Antony Waste Handling Cell, one of the key players in municipal solid waste (MSW) management, is trading at more than 50 percent premium in the grey market as the issue opened for subscription.
Shares were available in the range of Rs 475-485 in the grey market, up Rs 160-170 or 50.8-54 percent compared to the higher price band of Rs 315 per share, the data available on IPO Watch showed.
The grey market is an unofficial trading platform where shares get traded well before the allotment in the IPO and listed on bourses.
Antony Waste Handling Cell floated its IPO on December 21, with a price band of Rs 313-315 per share. The issue will close on December 23.
Earlier the company had made an IPO attempt in March this year, but had to withdraw due to tepid investors response and weak equity market conditions.
Antony Waste Handling Cell IPO: 10 key things to know
The current public issue comprises a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 equity shares by existing shareholders Leeds (Mauritius), Tonbridge (Mauritius), Cambridge (Mauritius) and Guildford (Mauritius).
The price band for IPO has been fixed at Rs 313-315 per share. Bids can be made for a minimum of 47 equity shares and in multiples of 47 equity shares thereafter.
The company aims to raise Rs 300 crore via its public issue, of which, Rs 90 crore has already been raised from anchor investors.
The fresh issue proceeds will be utilised towards part-financing for the waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries, AG Enviro and/or ALESPL; reduction of consolidated borrowings; and general corporate purposes.
Antony Waste Handling Cell provides full spectrum of municipal solid waste (MSW) services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.
The company has undertaken more than 25 projects, of which 18 are ongoing, as of November 15, 2020, including projects for the Municipal Corporation of Greater Mumbai, the Navi Mumbai Municipal Corporation, the Thane Municipal Corporation, Pimpri Chinchwad Municipal Corporation and the North Delhi Municipal Corporation.