Namo eWaste Management
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Sep 2024 – 06 Sep 2024
- Listing date
- 11 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹51.20 Cr
- Market cap at offer price
- ₹194 Cr
- Promoter holding
- 93.67% → 68.99% pre-issue → post-issue
- ISIN
- INE08NZ01012
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- B-91, Private No.A-6, Basement, Main Road, Kalkaji, South Delhi, 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 | 17,15,200 | — | — |
| Market maker | 3,02,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.05 | 2.99 |
| P/E (×) | 20.99 | 28.43 |
| Market cap | — | ₹194 Cr |
Key performance indicators
- Return on net worth
- 19.37%
- ROCE
- 20.71%
- Debt / equity
- 0.41
- PAT margin
- 6.77%
- NAV per share
- ₹22.38
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Namo eWaste Management
Namo eWaste Management Limited, incorporated on January 13, 2014, is an authorized e-waste recycler offering comprehensive services for recycling of electrical and electronic equipment (EEE) waste including air conditioners, refrigerators, laptops, phones, washing machines, and fans. The company is ISO 9001:2015, ISO 14001:2015, ISO 27001:2022, and ISO 45001:2018 certified, complying with strict environmental regulations for handling hazardous products and safe disposal. The company generates revenue from e-waste collection and recycling operations, extracting precious and semi-precious metals like copper, aluminium, and iron from electronic waste. For the fiscal years ending March 31, 2024, 2023, and 2022, the company reported total income of Rs. 10,107.62 lakhs, Rs. 5,856.07 lakhs, and Rs. 4,509.00 lakhs respectively, with profit after tax of Rs. 682.90 lakhs, Rs. 241.56 lakhs, and Rs. 180.89 lakhs respectively.
Company Analysis
from RHPNamo eWaste Management Limited is an ISO-certified electrical and electronic equipment (EEE) waste collection, disposal, and recycling company operating in India's e-waste management sector.
Namo eWaste Management Limited, incorporated on January 13, 2014, is an authorized e-waste recycler offering comprehensive services for recycling of electrical and electronic equipment (EEE) waste including air conditioners, refrigerators, laptops, phones, washing machines, and fans. The company is ISO 9001:2015, ISO 14001:2015, ISO 27001:2022, and ISO 45001:2018 certified, complying with strict environmental regulations for handling hazardous products and safe disposal. The company generates revenue from e-waste collection and recycling operations, extracting precious and semi-precious metals like copper, aluminium, and iron from electronic waste. For the fiscal years ending March 31, 2024, 2023, and 2022, the company reported total income of Rs. 10,107.62 lakhs, Rs. 5,856.07 lakhs, and Rs. 4,509.00 lakhs respectively, with profit after tax of Rs. 682.90 lakhs, Rs. 241.56 lakhs, and Rs. 180.89 lakhs respectively.
Objects of the Issue
- Funding the Capital Expenditure requirements of subsidiary Techeco Waste Management LLP towards setting up of a new Factory unit at Nashik for Lithium Battery Recycling Plant ₹1,120.00 lakhs p.23
- To Meet Working Capital Requirement ₹2,200.00 lakhs p.23
- General Corporate Purpose p.23
- Funding the Capital Expenditure requirements of our subsidiary i.e. Techeco Waste Management LLP, towards setting up of a new factory unit at Nashik. ₹1120.00 Lakhs p.76
- To Meet Working Capital Requirement ₹2200.00 Lakhs p.76
- General Corporate Purpose [●] p.76
- Funding the Capital Expenditure requirements of subsidiary Techeco Waste Management LLP towards setting up of a new factory unit at Nashik, including construction of Lithium Battery Recycling Plant and purchase of machinery ₹1,120.00 lakhs p.106
- Not explicitly detailed in this document part
Issue Structure
- Total Issue
- ₹[●] lakhs
- Fresh Issue
- up to 60,24,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue primarily from the collection and recycling of electrical and electronic equipment (EEE) waste. It purchases e-waste material from various suppliers based on their disposal targets, processes the waste through its recycling facility, and extracts metals and other recoverable materials for resale. Cost of e-waste procurement represented 85.38%, 77.26%, and 97.97% of revenue from operations for fiscal years 2024, 2023, and 2022 respectively. The company sources e-waste from various states across India and maintains long-term purchase agreements with major suppliers incorporating fixed pricing conditions.
