Enviro Infra Engineers Limited Announces IPO Launch for November 22

 

National: “Enviro Infra Engineers Limited” (Enviro Engineers) is set to launch its initial public offering (IPO) of equity shares on Friday, November 22, 2024. The offer consists of a fresh issue of up to 3,86,80,000 equity shares and an offer for sale (OFS) of up to 52,68,000 equity shares by its promoters and other selling shareholders.

The price band for the IPO has been set at ₹140 to ₹148 per equity share, with a lot size of 101 equity shares and multiples thereof. The issue includes a reservation of 1,00,000 equity shares for eligible employees, who may benefit from special allocations. Anchor investor bidding will open on Thursday, November 21, 2024, while the public bidding period will close on Tuesday, November 26, 2024.

The company intends to utilize the proceeds from the fresh issue to:

• Meet working capital requirements.
• Fund its subsidiary, EIEL Mathura Infra Engineers Private Limited, for the 60 MLD STP project under the Mathura Sewerage Scheme in Uttar Pradesh via a hybrid annuity-based PPP model.
• Repay/prepay outstanding borrowings.
• Support inorganic growth and general corporate purposes.

Promoters Sanjay Jain and Manish Jain will each sell 21,34,000 shares, while Ritu Jain and Shachi Jain will divest 5,00,000 shares each.

The IPO equity shares will be listed on the BSE and NSE, with NSE as the designated stock exchange. Enviro Engineers filed its Red Herring Prospectus (RHP) with the Registrar of Companies, Delhi, on November 16, 2024.