Antony Waste Handling withdraws ₹206-crore IPO1 min read . Updated: 16 Mar 2020, 10:10 PM IST
- Antony IPO consists of a fresh issue of Rs35 crore and an offer-for-sale of 57 lakh shares, including an anchor portion of 20.65 lakh shares
- The Covid-19 panic in the stock markets and various travel restrictions around the world have also impacted merger and acquisition deals
MUMBAI : The ₹206-crore initial public offering (IPO) of Antony Waste Handling Cell Ltd was called off on Monday, the last day of the extended offer period, as panic-stricken investors stayed away from the markets due to the Covid-19 outbreak.
The Antony IPO consisted of a fresh issue of ₹35 crore and an offer-for-sale of 5.7 million shares, including an anchor portion of 2.065 million shares. The price range for the offer was fixed at ₹295-300 per share. Ahead of the public offering, Antony Waste Handling Cell had raised ₹60.94 crore from three anchor investors. The IPO, which opened on 4 March and was initially planned to close on 6 March, was extended till 16 March, as it could not garner enough investor interest in the three-day public offering. On Monday, the company informed the stock exchanges that it was calling off the deal.
“BRLM (book running lead manager) to the Antony Waste Handling Cell Ltd, has informed the Exchange that due to the prevailing market conditions, pursuant to a Resolution passed by the IPO committee of the company on March 16, 2020, the issuer has now decided to withdraw the issue, in consultation with BRLMs and Registrar. Hence, the IPO of Antony Waste Handling Cell Limited will be treated as withdrawn," a statement to the stock exchanges read. Antony is not the only company whose fundraising plans have been hit by the coronavirus outbreak.
The Covid-19 panic in the stock markets and various travel restrictions around the world have also impacted merger and acquisition deals.
Antony Waste Handling Cell claims to be one of the top five companies in the Indian municipal solid waste management industry with a track record of 17 years. The company offers several services such as solid-waste collection, transportation, processing and disposal services.
The company is currently undertaking projects for the Municipal Corporation of Greater Mumbai, the Navi Mumbai Municipal Corporation, the Thane Municipal Corporation, the North Delhi Municipal Corporation, the Ulhasnagar Municipal Corporation, the Mangalore Municipal Corporation and the Greater Noida Industrial Development Authority.