New Delhi: The Initial public offering Of Drainage treatment solutions Provider Enviro Infra Engineers was subscribed 89.90 times at the close of bidding on Tuesday. According to NSE data, bids for 2,76,83,13,747 shares were received in the initial share sale against 3,07,93,600 shares on offer.
The Eligible Institutional Buyers segment received 157.05 times subscription while for Non Institutional Investors 153.80 times was subscribed. The retail individual investors segment received 24.48 times subscription.
Enviro Infra Engineers on Thursday raised around Rs 195 crore from anchor investors.
The initial share sale of Rs 650 crore is in the price range of Rs 140-148.
The company’s IPO 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 the promoters.
Proceeds of up to Rs 181 crore from the fresh issue will be used to meet working capital requirements, Rs 100 crore will be used for debt repayment, Rs 30 crore will be used to fund the company’s subsidiary EIEL Mathura Infra Engineers 60 will be applied for. Million liters per day Sewage Treatment Plant (STP) at Mathura, Uttar Pradesh. In addition, a portion will be used for general corporate purposes.
Engaged in designing, construction, operation and maintenance of Enviro Infra Engineers. Water and wastewater treatment Plans for plants and water supply schemes for government authorities/institutions.
The treatment process implemented by the company at most of the STPs is zero liquid discharge and the treated water can be used for horticulture, washing, refrigeration and other process industries.
Ham Securities is the sole book-running lead manager of the public issue.