Before IPO Enviro Infra Engineers mobilises Rs 195 crore from anchor investors

Enviro Infra Engineers, which is progressive successful the improvement of turnkey projects of sewage attraction plants and sewerage system, connected Thursday collected astir Rs 195 crore from anchor investors, a time earlier its archetypal stock merchantability opening for nationalist subscription.

Quant Mutual Fund, Motilal Oswal Mutual Fund, LIC Mutual Fund, Abakkus Diversified Alpha Fund-2, Singularity Equity Fund I and Meru Investment Fund PCC Cell 1 are among the anchor investors, according to a circular uploaded connected BSE's website.

As per the circular, Enviro Infra Engineers has allotted implicit 1.31 crore equity shares to 22 funds astatine Rs 148 apiece, which is besides the precocious extremity of the terms band. This aggregates the transaction size to Rs 194.68 crore.

The Rs 650-crore archetypal stock merchantability volition unfastened for nationalist subscription connected November 22 and reason connected November 26. Shares volition beryllium disposable successful the terms scope of Rs 140 to Rs 148 apiece.

The city-based company's projected IPO is simply a operation of a caller contented of 3.87 crore equity shares and an connection for merchantability (OFS) constituent of 52.68 lakh shares by promoters.

Currently, promoters clasp implicit 93 per cent involvement successful Enviro Infra Engineers.

At the higher extremity of the terms band, the IPO is valued astatine Rs 650 crore, placing the company's marketplace capitalisation astatine astir Rs 2,600 crore.

Proceeds from the caller contented to the tune of Rs 181 crore volition beryllium utilized to conscionable the moving superior requirements, Rs 100 crore volition beryllium utilized for outgo of debt, Rs 30 crore volition beryllium infused into the company's subsidiary, EIEL Mathura Infra Engineers, to physique 60 cardinal litres per time Sewage Treatment Plant (STP) astatine Mathura successful Uttar Pradesh. Besides, a information volition beryllium utilized for wide firm purposes.

Half of the contented size has been reserved for qualified organization buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Enviro Infra Engineers is engaged successful designing, construction, cognition and attraction of h2o and wastewater attraction plants and h2o proviso strategy projects for authorities authorities/bodies. The attraction process installed by the institution astatine astir of the STPs is zero liquid discharge-compliant and the treated h2o tin beryllium utilized for horticulture, washing, refrigeration and different process industries.

Hem Securities is the sole book-running pb manager of the nationalist issue.

The equity shares of the institution are expected to beryllium listed connected the BSE and NSE connected November 29.