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Enviro Infra Engineers IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Enviro Infra Engineers Limited ("EIEL”) is in the business of designing,
construction, operation and maintenance of Water and Wastewater
Treatment Plants (WWTPs) and Water Supply Scheme Projects
(WSSPs) for government authorities/bodies.
Enviro Infra Engineers, an Book Built Issue amounting to ₹650.43 Crores, consisting an Fresh Issue of 386.80 Lakh Shares worth ₹572.33.00 Crores and an Offer for Sale of 52.68 Lakh Shares totaling to ₹77.97 Crores. The subscription period for the Enviro Infra Engineers IPO opens on November 22, 2024, and closes on November 26, 2024. The allotment is expected to be finalized on or about Wednesday, November 27, 2024, and the shares will be listed on the BSE and NSE with a tentative listing date set on or about Friday, November 29, 2024.
The Share price band of Enviro Infra Engineers IPO is set at ₹140 to ₹148 per equity share, with a minimum lot size of 101 shares. Retail investors are required to invest a minimum of ₹14,948 while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (1414 shares), amounting to ₹2,09,272. The Market Capitalisation of the Enviro Infra Engineers at IPO price of ₹148 per equity share will be ₹ 2,597.84 Crore.
Hem Securities Limited are the book-running lead manager while Bigshare Services Pvt. Limited is the registrar for the Issue.
Enviro Infra Engineers Limited IPO GMP Today
The Grey Market Premium of Enviro Infra Engineers Limited IPO is expected to be ₹45 (30%) based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Enviro Infra Engineers Limited IPO Live Subscription Status Today: Real-Time Updates
As of 07:00 PM on 26 November 2024, the Enviro Infra Engineers IPO live subscription status shows that the IPO subscribed 89.90 times on its Final day of subscription period. Check the Enviro Infra Engineers IPO Live Subscription Status Today at BSE.
Enviro Infra Engineers Limited IPO Anchor Investors Report
Enviro Infra Engineers has raised ₹194.69 Crore from Anchor Investors at a price of ₹148 per shares in consultation of the Book Running Lead Managers. The company allocated 1,31,54,400 equity shares to the Anchor Investors. Check Full list of Enviro Infra Engineers Anchor Investors List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Enviro Infra Engineers Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Enviro Infra Engineers IPO allotment date is 27 November, 2024, Wednesday. Enviro Infra Engineers IPO Allotment will be out on 27th November, 2024 and will be live on Registrar Website from the allotment date. Check Enviro Infra Engineers Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Enviro Infra Engineers Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Enviro Infra Engineers Limited IPO
Enviro Infra Engineers Issue Proceeds from the Fresh Issue will be utilized towards the following objects :
1. ₹18,100.00 Lakhs will be used to to meet the Working Capital Requirements
2. ₹3,000.00 Lakhs towards Infusion of funds in company’s Subsidiary, EIEL Mathura Infra Engineers Private
Limited (“EIEL Mathura”) to build 60 MLD STP under project titled ‘Mathura
Sewerage Scheme” at Mathura in Uttar Pradesh through Hybrid Annuity Based
PPP Mod
3. ₹12,000.00 Lakhs for repayment/prepayment in full or in part, of certain of company’s outstanding
borrowings
4. Balance for funding inorganic growth through unidentified acquisitions and general
corporate purposes.
Refer to Enviro Infra Engineers IPO Limited RHP for more details about the Company.
Enviro Infra Engineers Limited ("EIEL”) is in the business of designing, construction, operation and maintenance of Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for government authorities/bodies.
Check latest IPO information, latest IPO news, Upcoming IPO News, IPO Details, subscription status, IPO GMP and IPO Review of Upcoming IPO, Active IPO, and Listed IPOs at one place. Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.
