Shares of EMS, a sewerage solutions company, will be listed on the exchanges today. The company has fixed the issue price at Rs 211 per share, at the upper end of the price band Rs 200-211.
Of the Rs 321-crore public issue, the IPO had a fresh issue of up to Rs 146.24 crore and the offer for sale of up to 82,94,118 equity shares by promoter Ramveer Singh.
The share sale received bids for 81.21 crore shares against 1.07 crore shares on offer.
The issue was received well by all category of investors. While Qualified Institutional Buyers (QIBs) was subscribed 153.02 times, the portion for non-institutional investors saw bids of 82.32 times subscription and the retail Investors by 29.79 times.
Utility of funds
Proceeds from the fresh issue will fund working capital requirements and other general corporate purposes. Khambatta Securities Limited is the sole Book Running Lead Manager to the Issue, while KFin Technologies Limited is the Registrar to the Issue.
Who are anchor investors
As part of the IPO process, sewerage solutions company EMS had y mopped up Rs. 96.37 crore from anchor investors, who are NAV Capital VCC - NAV Capital Emerging Star Fund, Abakkus Diversified Alpha Fund, Saint Capital Fund, Meru Investment Fund PCC - CELL 1, BofA Securities Europe SA - ODI, and Morgan Stanley Asia (Singapore) Pte. It had finalised allocation of 45,67,476 shares to anchor investors, at Rs 211 a share.
The firm that provides water and wastewater collection, treatment, and disposal services will make use of net fresh issue proceeds mainly for working capital requirements amounting to Rs. 101.24 crore, and the remaining for general corporate purposes.