Antony Waste Handling Cell shares debuted at a 38.44 percent premium over issue price on the National Stock Exchange on January 1. Shares opened at Rs 436.10 on the exchange, against final issue price of Rs 315 per share.
On the BSE, the stock opened with a 36.51 percent premium at Rs 430.
Shares were trading at Rs 467.80, up by Rs 152.80 or 48.51 percent with a volume of 7.18 lakh shares on the BSE, while on the NSE, it was quoting at Rs 466.95, up 48.2 percent with a volume of 35.5 lakh shares, at 10:01 hours IST.
It touched an intraday high of Rs 492.75 on the BSE and Rs 489.90 on the NSE in early trade.
It was the first listing of the new year 2021 but was the last public issue of the previous year 2020.
The listing of Antony Waste Handling Cell was on expected lines given the good subscription to its IPO and leadership in the municipal solid waste management industry.
The company, which is a pioneer in MSW providing a full spectrum of services, raised Rs 300 crore via public issue during last week.
"Business of Antony is dependent on municipal authorities for a substantial proportion of the revenue, which is a major inherent risk in the business model. This business involves receivables risk from municipalities, which can lead to financial instability for the company. So considering the risk-reward ratio, we believe there are better options available in the market from a long investment point of view," Keshav Lahoti, Associate Equity Analyst at Angel Broking told Moneycontrol.
The company will utilise net fresh issue proceeds (out of total Rs 85 crore) for part-financing for PCMC WTE project through investment in subsidiaries, repayment of debt and general corporate purposes.
Antony Waste Handling Cell is one of the top five players in the Indian municipal solid waste (MSW) management industry with an established track record of more than 19 years.
The company has a portfolio of 18 ongoing projects as on November 2020, comprised 12 MSW C&T projects, two MSW processing (including WTE) project and four mechanised sweeping projects. All the 18 ongoing projects have started generating revenue.
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