Antony Waste Handling Cell is expected to launch its nearly Rs 300 crore initial public offering for subscription on March 4.
The IPO comprises a fresh issue of up to Rs 43.5 crore and an offer for sale of up to Rs 250 crore.
The offer for sale comprises a 94,42,164 equity shares by Leeds (Mauritius) (13,90,322 shares), Tonbridge (Mauritius) (20,85,502 shares), Cambridge (Mauritius) (20,65,300 shares) and Guildford (Mauritius) (39,01,040 shares).
The issue will close on March 6. The company proposed to utilise the net fresh issue proceeds towards the reduction of the aggregate outstanding borrowings.
The company is one of the top five players in the Indian MSW management industry with an established track record of 17 years, providing a full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.
Equirus Capital Private Limited is the sole book-running lead manager (BRLM) to the offer. The company does not have any listed industry peers in India.
Having undertaken more than 25 projects as of January 1, 2020, of which 17 are ongoing, the company demonstrated track-record as a comprehensive service provider equipped with the resources to handle large-scale projects for municipalities as well as private players. Its portfolio of 17 ongoing projects comprised 11 MSW C&T projects, 2 MSW processing (including WTE) project and 4 mechanized sweeping projects.
It is currently undertaking projects for the Municipal Corporation of Greater Mumbai (MCGM), the Navi Mumbai Municipal Corporation (NMMC), the Thane Municipal Corporation (TMC), Pimpri Chinchwad Municipal Corporation (PCMC), the North Delhi Municipal Corporation (NDMC), the Mangalore Municipal Corporation (MMC), New Okhla Industrial Development Authority (NOIDA), Nagpur Municipal Corporation (NMC) and the Greater Noida Industrial Development Authority (GNIDA).