Shares of Enviro Infra Engineers made a strong Dalal Street debut on Monday as the water-treatment player was listed at Rs 220 on BSE, a premium of 48.65 per cent over its issue price of Rs 148. Similarly, the stock kicked-off its maiden trading session with a premium of 47.30 per cent over the given issue price at Rs 218 on BSE.
The listing of Enviro Infra Engineers has been above the expectations, breaking the series of dull listings lately. Ahead of its debut, the grey market premium (GMP) for Enviro Infra Engineers shares stood at Rs 55-60, suggesting up to a 40 per cent gains for the investors on debut.
New Delhi-based Enviro Infra Engineers sold its IPO in the price band of Rs 140-148 with a lot size of 101 shares. The issue was open for bidding between November 22 and November 26. The New Delhi-based company raised Rs 650.30 crore via IPO, which includes a fresh share sale of Rs 572.46 crore, and an offer-for-sale (OFS) of up to 52.68 lakh equity shares.
The IPO of Enviro Infra was overall subscribed 89.90 times, thanks to strong demand from all categories. The allocation for qualified institutional bidders (QIBs) was booked 157.05 times, while the quota for non-institutional investors (NIIs) saw bids for 153.80 times. The portions for employees and retail investors were subscribed 37.77 times and 24.48 times, respectively.
Enviro Infra Engineers, incorporated in 2009, is engaged in the design, construction, operation, and maintenance of water and Waste-Water Treatment Plants (WWTPs) and water supply projects (WSSPs) for government agencies/entities, along with pumping stations and the laying of pipelines for water supply.
Brokerages had positive views on the issue suggesting investors to subscribe to it. Hem Securities served as the sole book running lead manager of the Enviro Infra Engineers IPO, while Bigshare Services was appointed as the registrar for the issue.