The ₹220.50-crore initial public offering of Denta Water and Infra Solutions enters day 2 on a strong note with a subscription of over 17 times. The IPO will close on Friday.
The price band for the offer has been determined at ₹279-294 a share. The IPO is entirely a fresh issue of up to 75 lakh shares with no offer-for-sale components. Investors can bid for a minimum of 50 equity shares and multiples of 50 equity shares thereafter.
The offer is being made through the book-building process, wherein not more than 50 per cent of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 per cent for non-institutional investors and not less than 35 per cent for retail investors.
The issue received bids of 8,96,36,900shares against the offered 52,50,000 equity shares. The Non-Institutional Investors and retail portions were subscribed 36.23 times and 17.67 times, respectively, whereas the Qualified Institutional Buyer Portion was subscribed 1.67 times.
Denta Water and Infra Solutions has garnered ₹66.15 crore from anchor investors ahead of its initial public offering. The company informed the bourses that it allocated 22.50 lakh shares to anchor investors at ₹294 a share.
Foreign and domestic Institutions that participated in the anchor included Abakkus Diversified Alpha Fund-2, Persistent Growth Fund-Varsu India Growth Story Scheme 1, Rajasthan Global Securities Private Limited, Saint Capital Fund, Finavenue Capital Trust—Finavenue Growth Fund, Chhatisgarh Investments Limited, Steptrade Revolution Fund, Mint Focused Growth Fund PCC—Cell 1, Astorne Capital VCC—Arven, and Aarth AIF.
The company proposes to utilise the net proceeds towards working capital requirements and general corporate purposes.
The company designs, installs, and commissions water management infrastructure projects, with expertise in groundwater recharge projects. It also provides operations and maintenance services for projects (typically lasting 3- 5 years).
Additionally, the company undertakes construction projects on railways and highways.
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SMC Capitals is the sole book-running lead manager, and Integrated Registry Management Services Private Ltd is the issue’s registrar.
