New Delhi, Oct 27 (PTI) The initial public offering of wastewater treatment solutions provider SFC Environmental Technologies Ltd received a 10 per cent subscription on the first day of bidding on Tuesday.
The Rs 668-crore IPO received bids for 14,05,800 shares against 1,41,59,744 shares on offer, according to NSE data.
The retail investors’ portion was subscribed 16 per cent and that of non-institutional investors 9 per cent.
SFC Environmental Technologies Ltd has raised Rs 200 crore from anchor investors.
The company’s IPO will close on October 29.
It has fixed a price band of Rs 313-330 per share for the IPO, valuing it at around Rs 3,233 crore at the upper end.
The IPO has a fresh issue of equity shares worth Rs 150 crore and an Offer For Sale
(OFS) of up to 1.57 crore equity shares by promoters and existing shareholders.
Proceeds from the fresh issue will be used for debt repayment and working capital requirements.
The company’s shares are proposed to be listed on the BSE and NSE on November 3.
Incorporated in 2005, the Mumbai-based company provides wastewater treatment solutions using proprietary technologies, including C-Tech, an advanced technology for treating sewage and effluents.
Its customers include SMC Infrastructures, Rajkamal Builders Infrastructure, Ramky Infrastructure, EMS and Enviro Infra Engineers.
IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book-running lead managers to the issue, while MUFG Intime India is the registrar. PTI SUM
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