- By Aditya Pratap Singh
- Tue, 19 Nov 2024 09:07 AM (IST)
- Source:JND
Enviro Infra Engineers, which is involved in the development of sewage treatment plants and sewerage systems, set a price range of Rs 140-148 per share for its Rs 650 crore initial public offering (IPO) on Monday. The initial public offering will open for public subscription on November 22 and close on November 26. Bidding for anchor investors will open for a single day on November 21, the company announced.
The proposed IPO of the city-based company is a combination of a fresh issue of 3.87 crore equity shares and an offer for sale (OFS) component of up to 52.68 lakh shares by the promoters. The promoters hold over 93 per cent stake in Enviro Infra Engineers.
At the higher end of the price range, the IPO is valued at Rs 650 crore, giving the company a market capitalization of around Rs 2,600 crore. The amount of Rs 181 crore raised from the fresh issue will be used to meet working capital requirements, Rs 100 crore will be used to repay debt, and Rs 30 crore will be infused into the company's subsidiary EIEL Mathura Infra Engineers to build a 60 million litre per day capacity sewage treatment plant (STP) at Mathura, Uttar Pradesh. Further, a portion will be used for general corporate purposes.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Enviro Infra Engineers is engaged in the design, construction, operation, and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities. The treatment process installed by the company in most of the STPs is zero liquid discharge-compliant and the treated water can be used for gardening, washing, refrigeration, and other process industries.
The equity shares of the company are expected to be listed on BSE and NSE on November 29.
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(With PTI's Inputs)