Enviro Infra Engineers has finally announced the basis of allotment of its shares on Thursday and the company is headed for a stock market debut on Friday. The IPO of Enviro Infra Engineers had received a strong response from the investors during the three-day bidding process.
However, the grey market premium of Enviro Infra Engineers has taken a big rise in the last 24 hours considering a solid response from the investors. Last heard, the grey market premium (GMP) for Enviro Infra Engineers shares stood at Rs 55-60, suggesting up to a 40 per cent listing pop for the investors. However, the GMP in the unofficial market stood at Rs 45-50 a day ago.
The issue of Enviro Infra Engineers was overall subscribed 89.90 times due to all round demand. The portion for qualified institutional bidders (QIBs) was booked 157.05 times, while the quota for non-institutional investors (NIIs) was subscribed 153.80 times. The allocations for employees and retail investors were subscribed 37.77 times and 24.48 times, respectively.
Investors, those who had bid for the issue of Enviro Infra Engineers and have not received any notification or communication, can check the allotment status on the Bombay Stock Exchange (BSE) website. On the other hand, Investors can also check the allotment status on the online portal of Bigshare Services.
New Delhi-based Enviro Infra Engineers sold its IPO in the price band of Rs 140-148 per share with a lot size of 101 shares, which was open for bidding between November 22 and November 26. It aimed to raise 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.
Established in 2009, Enviro Infra Engineers 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 is the sole book running lead manager of the Enviro Infra Engineers IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Friday, November 29 as the tentative date of listing.