Organic Recycling Systems IPO: Shares Debut with a 7.5% Premium

Shares of Organic Recycling Systems made a strong debut on the BSE SME platform, listing at Rs 215, marking a 7.5 percent premium over the issue price of Rs 200. The public offering received healthy interest from investors, with a subscription rate of 2.21 times in the retail category, times in the QIB (qualified institutional buyers) category, and 4.28 times in the NII (non-institutional investor) category.

Following its initial listing at Rs 215, the stock continued to rise and reached a high of Rs 225.70 around 11 am.

Organic Recycling Systems Limited is an engineering company specializing in sustainable waste management solutions. In FY23, the company reported a net profit of Rs 3.65 crore, a significant turnaround from losses incurred in FY21 and FY22. The company operates in various business verticals, including the Build Own Operate Transfer (BOOT) model, the Engineering Procurement and Commissioning (EPC) model, and the Supply of Key Equipment. In FY23, Organic Recycling’s revenue grew by an impressive 44 percent year-on-year, reaching Rs 25.34 crore.

At the issue price, Organic Recycling Systems had a market capitalization of Rs 153.99 crore and a price-to-earnings ratio of 25.54x. The market capitalization-to-sales ratio stood at 6.07 times.

In the previous fiscal year, the company achieved a return on equity (RoE) of 21.76 percent and a return on capital employed (RoCE) of 13.06 percent. Despite the absence of analyst coverage for this IPO, the strong debut suggests a positive reception from investors.

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