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Enviro Infra Engineers Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|
Enviro Infra Engineers IPO Details
| Market Capitalization | |
| IPO Date | November 22, 2024 to November 26, 2024 |
| Listing Date | November 29, 2024 |
| Face Value | ₹10 |
| Price Band | ₹140 to ₹148 per share |
| Issue Price | ₹140 to ₹148 per share |
| Employee Discount | |
| Lot Size | 101 Equity Shares |
| Total Issue Size | 439,48,000 Equity Shares (aggregating up to ₹650.43 Cr) |
| Fresh Issue | 3,86,80,000 Equity Shares each (aggregating up to ₹572.33 Cr) |
| Offer for Sale | 52,68,000 Equity Shares each (aggregating up to ₹77.97 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 13,68,50,000 |
| Share holding post issue | 17,55,30,000 |
| Rating |
Enviro Infra Engineers IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Enviro Infra Engineers IPO Timeline (Tentative Schedule)
| IPO Open Date | Friday, November 22, 2024 |
| IPO Close Date | Tuesday, November 26, 2024 |
| Basis of Allotment | Wednesday, November 27, 2024 |
| Initiation of Refunds | Wednesday, November 27, 2024 |
| Credit of Shares to Demat | Thursday, November 28, 2024 |
| Listing Date | Friday, November 29, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 26, 2024 |
Enviro Infra Engineers IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 21,924,000 | Not More than 50% of the Issue |
| Non-Institutional Investor Portion | 6,577,200 | Not Less than 15% of the Issue |
| Retail Shares Offered | 15,346,800 | Not Less than 35% of the Issue |
| Employee Reservation | 100,000 | - |
| Anchor Investor | 13,154,400 | Allotted from QIB Portion |
Enviro Infra Engineers IPO Promoter Holding
| Share Holding Pre Issue | 93.66% |
| Share Holding Post Issue | 70.02% |
Enviro Infra Engineers IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1,313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1,414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6,666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6,767 | ₹10,01,516 |
Enviro Infra Engineers IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 8,769,600 | 1,37,72,55,089 | 157.05x | 2024-11-22 11:05:02 |
| Non Institutional Investors(NIIS) | 6,577,200 | 1,01,15,82,367 | 153.80x | 2024-11-22 11:06:56 |
| Retail Individual Investors (RIIs) | 15,346,800 | 37,57,25,050 | 24.48x | 2024-11-22 11:07:21 |
| Employee Reservation | 100,000 | 19,23,444 | 19.23x | 2024-11-22 11:07:41 |
| Total | 30,793,600 | 2,76,83,39,401 | 89.90x | 2024-11-22 11:08:10 |
About Enviro Infra Engineers Limited
Business Overview
The company specializes in developing Wastewater Treatment Plants (WWTPs) and Water Supply and Sanitation Projects (WSSPs), funded through central and state government schemes such as AMRUT, NMCG, and Jal Jeevan Mission (JJM). These projects are executed on EPC or HAM models, with the company holding a strong track record of 28 completed projects (22 with capacities of 10 MLD and above) as of June 30, 2024.
Key Highlights:
- Order Book: ₹1,90,628.06 lakhs across 21 projects as of June 30, 2024.
- In-House Capabilities: A team of 180 engineers, supported by consultants, handles design, engineering, procurement, construction, and operations. The company also independently manages civil works, reducing reliance on external contractors.
- Joint Ventures: Collaboration with infrastructure firms for technical and financial prequalification, currently executing five projects in partnership.
- Sustainable Initiatives: Integration of solar power plants and Compressed Bio Gas (CBG) plants in ongoing projects, contributing to "Waste to Energy" and environmental sustainability goals.
Recent Project Awards:
- Fiscal 2024: 11 projects worth ₹1,27,589.55 lakhs.
- Fiscal 2023: 9 projects worth ₹1,61,011.38 lakhs.
- Fiscal 2022: 4 projects worth ₹27,380.37 lakhs.
The company’s focus on innovation, sustainability, and strategic partnerships positions it as a leader in the wastewater and sanitation sector, aligning with government priorities for clean water and sustainable development.
Industry Analysis: Wastewater Management in India
India's wastewater management industry faces significant challenges due to rapid urbanization, population growth, and rising water demand. The Central Pollution Control Board (CPCB) reports that urban wastewater generation in 2020-21 reached 72,368 MLD, while rural areas produced 39,600 MLD. However, existing sewage treatment plant (STP) capacity covers only 18.6% of sewage generation, with utilization rates at 72.2%.
