Ahead Of IPO, Enviro Infra Engineers Mops Up Rs 195 Crore From Anchor Investors

Enviro Infra Engineers Ltd. raised Rs 195 crore from anchor investors on Thursday, a day ahead of the launch of its initial public offering. The company allotted 1.31 shares at Rs 148 apiece to 22 anchor investors, according to an exchange filing.

The investors included Motilal Oswal Multi Cap Fund, Winro Commercial (India) Ltd., LIC MF Flexi Cap Fund and LIC MF Value Fund, among others.

Motilal Oswal Multi Cap Fund secured 10.27% of the allocation, while Abakkus Diversified Alpha Fund-2 and Singularity Equity Fund I each netted 7.7%.

Three domestic mutual funds have applied through a total of six schemes, the filing stated. They have collectively netted 30.82% of the anchor portion for Rs 60 crore.

Life Insurance Corporation of India, through four of its funds, has secured an allocation of 7.71%.

The wastewater management solution provider will launch its IPO on Friday at a price band of Rs 140 to Rs 148 per share. The offer is a mix of both fresh issue and offer-for-sale of Rs 3.86 crore equity shares and 52.68 lakh shares, respectively.

The company aims to raise a total of Rs 650.43 through the IPO. Of this, 572.46 crore is targeted to be raised via the fresh issuance of shares, and Rs 77.97 crore through the OFS.

The net proceeds of Rs 181 crore from fresh issue will be utilised to meet working capital requirements, while Rs 120 crore will be used for repaying debt, as per the pre-IPO documents.

Additionally, the company will invest Rs 30 crore into its subsidiary EIEL Mathura Infra Engineers Pvt. to construct a 60 MLD sewage treatment plant in Mathura.