Enviro Infra Engineers mobilises Rs 195 crore via anchor book ahead of IPO

Enviro Infra Engineers IPO

Water and wastewater management solutions provider Enviro Infra Engineers raised Rs 194.7 crore from several institutional investors via anchor book on November 21.

The company targets to mop up Rs 650.4 crore through the initial share sale, which is a mix of fresh issue of 3.86 crore equity shares worth Rs 572.46 crore, and an offer-for-sale of 52.68 lakh shares worth Rs 78 crore at the upper end of the price band of Rs 140-148 per share.

"....has finalised allocation of 1.31 crore equity shares to anchor investors at a price of Rs 148 per share," the Delhi-based company said in its filing to exchanges on Thursday.

Quant Mutual Fund is the biggest anchor investor, investing Rs 25 crore for 16.98 lakh shares, followed by Motilal Oswal MF which bought 13.51 lakh shares worth Rs 20 crore.

Sunil Singhania's Abakkus Diversified Alpha Fund, LIC Mutual Fund, Singularity Equity Fund, Finavenue Capital Trust, Nuvama, NAV Capital VCC, Smart Horizon Opportunity Fund, and Vijit Growth Fund also invested in the company via anchor book.

"Out of the total allocation of 1.31 crore equity shares to the anchor investors, 40.5 lakh shares were allocated to 3 domestic mutual funds through a total of six schemes," Enviro Infra said.

The Enviro Infra Engineers IPO will open on November 22 and close on November 26.

The company provides design, construction, operation, and maintenance services for water and wastewater treatment plants (WWTPs) and water supply scheme projects (WSSPs) for government authorities or bodies.

Enviro Infra Engineers will spend Rs 181 crore out of the fresh issue proceeds on its working capital requirements, and Rs 30 crore to build 60 MLD STP at Mathura in Uttar Pradesh through subsidiary EIEL Mathura Infra Engineers. Another Rs 120 crore will be utilised to repay debt and the remaining funds will be used for unidentified acquisitions and general corporate purposes. It had outstanding borrowings of Rs 305.6 crore.

Hem Securities is the sole book-running lead manager to the issue.