Antony Waste Handling Cell IPO subscribed 1.98 times on the first day

Antony Waste Handling Cell has priced its IPO between Rs 313 and Rs 315 per share. The IPO consists of a fresh issue of Rs 85 crore and an offer for sale of up to 6.8 million shares

The initial public offering (IPO) of Antony Waste Handling Cell was subscribed by 1.98x on Monday, the first day of the issue. 

The institutional investor portion was subscribed 0.63x, the wealthy investor portion was subscribed 0.08x, and the retail investor portion was subscribed 3.56x.

On Saturday, the company allotted shares worth Rs 90 crore to 10 anchor investors.

Antony Waste Handling Cell has priced its IPO between Rs 313 and Rs 315 per share.  The IPO consists of a fresh issue of Rs 85 crore and an offer for sale (OFS) of up to 6.8 million shares. At the upper end of the price band, the issue size is worth Rs 300 crore. 

The company plans to utilise the net proceeds towards part-financing for the waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries AG Enviro and ALESPL. And to reduce consolidated borrowings of the company and its subsidiaries.  

The company is one of the top five players in the Indian municipal solid waste (MSW) management industry. 

Antony Waste Handling Cell’s services include solid waste collection, transportation, processing, and disposal services across the country — primarily catering for municipalities. The company primarily undertakes MSW projects which involve door-to-door collection of MSW from households, slums, commercial establishments, and other bulk-waste generators. It also undertakes mechanised sweeping projects which involve deploying of sweeping power machines, manpower, safe disposal of the waste, and any other items required for completion of the cleaning operation of the designated areas.

Antony Waste Handling Cell posted a profit after tax of Rs 62 crore for the financial year (FY)20 and Rs 29 crore for the six months ended September 30, 2020. Equirus Capital and IIFL Securities are the Book Running Lead Managers (“BRLMs”) to the issue.