 lakh shares of the company changed hands at the counter.

Divyadhan Recycling Industries' IPO was subscribed 27.23 times. The issue opened for bidding on 26 September 2024 and it closed on 30 September 2024. The price band of the IPO was set at Rs 60 to Rs 64 per share.

The IPO comprised fresh issue of 37,76,000 equity shares. The promoter and promoter group shareholding diluted to 69.24% from 94.06% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.

Ahead of the Divyadhan Recycling Industries on 25 September 2024, raised Rs 6.84 crore from anchor investors. The board allotted 10.70 lakh shares at Rs 64 per share to 4 anchor investors.

Divyadhan Recycling Industries engaged in the business of manufacturing of Recycled Polyester Staple Fibre (R-PSF) and Recycled Pellets. The recycled fibre and pellets are produced from post-consumer PET bottles also known as Polyethylene Terephthalate bottles. As of 31 August 2024, the company has 83 employees.

The company recorded revenue from operations of Rs 56.12 crore and net profit of Rs 2.37 crore for the period as of 31 March 2024.