Enviro Infra Engineers Ltd’s initial public offering (IPO) attracted a solid response from investors on the first day (Day 1) of bidding process. As per BSE data available on Friday, non-institutional investors (NIIs) saw 2.98 times bids and the qualified institutional buyer (QIB) portion was booked 2.04 times. The employee portion has received 3.17 times bookings as of 5 pm, while the category reserved for retailers got 1.70 times subscription.
The issue received 6,39,54,008 on Day 1 against 3,07,93,600 shares on offer with an overall subscription of 2.08 times. The initial share sale will be open till Tuesday, November 25. The New Delhi-based company is selling its shares in the price band of Rs 140-148 apiece. Investors can apply for a minimum of 101 equity shares and in multiples, thereafter.
The Rs 650.3 crore IPO of Enviro Infra included a fresh share sale of 3,86,80,000 equity shares worth Rs 572.46 crore and an offer-for-sale (OFS) of 52,68,000 equity shares by its promoters Sanjay Jain, Manish Jain, Ritu Jain and Shachi Jain.
The company said net proceeds from the fresh issue will be utilised for working capital requirements, infusion of funds in its subsidiary — EIEL Mathura Infra Engineers (EIEL Mathura), repayment and/or prepayment of certain outstanding borrowings, funding inorganic growth through acquisitions and general corporate purposes.
Ahead of its IPO, Enviro Infra raised Rs 194.7 crore from anchor investors as it allocated 1.31 crore equity shares at Rs 148 apiece.
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Latest grey market premium (GMP)
In the grey market, Enviro Infra shares were last seen trading at a premium of 25.68 per cent (at Rs 186) against an issue price of Rs 148 (upper price band). The stock is likely to be listed on November 29.
Hem Securities is the book-running lead manager of the IPO, while Bigshare Services is the registrar.
Established in 2009, the firm 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.
As of June 30, 2024, the company said it has successfully developed 28 WWTPs and WSSPs across India in the last seven years, including 22 projects of 10 MLD capacity and above.
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