Latest News | Enviro Infra Engineers IPO Fully Subscribed on Day 1 of Offer
Get latest articles and stories on Latest News at LatestLY. The initial share sale of Enviro Infra Engineers, which is involved in development of turnkey projects of sewage treatment plants and sewerage system, got fully subscribed on the first day of the offer on Friday.
New Delhi, Nov 22 (PTI) The initial share sale of Enviro Infra Engineers, which is involved in development of turnkey projects of sewage treatment plants and sewerage system, got fully subscribed on the first day of the offer on Friday.
The initial public offering (IPO) received bids for 6,38,69,269 shares against 3,07,93,600 shares on offer, translating into 2.07 times subscription, according to NSE data.
The portion for non-institutional investors attracted 2.98 times subscription while the qualified institutional buyers (QIBs) part got subscribed 2.04 times. The category for retail individual investors (RIIs) fetched 1.70 times subscription.
Enviro Infra Engineers on Thursday collected about Rs 195 crore from anchor investors.
The Rs 650-crore initial share sale is in a price range of Rs 140-148 apiece.
The company's IPO is a combination of a fresh issue of 3.87 crore equity shares and an offer for sale (OFS) component of 52.68 lakh shares by promoters.
Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers.
Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day sewage treatment plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes.
Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies.
The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration and other process industries.
Hem Securities is the sole book-running lead manager of the public issue.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)