Antony Waste Handling Cell’s initial public offering (IPO) was subscribed 3.85 times on the second day of its subscription on Tuesday. The company has teamed up with companies like Burger King India and Mrs Bectors Food Specialties to have received an oversubscription within hours of opening the subscription. However, the solid waste management company fails to impress gray market players. Antony Waste’s gray market IPO premium has slipped from all ₹160 two days ago to the range between ₹26 and 30 today. Demand has been weak and is declining. The trend appears to be negative.
At the end of the second day, the IPO raised approximately ₹Rs 300 crore, received offers for 2,56,65,478 shares against 66,66,342 shares on offer, according to NSE data.
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The portion reserved for Qualified Institutional Buyers (QIB) was subscribed 64%, Non-Institutional Investors 28% and Retail Individual Investors (RII) 7.22 times.
The initial public offering comprises a new number of ₹85 million rupees and an offer to sell of 68,24,933 shares. The company had withdrawn its IPO in March following tepid investor response and extremely weak markets.
The three-day edition closes today, December 23. The price range of the offer has been set at ₹313-315 per share.
Antony Waste Handling Cell Ltd has raised ₹90 crore of anchor investors.
The proceeds of the new issuance will be used to co-finance the waste-to-energy project in Pimpri Chinchwad, Maharashtra, through investment in subsidiaries, reduction of the company’s consolidated loans and general corporate purpose.
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