On Friday, November 29, Enviro Infra Engineers made a spectacular debut on Dalal Street. The company’s shares were listed on the NSE at ₹220 apiece, which was 48.65% more than the issue price of ₹148. The stock opened at ₹218 on the BSE, representing a premium of 47.29%. This listing ranks 15th overall in 2024 and is the largest mainstream IPO debut in November.
Subscriptions for the ₹650.43 crore mainboard IPO were accepted from November 22 to November 26. Between ₹140 and ₹148 per share was the issue price. Investors responded overwhelmingly to the initial public offering (IPO), which was oversubscribed 89 times. Qualified Institutional Buyers (QIBs) showed particular interest in the offering.
Exchange data shows that the Non-Institutional Investors (NII) section was oversubscribed 153 times, and the QIB component was oversubscribed 157 times. The issue’s retail part was 24.48 times oversubscribed.
The corporation plans to use the money raised from the new issue for a number of things. These include funding its subsidiary, EIEL Mathura Infra Engineers Private Limited (EIEL Mathura), to build a 60 MLD sewage treatment plant under the “Mathura Sewerage Scheme” in Uttar Pradesh using the Hybrid Annuity-Based PPP Mode, as well as fulfilling its working capital requirements.
According to the company’s RHP, the revenues will also be utilized to fund inorganic growth through unnamed acquisitions, repay or prepay any outstanding borrowings, and fund general business objectives.
About Enviro Infra Engineers
Water and wastewater treatment facilities (WWTPs) and water supply scheme projects (WSSPs) for government agencies and entities are designed, built, operated, and maintained by the corporation.
Sewage treatment plants (STPs), sewerage schemes (SS), and common effluent treatment plants (CETPs) are all included in WWTPs, whilst water treatment plants (WTPs) are included in WSSPs, together with pumping stations and pipeline construction for water supply (collectively, “Projects”).
The business not only completes projects on its own but also collaborates with other construction and infrastructure firms to bid on and complete projects together.
The business submits bids for water supply system projects (WSSPs) and wastewater treatment plants (WWTPs) on an EPC or HAM basis when state governments and urban local bodies (ULBs) publish tenders.
In the last seven years, it has successfully constructed 28 WWTPs and WSSPs in India as of June 30, 2024, including 22 projects with a capacity of at least 10 MLD. According to the company’s RHP, its order book included 21 WWTPs and WSSPs valued at ₹1,906.28 crore as of the June quarter.
