The grey market premium (GMP) of Antony Waste Handling Cell IPO has fallen by at least 81% during the last two days amid highly volatile market movement. GMP of Antony Waste IPO has slipped from around Rs 160 to the range between Rs 26 and 30 today. The falling GMP signals that the stock of India's second-largest municipal solid waste management (MSW) firm is likely to see a weak listing on January 1. Price band for the IPO was fixed at Rs 313-315 per share.
The share which was seen listing at Rs 475 earlier is now expected to make its market debut at around Rs 345.
Meanwhile, the initial public offering (IPO) of Antony Waste Handling Cell has received decent response on the third and last day today as the issue was subscribed 14.87 times. The firm, which is India's second-largest municipal solid waste management (MSW) firm, plans to raise Rs 300 crore through the IPO.
The public issue received bids for 9.91 crore equity shares against reduced offer size (due to anchor book) of 66.66 lakh shares, data available on exchanges showed. The portion reserved for qualified institutional buyers (QIB) was subscribed 9.67 times.
The retail portion has received bids 16.2 times and that of non-institutional investors 18.68 times that of the portion set aside for them. The firm, which launched its IPO on December 21 has already raised Rs 90 crore from anchor investors ahead of its initial share sale.
The company allotted 2,857,003 equity shares at Rs 315 apiece to 10 anchor investors to raise Rs 89.99 crore.The share sale closed on December 23.
This is the second time this year, the firm has knocked on the doors of primary market. It had withdrawn its IPO in March this year due to adverse market conditions arising out of the coronavirus pandemic. Price band for the share sale was fixed at Rs 295-300 per share at that time.
The IPO comprises fresh issue of shares worth Rs 85 crore and an offer for sale of 68,24,993 equity shares by existing shareholders. Tonbridge (Mauritius) Ltd, Leeds (Mauritius) Ltd, Cambridge (Mauritius) Ltd, and Guildford (Mauritius) Ltd will sell shares through the offer for sale.
Proceeds of the issue will be utilised for part financing a waste-to-energy project at Pimpri Chinchwad through investment in subsidiaries, reduction of consolidated borrowings of the company and general corporate purposes. Equirus Capital and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Shares were available in the IPO in a lot size 47 equity shares and in multiples of 47 equity shares thereafter, for Rs 14,805.
By Aseem Thapliyal