The initial public offering (IPO) of Antony Waste Handling Cell was subscribed 1.97 times on the first day of share sale on December 21. 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 1.32 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 63 percent.
The retail portion has received bids 3.5 times and that of non-institutional investors 8.3 percent 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 will close on December 23. Price band for the IPO has been fixed at Rs 313-315 per share.
This is the second time this year, the firm is knocking 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 It had withdrawn its IPO in March this year due to adverse market conditions arising out of the coronavirus pandemic.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.