NEW DELHI: The Enviro Infra Engineers’ Rs 650 crore IPO got subscribed 12.51 times on the second day of the offer, receiving bids for for 38,52,17,131 shares against 3,07,93,600 available shares, according to the NSE data.
Non-institutional investors’ category received 34.59 times subscription, while Retail Individual Investors’ portion was subscribed 8.71 times.
The Qualified Institutional Buyers’ segment was subscribed 2.58 times. The offering comprises a fresh issue of 3.87 crore equity shares and an offer for sale of 52.68 lakh shares by promoters. The price band for IPO has been fixed at Rs 140-148 per share.
Earlier, the company had raised approximately Rs 195 crore from anchor investors on Thursday. The promoters currently maintain over 93 per cent ownership in Enviro Infra Engineers.
From the fresh issue proceeds, Rs 181 crore will address working capital needs, Rs 100 crore for debt payment, and Rs 30 crore will be injected in the company’s subsidiary EIEL Mathura Infra Engineers for constructing a 60 million litres daily sewage treatment plant in Mathura, Uttar Pradesh. The remaining funds will support general corporate requirements.
The company specialises in designing, constructing, operating and maintaining water and wastewater treatment plants and water supply schemes for government authorities.
Their STP installations predominantly feature zero liquid discharge-compliance, producing treated water suitable for horticulture, washing, refrigeration and industrial processes. Hem Securities serves as the sole book-running lead manager for this public offering.
