Gem Enviro Management
SME₹44.93 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹44.93 Cr
1 lot at cut-off
₹1,20,000
Lot size
1,600shares
Open
19 Jun 2024
Close
21 Jun 2024
Allotment
24 Jun 2024
Listing
26 Jun 2024
Listing performance
Issue price
₹75
Listed at
₹142.50
Listing-day close
₹149.62
Latest price
₹35
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
-53.33%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jun 2024 – 21 Jun 2024
- Listing date
- 26 Jun 2024
- Face value
- ₹5 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹44.93 Cr
- Market cap at offer price
- ₹169 Cr
- Promoter holding
- 100.00% → 73.44% pre-issue → post-issue
- ISIN
- INE0RUJ01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- Unit No.203, Plaza-P 3, Central Square, Bara, Hindu Rao,-New, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,92,800 | — | — |
| Market maker | 3,42,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,92,800
Anchor portion
₹12.70 Cr
at ₹75 per share
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.76 | 4.97 |
| P/E (×) | 15.76 | 15.09 |
| Price to book (×) | 5.09 | — |
| Market cap | — | ₹169 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.48%
- ROCE
- 36.55%
- PAT margin
- 31.84%
- NAV per share
- ₹14.74
- Price to book
- 5.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Gem Enviro Management
GEM Enviro Management Limited was incorporated in 2013 as Ganesha Enviro Management Private Limited and converted to a public limited company in 2023. The company provides EPR consultancy and fulfillment for plastic waste, collection and recycling of industrial plastic waste, sales and marketing of recycled products, and ESG consulting and BRSR services. The company's largest business vertical is EPR programs for plastic waste (contributing 82.41% of revenue in FY 2022-23), followed by industrial plastic waste collection and recycling (17.42% of revenue). The company operates in India's plastic recycling industry, which stood at approximately 5,700 thousand tonnes in FY 2023 and is expected to grow at 5.84% CAGR through FY 2030. The company also organizes awareness programs on plastic waste disposal and recycling.
Company Analysis
from RHPGEM Enviro Management Limited is a plastic waste management and recycling company that provides Extended Producer Responsibility (EPR) fulfillment, industrial plastic waste collection and recycling, and sustainability consulting services.
GEM Enviro Management Limited was incorporated in 2013 as Ganesha Enviro Management Private Limited and converted to a public limited company in 2023. The company provides EPR consultancy and fulfillment for plastic waste, collection and recycling of industrial plastic waste, sales and marketing of recycled products, and ESG consulting and BRSR services. The company's largest business vertical is EPR programs for plastic waste (contributing 82.41% of revenue in FY 2022-23), followed by industrial plastic waste collection and recycling (17.42% of revenue). The company operates in India's plastic recycling industry, which stood at approximately 5,700 thousand tonnes in FY 2023 and is expected to grow at 5.84% CAGR through FY 2030. The company also organizes awareness programs on plastic waste disposal and recycling.
plastic waste management and recyclingenvironmental compliance and sustainabilitywaste management servicesExtended Producer Responsibility (EPR) services
Objects of the Issue
- To Meet Working Capital Requirements ₹700.00 lakhs p.29
- General corporate purposes p.29
- To Meet Working Capital Requirements ₹700.00 lakhs p.97
- General corporate purposes [●] p.99
- Not disclosed in this document section
- Not explicitly stated in Part 4 of the document
Issue Structure
- Total Issue
- 59,90,400 Equity Shares aggregating to ₹ [●] lakhs
- Fresh Issue
- 14,97,600 Equity Shares aggregating to ₹ [●] lakhs
- Offer for Sale
- 44,92,800 Equity Shares aggregating to ₹ [●] lakhs
- Price Band
- Floor Price and Cap Price to be determined by the Company and Selling Shareholders in consultation with BRLMs
- Lot Size
- 1600 Equity Shares and in multiples of 1600 Equity Shares thereafter
- Face Value
- ₹5/- each
Business Model
The company earns revenue through three primary channels: (1) EPR consultancy and fulfillment services for plastic waste management, which contributed 82.41% of revenue in FY 2022-23; (2) collection and recycling of industrial plastic waste, contributing 17.42% of revenue; and (3) sales and marketing of recycled products and ESG consulting services, contributing 0.18% of revenue in FY 2022-23.
