Enviro Infra shares surge 40% in debut trade, with upbeat mood at Dalal Street

Enviro Infra Engineers

Enviro Infra Engineers shares garnered strong interest from investors on debut, rising 40 percent on November 29, with upbeat mood at Dalal Street. The benchmark indices rallied nearly 1 percent on Friday.

The stock opened higher at Rs 220 on the National Stock Exchange (NSE), up 48.6 percent over the issue price of Rs 148 per share, but gradually erased some gains as the day progressed. It touched an intraday high of Rs 233.70 and low of Rs 205.05, before closing the session at Rs 207.07, up 39.91 percent with volume of 5.54 crore equity shares.

On the BSE, shares finished 39.86 percent higher at Rs 207, with volume of 45.05 lakh shares.

The water and wastewater management solutions provider's market capitalisation stood at Rs 3,633.47 crore.

Enviro Infra Engineers closed its Rs 650-crore initial share sale with 90 times subscription last week during November 22-26. The IPO was a mix of fresh issue of 3.86 crore shares worth Rs 572 crore, and an offer-for-sale of 52.68 lakh shares worth Rs 78 crore.

The price band for the public issue was Rs 140-148 per share.

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The Delhi-based company is involved in the designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities or bodies.

It has developed 28 plants and projects in the past seven years till June 2024, while its order book includes 21 water and wastewater treatment plants and water supply scheme projects worth Rs 1,906.3 crore.

Enviro Infra Engineers that competes with listed peer VA Tech Wabag will utilise fresh issue proceeds for working capital requirements, building 60 MLD STP at Mathura in Uttar Pradesh through subsidiary EIEL Mathura Infra Engineers, repaying debt, and unidentified acquisitions and general corporate purposes.

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