Antony Waste Handling Cell Ltd’s ₹300-crore initial public offering (IPO) was subscribed nearly 15 times on the last day of the issue, according to data available with the NSE..
The IPO attracted bids for more than 9.94 crore shares (14.92 times) compared with an issue size of 66.67 lakh shares. Of that, 4.05 crore shares were offered at cut-off price. The issue came out at a price band of ₹313-315 per share.
The portion allotted for qualified institutional buyers and non-institutional investors was subscribed by 9.7 times and 18.7 times respectively, while retail investor portion received bids for 16.4 times. Ahead of the opening of the IPO, the company had raised ₹90 crore from 10 anchor investors at ₹315 a share. These investors included Massachusetts Institute of Technology and SBI Mutual Fund.
The IPO comprises fresh issue of shares worth ₹85 crore and an offer-for-sale of 68.25 lakh shares by existing shareholders such as Tonbridge (Mauritius) Ltd, Leeds (Mauritius) Ltd, Cambridge (Mauritius) Ltd, and Guildford (Mauritius) Ltd.
The company, in March, had hit the capital market with a ₹206-crore issue in the price band of ₹295-300. But the IPO failed to generate enough bids to sail through even though the company had extended the deadline, due to volatility in the markets and uncertainty over Covid-19.
The proceeds of the issue will be used to part finance its needs to invest in subsidiary for PCMC WTE (Pimpri Chinchwad Municipal Corporation – Waste to Energy) project and repayment/pre-payment of outstanding of subsidiaries and general corpus funds.