Denta Water and Infra IPO gets 50.6 times subscription on second day

The initial public offer of Denta Water and Infra Solutions received 50.63 times subscription on the second day of bidding on Thursday.

The initial share sale received bids for 26,58,10,750 shares against 52,50,000 shares on offer, translating into 50.63 times subscription, according to data available with the NSE.

The portion for non-institutional investors fetched 128.41 times subscriptions, while the category for retail individual investors (RIIs) got subscribed 43.51 times.

The quota for qualified institutional buyers (QIBs) received 4.75 times the subscription.

Denta Water and Infra Solutions on Tuesday said it has raised a little over Rs 66 crore from anchor investors.

The issue, with a price band of Rs 279-294 per share, will conclude for public subscription on Friday.

The IPO is entirely a fresh issue of 75 lakh equity shares worth Rs 220.5 crore at the upper end of the price band.

Proceeds to the extent of Rs 150 crore will be utilised for meeting working capital requirements, and a portion will be used for general corporate purposes.

Founded in 2016, Denta Water and Infra Solutions Ltd has emerged as one of the key players in the field of water engineering, procurement, and construction (EPC) services.

It has completed 32 water management projects, out of which 11 projects were undertaken as the main contractor, one project under a consortium/joint venture arrangement and 20 projects undertaken under a sub-contract arrangement with the main contractor.

The company's shares will be listed on the BSE and NSE.