Denta Water sets price band of Rs 279-294 a share for IPO

IPO

Denta Water and Infra Solutions Ltd has set a price band of Rs 279-294 a share for its initial public offering that will open for subscription on January 22. The anchor bidding will start on January 21 and the issue will close on January 24.

Basis of finalisation, initiation of refunds and credit of equity shares into demat accounts will be on January 27 and the shares will be listed on January 29.

The IPO consists of a pure fresh issue of 75 lakh shares. On the upper price band, the issue size will be around Rs 220.50 crore.

Denta Water, the seasoned player in water engineering, procurement, and construction (EPC) services will utilise net fresh issue proceeds for its working capital requirements, which amounts to Rs 150 crore. Of which, Rs 50 crore will be utilised in the current financial year and the remaining Rs 100 crore in the next financial year i.e. Rs 100 crore.

The water and infrastructure solutions company, with expertise in groundwater recharging projects, has completed 27 projects related to water management infrastructure development as of October 2023.

As of October 2023, the firm has 22 ongoing projects constituting an aggregate contract value of Rs 984.23 crore, out of which Rs 976.7 crore for water management projects; and Rs 7.54 crore of infrastructure projects including railways and roadways. Out of the total contract value, the firm has completed work worth Rs 211.3 crore and the outstanding order book stood at Rs 772.94 crore.