Enviro Infra IPO Listing
Enviro Infra IPO Listing: The IPO of sewage treatment solution company Enviro Infra Engineers has been listed in the stock market. This company’s IPO has made a splash even in the falling market.
Enviro Infra IPO Listing: The IPO of sewage treatment solution company Enviro Infra Engineers has been listed in the stock market. Even in the falling market, the IPO of this company has rocked. It has been listed on BSE at a premium of 47.3%. The issue price was Rs 148, compared to this, the stock has been listed on BSE at Rs 218. At the same time, it has been listed on NSE at a premium of 48.65% and the stock settled at Rs 220. After this, the stock also registered a rise of about 55% and the share price reached close to Rs 230.
Market guru Anil Singhvi had said that a strong listing of Enviro Infra can be seen. He said that short term investors should place a proper stoploss near Rs 185 and HOLD. Also keep trailing the stoploss.
The initial public offering (IPO) of sewage treatment solution provider Enviro Infra Engineers also got a good response. It got 89.90 times subscription. According to NSE data, bids were received for 2,76,83,13,747 shares against the offer of 3,07,93,600 shares in the initial share sale. The portion of qualified institutional buyers got 157.05 times subscription, while the quota reserved for non-institutional investors got 153.80 times subscription. The portion of retail individual investors got 24.48 times subscription. Enviro Infra Engineers had raised about Rs 195 crore from anchor investors.
The price range for the company’s Rs 650 crore IPO has been fixed at Rs 140-148 per share. The company’s IPO is a mix of a new issue of 3.87 crore equity shares and an offer for sale (OFS) of 52.68 lakh shares by the promoters.
What will the company do with the money raised from the IPO?
Rs 181 crore raised from the new issue will be used to meet working capital requirements, Rs 100 crore will be used to repay debt, Rs 30 crore will be infused into the company’s subsidiary EIEL Mathura Infra Engineers to build a sewage treatment plant (STP) with a capacity of 60 million liters per day in Mathura, Uttar Pradesh. Apart from this, a part will be spent on general company operations.