Enviro Infra Engineers raised ₹194.7 crore from anchor investors

22 Nov 2024 , 09:32 AM

The waste and water management company, Enviro Infra Engineers has raised ₹194.7 crore from institutional investors on November 21.

The company aims to raise ₹650.4 crore through its IPO. This includes a fresh issue of 3.86 crore equity shares worth ₹572.46 crore and an offer-for-sale of 52.68 lakh shares valued at ₹78 crore, based on the upper price band of ₹140-148 per share.

The company announced on Thursday that it has allocated 1.31 crore equity shares to anchor investors at ₹148 per share.

Quant Mutual Fund emerged as the largest anchor investor, investing ₹25 crore for 16.98 lakh shares. Motilal Oswal Mutual Fund followed, purchasing 13.51 lakh shares worth ₹20 crore.

Several prominent investors participated in Enviro Infra Engineers’ IPO through the anchor book. These include Sunil Singhania’s Abakkus Diversified Alpha Fund, LIC Mutual Fund, Singularity Equity Fund, Finavenue Capital Trust, Nuvama, NAV Capital VCC, Smart Horizon Opportunity Fund, and Vijit Growth Fund.

The company allocated 40.5 lakh shares to three domestic mutual funds across six schemes as part of the total 1.31 crore shares assigned to anchor investors.

Enviro Infra Engineers’ IPO will open for subscription on November 22 and close on November 26.

The company specializes in designing, constructing, operating, and maintaining water and wastewater treatment plants (WWTPs) and water supply scheme projects (WSSPs) for government entities.

Proceeds from the fresh issue will be used as follows:

• ₹181 crore for working capital requirements.
• ₹30 crore to develop a 60 MLD sewage treatment plant (STP) in Mathura, Uttar Pradesh, through its subsidiary, EIEL Mathura Infra Engineers.
• ₹120 crore to repay outstanding debt.
• Remaining funds for acquisitions and general corporate purposes.

As of now, the company has outstanding borrowings of ₹305.6 crore. Hem Securities is acting as the sole book-running lead manager for the IPO.