Antony Waste Handling Cell IPO subscribed 15 times on the last day

Antony Waste Handling Cell’s initial public offering (IPO) closed on Wednesday and saw 15x more demand than the shares on offer. Demand in all three categories was robust. However, it did not attract the kind of frenzy witnessed in the previous two issues this month.

The institutional investor portion was subscribed 9.7x, the wealthy investor portion was subscribed 18.7x, and the portion allotted for retail investors was subscribed 16.5x.  

On Saturday the company allotted shares worth Rs 90 crore to 10 anchor investors.The strong demand came despite some analysts raising concerns about the company citing its high receivables, dependence on municipalities, the low entry barrier for the business and declining return on equity (RoE).

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