SME IPO tracker: Spectrum Talent shares list at 12% discount; Urban Enviro debuts at 41% premium

After closing the largest-ever IPO on the NSE Emerge platform, the shares of Spectrum Talent Management made a tepid debut by listing at a nearly 12% discount.

The stock got listed at Rs 155 on NSE, as against an issue price of Rs 173.

The Rs 105 crore IPO, which opened for subscription on June 9, witnessed overwhelming investor demand and has become the largest IPO in the history of the SME segment.

The issue was subscribed 8.09 times, led by a strong response from retail investors as they subscribed 9.40 times. QIB and NII categories were subscribed 8.39 times and 6.72 times, respectively.

The IPO comprised a fresh issue and an offer for sale, with a price range of Rs 169 to Rs 173 per share. The total issuance was of 60.77 lakh shares with a face value of Rs 10 each.

Spectrum Talent Management, a leading talent management company, offers a comprehensive range of services including recruitment, payroll, onboarding, and flexible staffing.

With the proceeds from the IPO, the company said that it aims further to strengthen its position in the manpower solutions industry and pursue strategic growth initiatives.

Meanwhile, the shares of Urban Enviro Waste Management were listed on NSE at a premium of 41% over the issue price of Rs 100.

The company is engaged in the solid waste management industry providing services that include solid waste collection, transportation, segregation of waste, and processing and disposal services across the cities in Gujarat, Rajasthan, Madhya Pradesh, and Maharashtra, primarily catering to local municipalities.

The IPO, which comprised a fresh issue of 9.2 lakh shares up to Rs 9.2 crore and an offer for sale of 2.22 lakh equity shares, was subscribed by a massive 255 times.

The net proceeds from the fresh issue will be used towards repayment of certain secured borrowings, funding the working capital requirements and other general corporate purposes.