Antony Waste Handling Cell initial public offering (IPO) was subscribed 3.85 times on the second day of its subscription on Tuesday. The company has joined the likes of Burger King India and Mrs Bectors Food Specialities to have received oversubscription in a few hours of opening for subscription. However, the solid waste management company fails to impress players in the grey market. The Grey Market Premium of Antony Waste IPO has slipped from around ?160 two days ago to the range between ?26 and 30 today. The demand has been weak and it is going down . The trend seems to be negative.
By the end of second day, the IPO raised about ?300 crore, received bids for 2,56,65,478 shares against 66,66,342 shares on offer, as per NSE data.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 64%, non institutional investors 28% and retail individual investors (RIIs) 7.22 times.
The initial public offer comprises a fresh issue of ?85 crore and an offer for sale of 68,24,933 shares. The company had withdrawn its IPO in March following tepid investor response and extremely weak markets.
The three-day issue closes today, on 23rd December. Price range for the offer has been fixed at ?313-315 per share.
Antony Waste Handling Cell Ltd has raised ?90 crore from anchor investors.
The proceeds of the fresh issue will be utilised for part-financing waste-to-energy project at Pimpri Chinchwad, Maharashtra, through investment in subsidiaries, reduction of consolidated borrowings of the company and general corporate purpose.
News Source:- Livemint