Tue Nov 26 05:34:00 UTC 2024: ## Enviro Infra Engineers IPO Oversubscribed on Day One, Promising Strong Listing

**Mumbai, November 26, 2024** – The initial public offering (IPO) of Enviro Infra Engineers Limited (EIEL) has been fully subscribed within the first day of its opening, exceeding expectations with strong investor interest. The IPO received bids 2.09 times the number of shares offered, with particularly strong demand from Non-Institutional Investors (NII) at 2.99 times oversubscription. Retail investors also showed robust participation with a 1.73 times subscription rate.

The company aims to raise ₹650.43 crore through a book-building process, comprising a fresh issue of ₹572.46 crore and an offer for sale of ₹77.97 crore. The IPO, priced between ₹140 and ₹148 per share, closed on November 26th.

The grey market premium (GMP) currently sits at ₹52, suggesting a potential listing price of ₹200 per share (₹148 + ₹52). This implies a potential gain of approximately 35.14% for investors upon listing, scheduled for November 29th on the BSE and NSE. Share allotment is expected on November 27th.

Geojit Financial Services has given the IPO a “subscribe” rating for medium- to long-term investment, citing EIEL’s robust order pipeline, strong financial performance, and attractive valuation (P/E of 23.9x at the upper price band). The company is well-positioned to benefit from government initiatives like the Jal Jeevan Mission and Namami Gange Programme.

Hem Securities Limited acted as the book-running lead manager, while Bigshare Services Pvt Ltd served as the registrar. Retail investors could apply for a minimum of 101 shares, while larger investors had higher minimum investment requirements. A reservation of up to 100,000 shares was allocated for employees.

**(Disclaimer: This news article is based on publicly available information. Investors are advised to conduct their own due diligence and consult with a financial advisor before making any investment decisions.)**

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