Organic Recycling Systems Limited, a company focused on environmental and waste management solutions, has announced its IPO for 25,00,200 equity shares, wherein each equity share with a face value of Rs 10 is priced at Rs 200, thereby aggregating to Rs 50.40 crore.
The minimum lot size is 600 shares. The issue opens on September 21 and closes on September 26 and will subsequently be listed on the SME platform of BSE. The lead manager to the issue is Arihant Capital Markets Limited and the registrar is Maashitla Securities Private Limited.
The company intends to use the proceeds to reduce its aggregate outstanding borrowings and general corporate purposes.
It has a proven patented technology (DRYAD) and operates a plant in Solapur to convert municipal solid waste to energy, which forms a case study under the Swachh Bharat Abhiyaan programme. It runs a waste-to-energy (WTE) plant developed on anaerobic bio-methanation technology. It is a part of the consortium that was awarded WTE projects at Palakkad and Kannur.
Organic Recycling Systems reported total revenue for FY23 at Rs 25.34 crore, compared to Rs 17.56 crore for FY22 and Rs 15.78 crore for FY21.
The promoter of the company is Sarang Bhand, and the registered office is in Navi Mumbai.