Tue Nov 26 08:03:25 UTC 2024: ## Enviro Infra Engineers IPO Oversubscribed by Over 20 Times on Final Day
**MUMBAI, November 26, 2024** – The initial public offering (IPO) of Enviro Infra Engineers Limited (EIEL), a company specializing in sewage treatment plant and sewerage system projects, concluded its three-day bidding period today with overwhelming investor interest. The IPO was oversubscribed by more than 20 times, exceeding expectations.
Non-Institutional Investors (NIIs) showed the strongest demand, subscribing to the offer over 43 times. Retail investors also participated enthusiastically, with a subscription rate of 10 times. Qualified Institutional Buyers (QIBs) subscribed approximately 3 times.
The ₹650 crore IPO, which priced shares between ₹140 and ₹148, saw strong demand from the outset. The first day saw full subscription, followed by 12.52 times oversubscription on the second day. A significant ₹195 crore was raised from anchor investors prior to the public offering.
EIEL, chaired by Sanjay Jain and managed by Manish Jain, boasts a strong order book valued at ₹1906.3 crore as of June 30, 2024, representing over 30 months of revenue visibility based on FY24 figures. The company has completed 28 wastewater treatment projects across India.
The grey market premium (GMP) for EIEL shares reached ₹48 today, suggesting a potential listing price of ₹196, a 32.43% increase over the IPO price.
EIEL’s financials show significant growth, with a 116% surge in revenue and a 101% increase in profit after tax (PAT) from FY23 to FY24.
Allotment will be finalized on November 27th, with refunds and crediting of shares to demat accounts occurring on the 27th and 28th respectively. Listing is expected on November 29th. While some analysts express concerns about the company’s debt level, the overall market response suggests strong investor confidence in EIEL’s future prospects within India’s growing water treatment sector.
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