Business Segments
SWOT Analysis
- • ISO certified with environmental compliance expertise(p.23)
- • Comprehensive e-waste recycling and metal recovery capabilities(p.23)
- • Cost-effective and integrated facility providing competitive advantage(p.34)
- • Dedicated e-waste service provider with in-house factory operations(p.86)
- • Stringent quality control mechanisms ensuring standardized product quality(p.86)
- • Diversified revenue from multiple geographies(p.86)
- • Young and experienced management team with operational synergy(p.86)
- • Strong revenue growth trajectory(p.51)
- • Improving profitability with PAT margins expanding(p.88)
- • Integrated in-house recycling operations with modern infrastructure(p.104)
- • Multiple ISO certifications demonstrating quality and compliance standards(p.104)
- • Diversified geographic revenue across 20 states and union territories(p.105)
- • Experienced management with sector expertise in e-waste recycling(p.104)
- • Strong revenue and profitability growth trajectory(p.105)
- • Comprehensive service portfolio addressing multiple customer needs(p.103)
- • ISO certified operations across multiple quality and safety standards(p.191)
- • Comprehensive e-waste management service portfolio including recycling, refurbishment, data destruction, and EPR services(p.191)
- • Multiple operational facilities with strategic geographic presence(p.192)
- • Strong revenue growth trajectory with 72.69% increase year-over-year(p.195)
- • Significant growth in high-margin service revenue (EPR consultancy and disposal services)(p.195)
- • Profitability improvement with PAT increasing 182.70% year-over-year(p.196)
- • Experienced promoter with significant industry expertise(p.192)
- • High dependence on few key suppliers with fixed pricing arrangements(p.29)
- • Concentrated customer base with no long-term customer agreements(p.33)
- • Negative operating cash flow in recent period(p.35)
- • Non-operational Ahmedabad factory unit with stranded capital(p.30)
- • Unregistered trademarks with no intellectual property protection(p.30)
- • Lack of owned premises; rented offices and factory subject to termination(p.30)
- • Non-compliance with Companies Act provisions attracting penalties(p.30)
- • Promoter group company in same line of business creating conflict of interest(p.36)
- • Geographic concentration of operations in Haryana with limited revenue diversification(p.29)
- • High client concentration risk(p.43)
- • Significant short-term borrowings creating debt obligations(p.50)
- • Limited scale relative to peers in comparable metrics(p.86)
- • Single subsidiary dependency for operations expansion(p.77)
- • Dependence on major customers for significant revenue concentration(p.104)
- • Single main factory location with limited production capacity(p.104)
- • Limited track record relative to established competitors(p.111)
- • Reliance on leased properties for key operational facilities(p.104)
- • High leverage with significant short-term debt obligations(p.150)
- • Significant unsecured loans from promoters creating related-party debt concentration(p.166)
- • Litigation involving director Parikshit Satish Deshmukh regarding property transaction(p.202)
- • High reliance on working capital facilities with significant outstanding borrowings(p.188)
- • Substantial tax demands against promoters(p.203)
- • Rapid growth in e-waste generation representing industry tailwind(p.23)
- • Shift from informal to formal sector driven by government focus(p.23)
- • Expansion into lithium battery recycling through new Nashik facility(p.29)
- • Increasing regulatory focus and authorization requirements creating barriers for informal competitors(p.34)
- • Expansion through new factory setup targeting increased processing capacity(p.77)
- • Growing working capital to scale business operations and market presence(p.80)
- • Rising e-waste recycling demand driven by regulatory frameworks and global energy transition(p.95)
