Antony Waste Handling Cell IPO subscribed 1.11 times

Antony Waste Handling Cell IPO subscribed 1.11 times within first few hours of opening

The IPO comprises a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 shares

Representative image. Credit: iStock.

Antony Waste Handling Cell's initial public offering was subscribed 1.11 times within the first few hours of opening on Monday.

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.

The initial public offering (IPO), to raise about Rs 300 crore, received bids for 74,13,733 shares against 66,66,342 shares on offer, according to NSE data till 14:00 hours.

The IPO comprises a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 shares.

Price range for the offer, which would close for subscription on Wednesday, has been fixed at Rs Rs 313-315 per share.

Antony Waste Handling Cell Ltd has raised Rs 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.

Equirus Capital Pvt Ltd and IIFL Securities Ltd are the managers to the offer.

Antony Waste Handling Cell is a leading player in solid waste management services in the country.