Antony Waste Handling Cell has launched its initial public offer (IPO) today. The firm, which is India's second-largest municipal solid waste management (MSW) company, plans to raise Rs 300 crore through the IPO. The share sale will close on December 23. Analysts have a subscribe call on the issue but with cautious approach.
Here are 10 ten things to know about the ongoing share sale:
- Price band for the IPO has been fixed at Rs 313-315 per share. The firm had withdrawn its IPO in March this year due to adverse ,market conditions arising out of the coronavirus pandemic.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.
- Antony Waste Handling has raised Rs 90 crore from 10 anchor investors. Massachusetts Institute of Technology was the largest investor among the 10, picking up a 44.44% stake in the firm at the upper end of the price band. Other anchor investors include Tata AIG General Insurance, SBI Mutual Fund, and 238 Plan Associates.
- 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 are available in the IPO in a lot size 47 equity shares and in multiples of 47 equity shares thereafter, for Rs 14,805.
- Qualified Institutional Buyers (QIB) will be able to bid in for up to 50 per cent of the issue. Retail investors will able allocated 35% of of the issue size and minimum 15 per cent shares will be reserved for the non-Institutional Investors (NIIs).
- Earlier, this year, the IPO opened on March 4 and was planned to close on March 6. But it was extended till March 16, due to lack of adequate investor interest during the three-day public offering. Finally, the firm had to call off the IPO due to adverse market conditions.