Shares of Denta Water and Infra Solutions made a decent Dalal Street debut on Wednesday, January 29 as the water treatment player was listed at Rs 330 on BSE, a premium of 12.24 per cent over its issue price of Rs 294. Similarly, the stock kicked-off its maiden trading session with a premium of 10.54 per cent over the issue price at Rs 325 on NSE.
The listing of Denta Water and Infra Solutions has below the expectations. Ahead of its listing, shares of Denta Water and Infra Solutions saw a sharp correction in the grey market premium (GMP) to Rs 65-70, suggesting a listing gains of about 22-24 per cent for the investors. However, the GMP stood around Rs 150-160 on the first day of bidding.
The IPO of Bengaluru-based Denta Water and Infra Solutions ran for bidding between January 22 and January 24. It had offered its shares in the price band of Rs 279-294 per share with a lot size of 50 shares. The company raised a total of Rs 220.50 crore via IPO, which was entirely a fresh share sale of up to 75,00,000 equity shares.
The issue was overall subscribed a solid 221.68 times, attracting bids for 1,16,31,09,250 equity shares amounting to Rs 34,195.41 crore. The allocation for the non-institutional investors (NIIs) was subscribed a stellar 507.27 times. The portion reserved for qualified institutional bidders (QIBs) was booked 236.94 times. However, the portion allocated for retail investors was subscribed 90.56 times.
Incorporated in 2016, Bengaluru-based Denta Water and Infra Solutions is a growing water and infrastructure solutions company engaged in designing, installing, and commissioning water management infrastructure projects with expertise in groundwater recharge projects. The company has experience in water engineering and EPC services.
Brokerage firms were largely positive on the issue, suggesting to subscribe to it. SMC Capitals was the book running lead manager of the Denta Water and Infra Solutions IPO, while Integrated Registry Management Services served as the registrar for the issue.