Enviro Infra Shares Soar 49% on Debut

New Delhi, Nov 29 (PTI) Shares of sewage treatment solutions provider Enviro Infra Engineers Ltd listed with a premium of nearly 49 per cent against the issue price of Rs 148 on Friday.

The stock started the trade at Rs 218, a jump of 47.29 per cent from the issue price on the BSE. Later, it soared 57.77 per cent to Rs 233.50.

At the NSE, the stock listed at Rs 220, surging 48.64 per cent.

The company's market valuation stood at Rs 3,751.95 crore.

The Rs 650-crore initial public offer of Enviro Infra Engineers was subscribed 89.90 times on the closing day of bidding on Tuesday.

The initial share sale had a price range of Rs 140-148 apiece.

The company's IPO had a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters.

Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 30 crore will be infused into the company's subsidiary EIEL Mathura Infra Engineers to build 60 million litres per day sewage treatment plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes.

Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies.

The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration and other process industries.