Enviro Infra Engineers IPO to open on Nov 22 eyes Rs 650 crore

New Delhi, Nov 18 (PTI) Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage systems, on Monday fixed a price band of Rs 140-148 per share for its Rs 650 crore Initial Public Offering (IPO).
     The initial share sale will open for public subscription on November 22 and conclude on November 26. The bidding for anchor investors will open for a day on November 21, the company announced.
     The city-based company's proposed 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 promoters.
     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 Rs 650 crore, placing the company's market capitalization at approximately Rs 2,600 crore.
     Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 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.
     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 designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies.
     The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration, and other process industries.
     Hem Securities is the sole book running lead manager of the public issue. The equity shares of the company are expected to be listed on the BSE and NSE on November 29.

(This story has not been edited by THE WEEK and is auto-generated from PTI)