Business Segments
Implementation of Plastic Extended Producer Responsibility Programmes for various organizations to fulfill their obligations as per PWM Rules 2016 and amendments
Collection and recycling of industrial plastic waste
Sales and marketing of recycled products
ESG Consulting and BRSR (Business Responsibility and Sustainability Reporting)
GEM offers EPR consultation services to PIBOs (Producers, Importers, Brand Owners) for registration and fulfilling of their obligation as per PWM 2016 and amendments. Services include program development, compliance management, data analysis and reporting, provision of EPR credits, educational workshops, and stakeholder engagement.
GEM collects plastic waste from various collection centers, ULBs (Urban Local Bodies), and bulk consumers, and channels it either for recycling or end-of-life disposal. The company works with plastic waste processors to generate EPR credits through proper documentation and processing.
The company sells and markets products manufactured from recycled plastic waste.
The company provides ESG consulting services and assists organizations with Business Responsibility and Sustainability Reporting (BRSR) as mandated by SEBI.
Comprehensive EPR services including client registration on CPCB portals, evaluation of registration requirements, preparation and filing of applications, support in obtaining registration certificates, EPR portal management, filing annual returns, and facilitation of EPR credit transfers between producers and recyclers.
Operates a robust collection and transportation network with channel partners to gather plastic waste from businesses and industrial sites, segregation of plastics for recycling, transportation to recyclers, and engagement with recyclers for processing into products such as washed PET flakes, polyester staple fiber, and granules.
Marketing and sales of recycled products manufactured from collected plastic waste to B2B customers, highlighting environmental benefits and cost-effectiveness, organizing awareness events, and distribution of recycled products.
Providing ESG consulting services including ESG audits, stakeholder engagement, materiality assessments, benchmarking against industry peers, and assistance in preparation of BRSR (Business Responsibility and Sustainability Report) reports as per SEBI format for listed companies.
GEM is registered with Verra and collaborates with plastic waste recyclers to provide plastic credits for international and domestic clients, advising on registration, validation, verification, and sale of plastic credits accruing from plastic waste collection and recycling activities.
Implementation of Plastic Extended Producer Responsibility Programmes for various organizations to fulfill their obligations as per PWM Rules 2016 and amendments
Collection and recycling of Industrial Plastic Waste and sales and marketing of recycled products
SWOT Analysis
Strengths
- • Diversified service offerings in growing waste management sector(p.27)
- • Strong revenue growth trajectory in high-margin EPR business(p.27)
- • Operating in rapidly expanding plastic recycling market(p.28)
- • Positioned to benefit from regulatory tailwinds in waste management(p.28)
- • Debt-free balance sheet with strong net worth(p.30)
- • Strong profitability and cash generation(p.60)
- • High EBITDA margins demonstrating operational efficiency(p.105)
- • Strong balance sheet with minimal debt(p.59)
- • Early mover advantage in EPR services for plastic waste management(p.130)
- • Diversified service portfolio beyond core EPR business(p.129)
- • In-depth understanding of EPR regulatory landscape(p.141)
- • Rapid adaptation capability to sector-specific EPR requirements(p.141)
- • Established brand recall as emerging EPR player(p.141)
- • Strong stakeholder relationships across value chain(p.141)
