Public Market

IPO

Sewage treatment solutions provider Enviro Infra’s Rs.650-Cr IPO subscribed 90 times

Economic Times  

The initial public offering (IPO) of sewage treatment solutions provider Enviro Infra Engineers was subscribed 89.90 times. The share sale received bids for 2,76,83,13,747 shares against 3,07,93,600 shares on offer. The portion for qualified institutional buyers (QIBs) fetched 157.05 times subscription while the category for non-institutional investors (NIIs) got subscribed 153.80 times. The retail individual investors (RIIs) part attracted 24.48 times subscription. Enviro Infra Engineers had earlier collected about INR 195 crore from anchor investors.The INR 650-crore IPO, in the price range of INR 140-148 apiece, 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.Proceeds from the fresh issue to the tune of INR 181 crore will be used to meet the working capital requirements. About INR 100 crore will be used for payment of debt and INR 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, Uttar Pradesh.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.Hem Securities is the sole book-running lead manager of the public issue.