Anchor investors pick up stake in Antony Waste ahead of IPO

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Published: March 4, 2020 7:52 AM

The IPO for Antony Waste Handling Cell is slated to open on Wednesday and will close on Friday as the waste management company proposes to raise up to Rs 206 crore.

Anchor investors , Antony Waste, IPO, Vantage Equity FundThe company proposes to utilise the IPO proceeds for reduction of the consolidated borrowings by infusing debt in its subsidiary.

Antony Waste Handling Cell, which is planning to raise Rs 206 crore through its initial public offer, has finalised the allocation of 20,65,932 equity shares at `295 per share to three anchor investors. The company has raised Rs 60.94 crore through this and the three investors are Massachusetts Institute of Technology, Vantage Equity Fund and 238 Plan Associates LLC.

The IPO for Antony Waste Handling Cell is slated to open on Wednesday and will close on Friday as the waste management company proposes to raise up to Rs 206 crore. The IPO comprises a fresh issue of up to Rs 35 crore and an offer for sale of up to 57 lakh shares. Equity shares of face value of `5 each are offered at a price band of Rs 295-Rs 300 per share.

Of the total issue, fresh issue of equity will be to the tune of Rs 35 crore and remaining Rs 171 crore is through the offer for sale. The company proposes to utilise the IPO proceeds for reduction of the consolidated borrowings by infusing debt in its subsidiary – AG Enviro Infra Projects – for repayment/ prepayment of portion of their outstanding indebtedness. In addition, the company will use a part of the proceeds for general corporate purposes. Some of the other shareholders divesting their shares include Leeds (Mauritius), Tonbridge (Mauritius), Cambridge (Mauritius) and Guildford (Mauritius).

A part of the ‘Antony’ group, the waste handling company is one of the top five players in the Indian municipal solid waste management industry with an established track record of 17 years, providing full spectrum of MSW services, which includes solid waste collection, transportation, processing and disposal services across the country. It is among the select few to have pioneered in municipal solid waste collection and transportation sector. It is among the key players in landfill construction and management sector with in-house expertise. It is also present in the emerging sector of MSW management in India, which is waste to energy. The company is driven by promoters, namely Jose Jacob Kallarakal and Shiju Jacob Kallarakal, who have been associated with the company since its incorporation, and have played a significant role in the development of the business.

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