Enviro Infra Engineers, a provider of water and wastewater management solutions, raised Rs 194.7 crore from institutional investors through its anchor book on November 21. The company aims to raise Rs 650.4 crore via its IPO, which includes a fresh issue of 3.86 crore equity shares worth Rs 572.46 crore and an offer-for-sale of 52.68 lakh shares amounting to Rs 78 crore at a price band of Rs 140-148 per share.
The anchor book saw allocation of 1.31 crore equity shares at Rs 148 per share to several investors, including Quant Mutual Fund, the largest investor with Rs 25 crore, and Motilal Oswal Mutual Fund, which invested Rs 20 crore. Other prominent investors include LIC Mutual Fund, Sunil Singhania’s Abakkus Diversified Alpha Fund, and Smart Horizon Opportunity Fund.
The IPO is set to open on November 22 and will close on November 26. Enviro Infra Engineers specializes in the design, construction, and maintenance of water and wastewater treatment plants for government authorities.
The company plans to allocate Rs 181 crore from the IPO proceeds towards working capital requirements and Rs 30 crore for building a 60 MLD sewage treatment plant in Mathura, Uttar Pradesh, through its subsidiary. Additionally, Rs 120 crore will be used to repay debt, with remaining funds earmarked for acquisitions and corporate purposes.
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Source: Moneycontrol
News Desk
