Enviro Infra Engineers stock declined after a stellar debut on NSE and BSE today. The stock listed on the NSE at ₹220, a 49 per cent premium over the IPO price of ₹148. On the BSE, the stock debuted at ₹218, a premium of 47 per cent.
Shares of Enviro Infra traded 3.90 per cent lower at ₹211.43 on the NSE as at 10.34 am. On the BSE, the stock was down 3.33 per cent to ₹210.75.
IPO details
The ₹650.43-crore IPO received an overwhelming response from all categories of investors, with an overall subscription of 89.90 times, QIBs subscribed 157.05 times, NIIs 153.80 times, retail portion 24.48 times and employees 37.77 times.
The IPO was a combination of a fresh issue (₹572.46 crore) and an offer-for-sale (₹77.97 crore). Promoters sold 52.68 lakh shares in the OFS. The company raised around ₹195 crore from anchor investors. Hem Securities was the sole book-running lead manager of the public issue.
Quant Mutual Fund, Motilal Oswal Mutual Fund, LIC Mutual Fund, Abakkus Diversified Alpha Fund-2, Singularity Equity Fund I, and Meru Investment Fund PCC Cell 1 were among the anchor investors.
Proceeds from the fresh issue, totalling ₹181 crore, will be used to meet working capital requirements; ₹100 crore will be used to pay debt; and ₹30 crore will be infused into the company’s subsidiary, EIEL Mathura Infra Engineers, to build a 60 million litres-per-day Sewage Treatment Plant (STP) in Mathura, Uttar Pradesh. A portion will also be used for general corporate purposes.
