Antony Waste Handling Cell IPO subscribed 1.98 times on first day

Antony Waste Handling Cell's initial public offering was subscribed 1.98 times on the first day of subscription on Monday.

The company has joined the likes of Burger King India and Mrs Bectors Food Specialities to have received oversubscription in a few hours of opening for subscription.

The initial public offering (IPO), to raise about Rs 300 crore, received bids for 1,32,00,749 shares against 66,66,342 shares on offer, according to NSE data.

The qualified institutional buyers (QIBs) category was subscribed 63 per cent, non-institutional investors' portion 8 per cent and retail individual investors (RIIs) 3.56 times.

The IPO comprises a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 shares.

The price range for the offer, which would close for subscription on Wednesday, has been fixed at Rs Rs 313-315 per share.

Antony Waste Handling Cell Ltd has raised Rs 90 crore from anchor investors.

The proceeds of the fresh issue will be utilised for part-financing waste-to-energy project at Pimpri Chinchwad, Maharashtra, through investment in subsidiaries, reduction of consolidated borrowings of the company and general corporate purpose.

Equirus Capital Pvt Ltd and IIFL Securities Ltd are the managers to the offer.

Antony Waste Handling Cell is a leading player in solid waste management services in the country.