- Price Band fixed at ₹140 to ₹148 per equity share of face value of ₹10 each
- A discount of ₹13 per equity share is being offered to eligible employees bidding in the employee reservation portion
- Bid /Offer will close on Tuesday, November 26, 2024. The Anchor Investor Bidding Date shall be Thursday, November 21, 2024
- Bids can be made for a minimum of 101 Equity Shares and in multiples of 101 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, NOV 18
Enviro Infra Engineers Limited, a leading player in water and wastewater treatment solutions, on Monday fixed a price band of ₹140-148 per share for its ₹650 crore Initial Public Offering (IPO).
The total offer size of Equity Shares (face value ₹10 each) comprises fresh issue of up to 3,86,80,000 Equity Shares and offer for sale of up to 52,68,000 Equity Shares..
This offer includes a reservation of up to Up to 1,00,000 Equity Shares for subscription by eligible employees.
The initial share sale will open for public subscription on Friday November 22 and conclude on Tuesday,November 26. The bidding for anchor investors will open for a day on Thursday, November 21, the company announced.
The Price Band of the Offer has been fixed at ₹140 to ₹148 per Equity Share. Bids can be made for a minimum of 101 Equity Shares and in multiples of 101 Equity Shares thereafter.
Proceeds from the fresh issue to the tune of ₹181 crore will be used to meet the working capital requirements, ₹100 crore will be used for payment of debt, ₹30 crore will be infused into the company’s subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes.
The offer for sale of up to 52,68,000 Equity Shares comprising up to 21,34,000 Equity Shares by Sanjay Jain, up to 21,34,000 Equity Shares by Manish Jain, up to 5,00,000 Equity Shares by Ritu Jain and up to 5,00,000 Equity Shares by Shachi Jain.
Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers.
At the higher end of the price band, the IPO is valued at ₹650 crore, placing the company’s market capitalization at approximately ₹2,600 crore.
For the period ended on June 30, 2024, Enviro Infra Engineers reported a net profit of ₹30.78 crore with a revenue of ₹207.46 crore. The company clocked a net profit of ₹110.54 crore with a revenue of ₹738 crore for the financial year ended in March 31, 2024. The company will command a total market capitalization close to ₹2,600.
Enviro Infra Engineers has reserved 1,00,000 equity shares for its eligible employees who will get a discount of Rs 13 per share during the bidding. Of the net offer, 50 per cent shares have been reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent shares. Retail investors have a reservation of 35 per cent in the net offer.
The Equity Shares to be offered through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited and National Stock Exchange of India Limited. For the purposes of the Offer, NSE is the Designated Stock Exchange.
Hem Securities Limited is the sole Book Running Lead Managers to the offer.
