Antony Waste Handling Cell garners Rs 90 crore from anchor investors ahead of IPO

By: |
December 19, 2020 1:49 PM

The issue will be open for public subscription during December 21-23. At the upper end of the price band, the IPO is estimated to fetch Rs 300 crore.

antony waste handling cell ipoThe equity shares are proposed to be listed on BSE and NSE.

Antony Waste Handling Cell Ltd on Saturday said it has raised Rs 90 crore from anchor investors ahead of its initial share-sale, which will open for public subscription on Monday.

The company allotted 2,857,003 equity shares at Rs 315 apiece to 10 anchor investors to raise Rs 89.99 crore, Antony Waste Handling Cell said in a statement.

The anchor investors include Massachusetts Institute of Technology, Tata AIG General Insurance Company Ltd ,SBI Equity Savings Fund and SBI Infrastructure fund, among others.

The IPO comprises fresh issuance of shares worth Rs 85 crore and an offer-for-sale of 68,24,993 equity shares by existing shareholders.

Tonbridge (Mauritius) Ltd, Leeds (Mauritius) Ltd, Cambridge (Mauritius) Ltd, and Guildford (Mauritius) Ltd will be offering shares through the offer-for-sale.

The price band has been fixed at Rs 313-315 per share for its initial public offer (IPO).

Antony Waste Handling Cell is a leading player in solid waste management services in the country.

The issue will be open for public subscription during December 21-23. At the upper end of the price band, the IPO is estimated to fetch Rs 300 crore.

Proceeds of the fresh issue will be utilised for part financing waste-to-energy project at Pimpri Chinchwad, Maharashtra through investment in subsidiaries, reduction of consolidated borrowings of the company and general corporate purpose.

Equirus Capital and IIFL Securities are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Earlier, the company had withdrawn its IPO in March following tepid investor response and extremely weak markets.

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