- • Qualified cross-functional expertise team(p.142)
- • Continuous innovation in recycling strategies(p.142)
- • Substantial EPR credit provisioning track record(p.137)
- • Diverse client base across major industries(p.139)
- • EPR services dominate revenue, contributing 82.41% in FY 2022-23(p.247)
- • Strong profitability with 31.84% PAT margin in 9M FY2024(p.251)
- • Consistent profit growth over four years(p.254)
- • Debt-free balance sheet with no borrowings(p.252)
- • Strong cash position with ₹1,325.07 lakhs(p.210)
Weaknesses
- • Heavy dependence on limited customer base(p.36)
- • High concentration of trade receivables creating liquidity risk(p.37)
- • Significant dependence on few suppliers(p.38)
- • No ownership of office premises; reliance on short-term leases(p.38)
- • Lack of long-term agreements with clients(p.39)
- • History of delays in statutory compliance(p.40)
- • Promoter group faces litigation and compliance issues(p.35)
- • Small team size limiting operational capacity(p.47)
- • High dependence on a single business vertical(p.129)
- • High working capital intensity with extended receivables collection period(p.98)
- • Significant portion of business dependent on regulatory compliance from PIBO customers(p.130)
- • Limited operating presence with concentration of registered office in Delhi(p.62)
- • Shortage of trained manpower in emerging waste services industry(p.141)
- • Excessive concentration on domestic Indian EPR market(p.141)
- • High customer concentration risk(p.145)
- • No formal written agreements with transporters(p.132)
- • No formal written agreements with collection centres(p.138)
- • Heavy dependence on EPR services revenue concentration risk(p.247)
- • Pending tax liabilities of promoters affecting credibility(p.261)
- • Receivables growing faster than revenue; DSO increasing(p.241)
- • Small and young company with limited operational history since 2013(p.211)
- • Shares subject to lock-in period for promoters and market maker reservation(p.308)
- • Market maker obligations extend for minimum 3 years post-listing(p.292)
- • Regulatory compliance requirements for different investor categories(p.305)
Opportunities
- • Expansion into E-waste, Tyre, and Battery waste management(p.38)
- • India's large daily plastic waste generation requiring systematic management(p.28)
- • Government enforcement of plastic waste management rules creating compliance obligations(p.28)
- • Growth of organized players in largely unorganized recycling sector(p.28)
- • Expansion of ESG and sustainability consulting services(p.27)
- • Significant growth in EPR market driven by regulatory mandates(p.127)
- • Expansion into emerging waste streams beyond plastic(p.129)
- • Strong tailwind from government initiatives promoting circular economy(p.127)
- • India's plastic recycling market growth potential(p.119)
- • Opportunity to provide value-added sustainability services (ESG/BRSR)(p.129)
- • Massive and rapidly growing EPR market(p.141)
- • Expansion into emerging waste management segments(p.141)
- • High-growth potential in emerging waste tech sector(p.142)
- • Geographic expansion to Tier-2 and Tier-3 cities(p.142)
- • Diversification into E-Waste, Battery and Tyre waste EPR(p.144)
- • Mandatory ESG reporting creating advisory opportunities(p.144)
- • Expansion into sustainability consulting and BRSR reporting(p.247)
- • Waste management industry growth tailwinds(p.247)
- • Industrial plastic waste recycling with 17.42% of revenue in FY 2022-23(p.247)
- • Migration pathway to main board subject to financial performance milestones(p.291)
- • Flexibility in issue size and pricing through book-building mechanism(p.290)
- • Access to diverse investor base through multiple applicant categories(p.295)
Threats
- • Regulatory changes in plastic waste management could disrupt operations(p.41)
