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IPO News

Enviro Infra Engineers IPO ends with nearly 90x subscription
27-Nov-24   16:33 Hrs IST
The initial public offer (IPO) of Enviro Infra Engineers received 2,76,83,39,401 bids for shares as against 3,07,93,600 shares on offer. The issue was subscribed 89.90 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 157.05 times. The Non-Institutional Investors (NIIs) category was subscribed 153.80 times. The Retail Individual Investors (RIIs) category was subscribed 24.48 times.

The issue opened for bidding on 22 November 2024, and it closed on 26 November 2024. The price band of the IPO was fixed between Rs 140 and 148 per share.

The IPO comprised a fresh issue of up to 3,86,80,000 equity shares of Rs 10 each and an offer for sale of up to 52,68,000 equity shares of Rs 10 face value each.

Of the net proceeds from the fresh issue, Rs 31.45 crore will be used for the prepayment or repayment of certain outstanding borrowings, investment in subsidiaries HPPL, STBFL, and JPPL for funding working capital requirements, and general corporate purposes.

As of 30 June 2024, total outstanding stood at Rs 305.59 crore, and this includes unsecured loans of about Rs 49.18 crore.

Ahead of the IPO, Enviro Infra Engineers on Thursday, 21 November 2024, raised Rs 194.68 crore from anchor investors. The board allotted 1.31 crore shares at Rs 148 each to 22 anchor investors.

Enviro Infra Engineers (EIEL) is in the business of designing, construction, operation, and maintenance of water and wastewater treatment plants (WWTPs) and water supply scheme projects (WSSPs) for government authorities and bodies. WWTPs include Sewage Treatment Plants (STPs), Sewerage Schemes (SS), and Common Effluent Treatment Plants (CETPs), while WSSPs include Water Treatment Plants (WTPs) along with pumping stations and the laying of pipelines for water supply.

The company participates in tenders floated by state governments and ULBs for developing WWTPs and WSSPs on an EPC or HAM basis. Till 30 June 2024, the company has successfully developed 28 WWTPs and WSSPs across India in the last seven (7) years, including 22 projects of 10 MLD capacity and above.

The firm reported a consolidated net profit of Rs 28.16 crore and sales of Rs 205.18 crore for the three months ended on 30 June 2024.

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