The ₹220.50-crore initial public offering of Denta Water and Infra Solutions saw an overwhelming response subscribing 221.52 times.
The IPO, which came out with a price band of ₹279-294 a share, received bids for 116.30 crore shares against the offered 52.50 lakh shares.
The IPO was entirely a fresh issue of up to 75 lakh shares.
The non-institutional investors and retail investor portions were subscribed 507.05 times and 90.34 times, respectively, whereas the Qualified Institutional Buyer Portion was subscribed 236.94 times.
It 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 Ltd, Saint Capital Fund, Finavenue Capital Trust—Finavenue Growth Fund, Chhatisgarh Investments Ltd, Steptrade Revolution Fund, Mint Focused Growth Fund PCC—Cell 1, Astorne Capital VCC—Arven, and Aarth AIF.
Future plans
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.
SMC Capitals is the sole book-running lead manager, and Integrated Registry Management Services Private Ltd is the issue’s registrar.