Municipal solid waste services provider Antony Waste Handling Cell on December 17 fixed at Rs 313-315 per share the price band for its initial public offering (IPO). The issue will open for subscription on December 21 and close on December 23.
The company aims to raise Rs 300 crore through the IPO that comprises a fresh issue of Rs 85 crore and an offer for sale of upto 68,24,933 equity shares.
The offer for sale consists of 13,90,330 equity shares by Leeds (Mauritius), 20,85,510 equity shares by Tonbridge (Mauritius), 11,58,667 equity shares by Cambridge (Mauritius) and 21,90,426 equity shares by Guildford (Mauritius).
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Investors can bid for a minimum of 47 shares and in multiples of 47 thereafter. Up to 50 percent of the issue is available for qualified institutional buyers, 35 percent for retail and up to 15 percent for non-institutional investors.
Antony Waste Handling Cell will utilise fresh issue proceeds for part-financing for PCMC WTE project through investment in subsidiaries, AG Enviro and/or ALESPL; reduction of consolidated borrowings of company and subsidiaries; and general corporate purposes.
The company had in March launched the IPO to raise around Rs 200 crore but had to withdraw following a lukewarm response from investors. It had even lowered the price band and extended the closing date.
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Antony Waste, one of the top five players in the Indian municipal solid waste (MSW) management industry, undertakes three types of projects—municipal solid waste C&T projects, MSW processing projects and mechanised sweeping.
The company said it provides a full spectrum of MSW services, which include solid-waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.
It has undertaken more than 25 projects as of November 15, 2020, of which 18 projects are ongoing, the company said . Its portfolio of 18 ongoing projects comprises 12 MSW C&T projects, two MSW processing (including WTE) project and four mechanized sweeping projects. It is among key players in landfill construction and management sector with in-house expertise.
The company is part of the 'Antony' group which has diversified business interests, including in the automotive body-building and ancillary industries, promoted by Jose Jacob Kallarakal and Shiju Jacob Kallarakal.
Equirus Capital and IIFL Securities are the book running lead managers to the issue. Equity shares after public issue are proposed to be listed on the BSE and National Stock Exchange.