Fri Nov 22 16:10:08 UTC 2024: ## Enviro Infra Engineers IPO Oversubscribed on Day 1

**New Delhi, November 22, 2024** – The initial public offering (IPO) of Enviro Infra Engineers Ltd. has received a strong response from investors on its first day, exceeding expectations. The IPO, which aims to raise ₹650.3 crore, was oversubscribed 2.08 times by the close of trading on Friday.

Non-institutional investors (NIIs) bid 2.98 times the allotted shares, while qualified institutional buyers (QIBs) subscribed 2.04 times. Employee bids were 3.17 times oversubscribed, and the retail portion received 1.70 times the available shares. A total of 63,95,40,008 shares were bid for against the 3,07,93,600 shares on offer.

The IPO includes a fresh issue of ₹572.46 crore and an offer-for-sale (OFS) by promoters. The company plans to use the net proceeds for working capital, investments in its subsidiary, debt repayment, acquisitions, and general corporate purposes. Enviro Infra had already raised ₹194.7 crore from anchor investors prior to the IPO.

The IPO, priced in a band of ₹140-₹148 per share, will remain open until Tuesday, November 25. The grey market premium currently stands at 25.68%, indicating strong investor sentiment. Listing is expected on November 29.

Several brokerage firms, including Reliance Securities, Bajaj Broking, Swastika Investmart, Choice Broking, Anand Rathi Research, and SMIFS, have recommended subscribing to the IPO, particularly for long-term investment.

Enviro Infra, established in 2009, specializes in designing, constructing, and maintaining water and wastewater treatment plants and water supply projects for government entities. As of June 30, 2024, the company had completed 28 such projects across India.

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