Denta Water IPO Opens Jan 22: Price Band at Rs 279-294/share

New Delhi, Jan 17 (PTI) Water and infrastructure solutions company Denta Water and Infra Solutions Ltd on Friday said it has fixed a price band of Rs 279 to Rs 294 per share for its initial share-sale opening for public subscription on January 22.

The Initial Public Offering (IPO) will conclude on January 24, Denta Water announced.

The IPO is entirely a fresh issue of 75 lakh equity shares worth Rs 220.5 crore at the upper end of the price band.

Proceeds from its fresh issuance to the extent of Rs 150 crore will be utilised for meeting working capital requirements and a portion will be used for general corporate purposes.

Founded in 2016, Denta Water and Infra Solutions Ltd, has emerged as one of the key players in the field of water Engineering, Procurement, and Construction (EPC) services.

It has completed 32 water management projects out of which 11 projects as the main contractor, 1 project has been undertaken under a consortium / joint venture arrangement and 20 projects have been undertaken under a sub-contract arrangement with the main contractor.

The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 50 shares and in multiples of 50 shares thereafter.

SMC Capitals is the sole book-running lead manager to the issue.