Denta Water and Infra raises Rs 66 crore from anchor investors ahead of IPO

Water and infrastructure solutions company Denta Water and Infra Solutions Ltd on Tuesday said it has raised a little over Rs 66 crore from anchor investors ahead of its initial public offering (IPO).

Foreign and domestic institutions who participated in the anchor included Abakkus Diversified Alpha Fund-2, Rajasthan Global Securities, Saint Capital Fund, Finavenue Capital Trust, Chhatisgarh Investments Ltd, Steptrade Revolution Fund, Astorne Capital VCC -- Arven and Aarth AIF, according to a circular uploaded on BSE's website.

As per the circular, the company has allocated 2.25 million equity shares at Rs 294 apiece to 10 funds, aggregating the transaction size to Rs 66.15 crore.

 

The issue, with a price band of Rs 279 to Rs 294 per share, will open for public subscription on January 22 and conclude on January 24.

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 from its fresh issuance to the extent of Rs 150 crore will be utilised for meeting working capital requirements and a portion will be used for general corporate purpose.

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 as the main contractor, 1 project has been undertaken under a consortium/joint venture arrangement and 20 projects have been undertaken under a sub-contract arrangement with the main contractor.

The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

SMC Capitals is the sole book-running lead manager to the issue.