Enviro Infra Engineers is coming out with an initial public offering (IPO) to raise around Rs 650 crore. The issue will open on November 22, 2024 and will close on November 26, 2024. It has fixed a price band of Rs 140-148 per share. The company's proposed IPO is a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters.
Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes. Hem Securities is the sole book running lead manager of the public issue. The equity shares are proposed to be listed on BSE and NSE.
Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies.
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