Antony Waste Handling Cell IPO subscribed four times on second day

Antony Waste Handling Cell initial public offer was subscribed 3.85 times on the second day of its subscription on Tuesday.

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 2,56,65,478 shares against 66,66,342 shares on offer, as per NSE data.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 64 per cent, non institutional investors 28 per cent and retail individual investors (RIIs) 7.22 times.

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

Price range for the offer has been fixed at 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 Private Limited and IIFL Securities Limited are the managers to the offer. Antony Waste Handling Cell is a leading player in solid waste management services in the country.