- • Economic slowdown in India could reduce demand for EPR services(p.54)
- • Intensifying competition from both organized and unorganized players(p.42)
- • Rising transportation and logistics costs from third-party providers(p.40)
- • Natural disasters and geopolitical tensions affecting India's economy(p.56)
- • Dependence on third-party recyclers creates service delivery risk(p.40)
- • Foreign exchange volatility could impact returns for foreign investors(p.53)
- • Regulatory changes and policy uncertainty in EPR implementation(p.130)
- • Increasing competition in plastic waste management and EPR services(p.127)
- • Volatility in plastic waste collection and recycling market dynamics(p.119)
- • Technology platform disruption by CPCB causing receivables delays(p.98)
- • Lack of organized infrastructure for plastic waste management(p.119)
- • Increasing competition with low entry barriers(p.142)
- • Frequent regulatory changes by CPCB(p.142)
- • Pricing pressure from recyclers' bargaining power(p.142)
- • Potential future SEBI licensing requirements for ESG audits(p.142)
- • Government policy changes affecting EPR regulations and PWM rules(p.248)
- • Competition and market dynamics beyond company control(p.248)
- • Dependence on third-party logistics affecting operations(p.248)
- • Vulnerability to unfavorable economic conditions(p.249)
- • Regulatory compliance failures can impact business(p.248)
- • Regulatory changes post-IPO may alter IPO terms and procedures(p.287)
- • Listing approval may be withheld by stock exchange(p.328)
- • Minimum subscription threshold requirement for issue completion(p.290)
- • Foreign exchange regulations restrict certain investor classes(p.287)
- • Regulatory sanctions or delisting risks affect share performance(p.292)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sachin Sharma | Promoter | 21.77% | 15.34% |
| Mrs. Sangeeta Pareekh | Promoter | 12.92% | 7.94% |
| Mr. Dinesh Pareekh | Promoter | 3.23% | 3.02% |
| Mr. Sarthak Agarwal | Promoter | 25.00% | 18.36% |
| BLP Equity Research Private Limited | Promoter | 33.85% | 25.76% |
| Sachin Sharma | Promoter | 21.77% | 15.34% |
| Sangeeta Pareekh | Promoter | 12.92% | 7.94% |
| Dinesh Pareekh | Promoter | 3.23% | 3.02% |
| Sarthak Agarwal | Promoter | 25.00% | 18.36% |
| BLP Equity Research Private Limited | Promoter | 33.85% | 25.76% |
| Poonam | Promoter Group | 3.23% | 3.02% |
| Pushp Lata Sharma | Promoter Group | 0.00% | 0.00% |
| Mr. Sachin Sharma | Individual Promoter | 45,83,000 (21.77%) | — |
| Mr. Dinesh Pareekh | Individual Promoter | 6,80,000 (3.23%) | — |
| Mrs. Sangeeta Pareekh | Individual Promoter | 27,20,000 (12.92%) | — |
| BLP Equity Research Private Limited | Corporate Promoter | 71,26,400 (33.85%) | — |
| Mr. Sarthak Agarwal | Individual Promoter | 52,63,200 (25%) | — |
| Sachin Sharma | Promoter | 21.77% | — |
| Sangeeta Pareekh | Promoter | 12.92% | — |
| BLP Equity Research (P) Ltd. | Promoter | 33.85% | — |
| Sarthak Agarwal | Promoter | 25.00% | — |
| Sachin Sharma | Selling Shareholder | — | — |
| Mrs. Sangeeta Pareekh | Selling Shareholder | — | — |
| M/s. BLP Equity Research Private Limited | Selling Shareholder | — | — |
| Mr. Sarthak Agarwal | Selling Shareholder | — | — |
Leadership
Mr. Sachin Sharma · Managing Director
Mr. Vijay Kumar Sharma · Company Secretary and Compliance Officer
Mr. Amar Jeet · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Gem Enviro Management IPO FAQs
What is the lot size of Gem Enviro Management IPO?
The minimum lot size of Gem Enviro Management IPO is 1,600 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Gem Enviro Management IPO open and close?
Gem Enviro Management IPO opened for subscription on 19 Jun 2024 and closed on 21 Jun 2024.
What is the listing date of Gem Enviro Management IPO?
Gem Enviro Management IPO listed on 26 Jun 2024.