The initial public offering (IPO) of Enviro Infra Engineers shall open for bidding on Friday, November 22, while the three-day bidding for the issue shall conclude on Tuesday, November 26. The company shall be offering its share in the range of Rs 140-148 per share where investors can apply for a minimum of 101 equity shares and its multiples thereafter.
Established in 2009, Delhi-based Enviro Infra Engineers is engaged in the design, construction, operation, and maintenance of water and waste-water treatment plants (WWTPs) and water supply projects (WSSPs) for government agencies/entities.
The IPO Enviro Infra Engineers includes a fresh share sale of 3,86,80,000 equity shares worth Rs 572.46 crore, while its promoters Sanjay Jain, Manish Jain, Ritu Jain, Shachi Jain will cumulatively offload 52,68,000 equity shares via offer-for-sale (OFS) route. At the upper end of the price band, the company shall be raising a total of Rs 650.3 crore through its IPO.
The net proceeds from the fresh issue shall be utilized towards funding the working capital requirements; infusion of funds in its Subsidiary, EIEL Mathura Infra Engineers (EIEL Mathura) to build 60 MLD STP project; repayment and/or prepayment in full or in part, of certain of outstanding borrowings; funding inorganic growth through unidentified acquisitions and general corporate purposes.
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Enviro Infra Engineers participates in tenders floated by state governments and ULBs for developing WWTPs and WSSPs on an EPC or HAM basis. Till June 30, 2024, the Company has successfully developed 28 WWTPs and WSSPs across India in the last seven years, including 22 projects of 10 MLD capacity and above.
For the period ended on June 30, 2024, Enviro Infra Engineers reported a net profit of Rs 30.78 crore with a revenue of Rs 207.46 crore. The company clocked a net profit of Rs 110.54 crore with a revenue of Rs 738 crore for the financial year ended in March 31, 2024. The company will command a total market capitalization close to Rs 2,600.
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Enviro Infra Engineers has reserved 1,00,000 equity shares for its eligible employees who will get a discount of Rs 13 per share during the bidding. Of the net offer, 50 per cent shares have been reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent shares. Retail investors have a reservation of 35 per cent in the net offer.
Anchor book for the issue shall open on Thursday, November 21. Hem Securities is the book running lead manager of the Enviro Infra Engineers IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Friday, November 29 as the tentative date of listing.
