The renowned sewerage solutions company EMS has finally collected an amount of Rs 96.37 crore via anchor book ahead of its IPO opening. The participation of the current six investors helped the anchor book get completely subscribed till 7th September.
In its filing to exchanges, EMS said that after taking the advise of merchant bankers, it has finalised allocation of 45,67,476 equity shares to all the anchor investors, at an issue price of Rs 211 per share. 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 are the anchor investors. The anchor book is an integral part of qualified institutional buyers (QIB). Half of the offer has been reserved for QIB and of the QIB, up to 60 percent portion is reserved for anchor book which is as of now fully subscribed. The left out 15 percent portion of the total issue, which closes on September 12, is reserved for high net-worth individuals, and the other 35 percent for retail investors. The company is planning to raise Rs 321.24 crore from the initial public offering. The IPO comprises a new issuance of shares of about Rs 146.24 crore and an offer-for-sale of 82.94 lakh shares, amounting to Rs 175 crore at the upper price band, by the promoter Ramveer Singh.
The firm which provides water and wastewater collection, treatment, and disposal services will now proceed to make use of net fresh issue proceeds majorly for working capital requirement of approximately Rs 101.24 crore, and the remaining for general corporate purposes.
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