- • Lithium battery recycling market expansion with new specialized machinery(p.79)
- • Indian economy resilience supporting domestic market growth(p.95)
- • Rapidly growing e-waste generation creating market expansion potential(p.98)
- • Government push for formalized e-waste management and Extended Producer Responsibility(p.98)
- • Expansion through subsidiary with dedicated lithium battery recycling capabilities(p.106)
- • Strategy to expand geographic presence in existing and new markets(p.105)
- • Increasing EPR compliance requirements driving formal recycling demand(p.101)
- • Regulatory expansion under revised E-waste Management Rules 2022 with mandatory EPR compliance(p.194)
- • Mandatory e-waste recycling targets for producers creating demand for authorized recyclers(p.194)
- • Expansion of addressable market through increased scope of regulated e-waste items(p.194)
- • Growth in refurbished products market segment with improving margins(p.195)
- • Acquisition and integration of Techeco LLP providing geographic and operational diversification(p.192)
- • Certificate of Authorized E-waste recyclers requires periodic renewal subject to regulatory approval(p.28)
- • Dependence on few geographic regions for e-waste procurement and sales(p.29)
- • Intense competition from organized and unorganized sector players(p.34)
- • Exposure to raw material price fluctuations and supply risks(p.29)
- • Stringent and evolving environmental, safety and labor regulations(p.37)
- • Dependence on third-party transportation with uncontrollable logistics risks(p.39)
- • Operational risks including equipment failure, accidents and workplace disruptions(p.37)
- • Litigation against company and promoters pending resolution(p.33)
- • Inventory management risks with high raw material and work-in-progress holdings(p.35)
- • Cyberattacks and IT security threats to business continuity(p.42)
- • Regulatory uncertainty and changing environmental compliance requirements(p.45)
- • Global economic slowdown impacting export demand and recycling volumes(p.46)
- • Volatility in commodity prices and input cost fluctuations(p.47)
- • Post-IPO share price volatility and trading illiquidity risks(p.43)
- • Foreign exchange and currency fluctuation risks from global operations(p.46)
- • Geopolitical disruptions affecting global supply chains and trade(p.95)
- • Intense competition from organized and informal recycling operators(p.111)
- • Risk of informal sector continuing to handle majority of e-waste collection(p.98)
- • Volatility in commodity prices affecting recycled material revenues(p.106)
- • Regulatory changes and compliance requirements in evolving e-waste rules(p.113)
- • Operational risks including machinery failure, worker accidents, and environmental hazards(p.111)
- • Dependence on commodity prices for scrap metals affecting margins(p.196)
- • Regulatory and compliance risks related to environmental management and hazardous waste handling(p.191)
- • Potential impact from foreign exchange fluctuations on imported equipment and materials(p.155)
- • Risk of regulatory changes affecting EPR framework and producer compliance requirements(p.194)
- • Competition from established players and new entrants in e-waste recycling sector(p.198)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Akshay Jain | Promoter | 49.23% | 36.26% |
| Rachna Jain | Promoter | 35.34% | 26.03% |
| Naresh Kumar Jain | Promoter Group | 9.10% | 6.70% |
| Jyotsna Chotrani | Promoter Group | 0.00% | 0.00% |
| Akshay Jain | Promoter | 49.23% | 36.26% |
| Rachna Jain | Promoter | 35.34% | 26.03% |
| Naresh Kumar Jain | Promoter Group | 9.10% | 6.70% |
| Jyotsna Chotrani | Promoter Group | 0.00% | 0.00% |
| Akshay Jain | Promoter | 49.23% | — |
| Rachna Jain | Promoter | 35.34% | — |
| Akshay Jain | Promoter | 49.23% | — |
| Rachna Jain | Promoter | 35.34% | — |
Leadership
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.