Choice Equity Broking IPO report on Antony Waste Handling Cell.
One of the key players in municipal solid waste (MSW) management, Antony Waste Handling Cell Ltd. (Antony Waste), is planning to raise up to Rs. 3,000mn through an IPO, which opens on 21st Dec. and close on 23rd Dec. 2020. The price band is Rs. 313 - 315 per share. The issue is combination of fresh and OFS. Antony Waste will not receive any proceeds from OFS. Of the net proceeds from the fresh issue, around Rs. 400mn will be utilized to part- finance its waste-to- energy (WTE) project for the Pimpri Chinchwad Municipal Corporation (PCMC). Another, Rs. 385mn will be used to reduce the consolidated borrowings by the company. Through OFS issue, selling investors will be partially offloading their stake in the company. This is the second attempt of the company in 2020, to get listed on the exchanges. In Mar. 2020, it came up with an IPO, but following tepid investor response and extremely weak markets, it was not successful in concluding the issue.
Valuation and Outlook
Considering the macros of the sector, demanded valuations and concerns on the receivables, we assign a “Subscribe with Caution” rating for the issue.
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