Sewerage solutions company EMS has mopped up Rs 96.37 crore via anchor book ahead of its IPO opening. The participation by six investors helped the anchor book get fully subscribed on September 7.
NAV Capital VCC - NAV Capital Emerging Star Fund, Abakkus Diversified Alpha Fund, Saint Capital Fund, Meru Investment Fund PCC - CELL 1, BofA Securities Europe SA - ODI, and Morgan Stanley Asia (Singapore) Pte are the anchor investors.
In its filing to exchanges, EMS said that in consultation with merchant bankers, it has finalised allocation of 45,67,476 equity shares to anchor investors, at an issue price of Rs 211 per share.
The anchor book is a part of qualified institutional buyers (QIB). Half of the offer has been reserved for QIB and of the QIB, up to 60 percent portion is reserved for anchor book which is fully subscribed.
Also read: Subscribe - Deep Value Buy to EMS: Cholamandalam Securities
The remaining 15 percent portion of the total issue, which closes on September 12, is reserved for high net-worth individuals, and the 35 percent for retail investors.
EMS IPO will open for subscription on September 8, with a price band of Rs 200-211 per share.
The company is planning to raise Rs 321.24 crore from the initial public offering. The IPO comprises a fresh issuance of shares worth Rs 146.24 crore and an offer-for-sale of 82.94 lakh shares, amounting to Rs 175 crore at the upper price band, by promoter Ramveer Singh.
The firm that provides water and wastewater collection, treatment, and disposal services will make use of net fresh issue proceeds mainly for working capital requirements amounting to Rs 101.24 crore, and the remaining for general corporate purposes.
Also read: Tano Capital-backed Cellecor Gadgets IPO to be launched on Sept 15, fund raising at Rs 50.77 crore
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