Enviro Infra Engineers Ltd.’s initial public offering opened for subscription on the mainboard exchanges on Friday. The IPO was fully subscribed at 2.08 times, as of 5:00 p.m. The jump in subscription numbers came after Qualified Institutional Buyers entered the field.
The water and wastewater management provider has set a price band of Rs 140-148 per share, with investors required to bid for a minimum of 101 shares or in multiples thereafter.
The Delhi-based company's IPO comprises a fresh issue of 3.86 crore equity shares or Rs 572.46 crore and an offer for sale of 52.68 lakh shares or Rs 77.96 crore by promoters, as per its red herring prospectus filed with the Securities and Exchange Board of India.
With over 4.39 crore shares on offer, the company aims to raise Rs 650.43 crore through the public issue.
Ahead of the IPO launch, Enviro Infra raised Rs 195 crore from anchor investors on Thursday. It allotted 1.31 crore shares at Rs 148 apiece to 22 anchor investors, according to an exchange filing.
Issue Price
Issue opens: Nov 22.
Issue closes: Nov 26.
Issue price: Rs 140 to Rs 148 per share.
Fresh issue: Rs 572.46 crore.
Offer for sale: Rs 77.96 crore.
Total issue size: Rs 650.43 crore.
Bid lot: 101 shares.
Listing: BSE and NSE.
Business
Enviro Infra Engineers Ltd. specialises in designing, constructing, operating, and maintaining Water and Waste Water Treatment Plants and Water Supply Scheme Projects primarily for government authorities.
Its portfolio includes sewage treatment plants, sewerage schemes, and common effluent treatment plants, water treatment plants, pumping stations, and water pipeline projects. Many of its facilities are Zero Liquid Discharge compliant, enabling treated water to be reused for horticulture, industrial processes, and other applications.
As of Dec. 31, 2023, the company reported an order book of 21 projects.
Use Of Proceeds
The company plans to utilise the IPO proceeds for various purposes, including Rs 181 crore to meet working capital requirements, Rs 30 crore for infusing funds into its subsidiary, EIEL Mathura Infra Engineers, and Rs 120 crore for repaying outstanding borrowings.
Subscription Status: Day One
The IPO has been subscribed 2.08 times, as of 5:00 p.m. on Friday.
Qualified institutional buyers: 2.04 times.
Non-institutional investors: 2.98 times.
Retail investors: 1.7 times.
Employee reserve: 3.17 times.
Enviro Infra Engineers IPO GMP Today
The grey market premium of Enviro Infra Engineers was Rs 38 as of 03:56 p.m. on Nov. 22, according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 186 per share which is a premium of 25.68%.
GMP is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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