New Delhi, Nov 25 (PTI) The initial public offering (IPO) of Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage system, got subscribed 12.51 times on the second day of subscription on Monday.

The initial share sale received bids for 38,52,17,131 shares against 3,07,93,600 shares on offer, as per NSE data.

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The category for non-institutional investors fetched 34.59 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 8.71 times. The Qualified Institutional Buyers (QIBs) part received 2.58 times subscription.

Enviro Infra Engineers on Thursday collected about Rs 195 crore from anchor investors.

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The Rs 650-crore initial share sale is in the 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.

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