Enviro Infra Engineers IPO Sees Massive Subscription

Enviro Infra Engineers' IPO, focused on sewage treatment and sewerage systems, was subscribed 12.51 times on day two. Non-institutional investors led with 34.59 times subscription. The IPO combines new equity and an offer for sale by promoters, aiming to raise working capital and reduce debt.

Enviro Infra Engineers, a company specializing in sewage treatment plant projects, has seen impressive interest in its initial public offering (IPO). On the second day of subscription, the IPO attracted bids amounting to 12.51 times the available shares, with non-institutional investors leading the charge at a subscription rate of 34.59 times.

The IPO, aiming to raise Rs 650 crore with a price range of Rs 140-148 per share, combines a fresh issue of 3.87 crore shares alongside an offer for sale from promoters. Overall, the IPO includes a total of 52.68 lakh shares offered for sale, with proceeds allocated to working capital needs, debt payment, and building a new sewage treatment plant in Mathura.

The company, which designs, constructs, and maintains water and wastewater treatment facilities, plans to invest a portion of the funds in its subsidiary, EIEL Mathura Infra Engineers. Hem Securities is managing the public issue.

(With inputs from agencies.)