BackAntony Waste Handling Cell’s Rs300 crore IPO subscribed 15 times on final day
The IPO followed the mad rush of investors for the last two public offerings, those of Mrs Bectors Food Specialities Ltd and Burger King India Ltd, which were subscribed 199 and 157 times respectively
PremiumMUMBAI : The Rs300 crore initial public offer (IPO) of Antony Waste Handling Cell (AWHC) was subscribed 15 times on the final day of the offering on Wednesday.
The IPO followed the mad rush of investors for the last two public offerings, those of Mrs Bectors Food Specialities Ltd and Burger King India Ltd, which were subscribed 199 and 157 times respectively.
The AWHC issue received bids for 9.91 crore equity shares against an offer size of 66.66 lakh equity shares (excluding anchor book), the subscription data available on the exchanges showed.
The retail investors portion was subscribed 16.55 times, continuing the trend of retail participation seen this year in IPOs, while the portion for non-institutional investors or high networth investors was subscribed 18.69 times. The institutional investor portion was subscribed 9.67 times.
The public issue comprised a fresh issue of ₹85 crore and an offer for sale of ₹215 crore shares by existing shareholders. The price band for the issue was been fixed at ₹313-315 per share.
Analysts at Geojit Financial Services in an IPO note found valuation attractive and healthy margins.
"Antony Waste enjoys a EBITDA and PAT margin of 25% and 14% respectively in H1FY21, at the upper price band of Rs.315, the issue is available at Price earnings multiple of 15 times FY21E EPS and improving revenue generation and increasing relevance of waste management". The brokerage has recommend ‘SUBSCRIBE’ to the issue with a long-term perspective.
This is the second time this year that Antony Waste Handling Cell has hit the public markets with its IPO. In March, its IPO failed to sail through amid global and domestic market volatility following the outbreak of the covid-19 pandemic.
Antony Waste has a portfolio of 18 ongoing projects which include 12 MSW collection & transportation (C&T) projects, 4 mechanized sweeping projects and 2 MSW processing projects.
The company is also operating a 0.97MW WTE plant at Kanjurmarg, Mumbai and is developing a 14MW WTE plant at Pimpri-Chinchwad. With huge potential in the long run, AWHCL intends to continue bidding for commercially viable WTE projects from financially strong municipalities and private players.
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