Key issues include:
- Policy Gaps: A lack of centrally mandated regulations and a fragmented framework impede effective wastewater management.
- Inadequate Infrastructure: Despite demand, STP development lags, leaving most sewage untreated.
- Water Pollution: Major contributors include industrial discharges, untreated municipal waste, and agricultural runoff.
- Urban-Rural Divide: Urban areas generate significantly more wastewater due to higher water availability, emphasizing the need for targeted investments.
The Water (Prevention and Control of Pollution) Act, 1974, established pollution control boards to address these issues, but enforcement and infrastructure remain weak. With rising water scarcity and pollution, the need for effective wastewater treatment and reuse policies has never been more urgent. Expanding STP capacity, optimizing usage, and implementing robust policy frameworks are critical to mitigating environmental and public health risks.
Business Strengths
-
In-House Design, Engineering, and Execution:
- Expertise in designing complex projects, including process flow diagrams, hydraulic and electrical calculations, and STP layouts.
- Capability to execute projects with technologies like UASB, ASP, MBBR, and BNR removal, ensuring cost-effective and timely delivery.
-
Proven Track Record:
- Successfully developed 28 WWTPs and WSSPs (22 with 10 MLD+ capacity) across India within seven years.
- Consistent on-time project completion has bolstered eligibility for high-value tenders.
-
Advanced Technology Integration:
- Employs Sequential Batch Reactors (SBR) and High Rate Anaerobic Digestors (HRAD) for compliance with stringent environmental norms, small footprints, and full automation.
- Innovations enable treatment at low BOD concentrations with superior efficiency.
-
Experienced Leadership:
- Promoters Sanjay Jain and Manish Jain bring over two decades of industry experience.
- A skilled senior management team ensures smooth project execution and business growth.
-
Expanding Geographic Presence:
- Projects executed across eight states: Gujarat, Rajasthan, Delhi, Jharkhand, Karnataka, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh.
- Focused bidding strategy in key regions has secured repeat projects.
These strengths position the company as a reliable leader in the water and wastewater treatment industry, leveraging its technological expertise, execution capabilities, and strategic focus on sustainability.
Business Strategies
-
Scaling Project Capacities:
- Focus on larger WWTP (50–200 MLD) and CETP (20–50 MLD) projects to leverage economies of scale, improve margins, and enhance resource utilization.
- Continued bidding for EPC and HAM projects while executing STPs (5–100 MLD) and CETPs (3–26 MLD).
-
Geographical Expansion:
- Strong presence in eight states, including Gujarat, Rajasthan, Uttar Pradesh, and Karnataka, with recent project awards in Jharkhand and Karnataka.
- Plans to enter East and South India, targeting Odisha, West Bengal, and Goa to diversify and grow operations.
-
Increased Focus on HAM Projects:
- Awarded two HAM projects worth ₹23,372.10 lakhs and ₹24,001 lakhs under the Namami Gange Programme, for rejuvenating the Ganga at Bareilly and Mathura.
- Established SPVs in partnership with consortium partners for project execution.
-
Sustainable “Waste to Energy” Initiatives:
- Integrated waste-to-energy technologies to harness energy, nutrients, and organic matter from wastewater.
- Early adoption of sustainable solutions in project designs fosters a regenerative approach to resource utilization.
These strategies aim to solidify the company’s market position, expand its footprint, and ensure long-term growth through innovation and sustainability.
Risk Factors and Concerns
-
Dependence on Government-Funded Projects:
- Reliance on government contracts for WWTP and WSSP projects, awarded through competitive bidding, exposes the business to regulatory scrutiny and policy uncertainties.
-
Implementation Risks:
- EPC projects are prone to time and cost overruns due to unforeseen delays, impacting financial outcomes.
- Dependence on JV partners or subcontractors may result in delays at the partner or client level, materially affecting business performance.
-
Working Capital Intensity and Negative Cash Flows:
- Business is capital-intensive, with negative cash flows from operating activities in FY2024 and Q1 FY2025, stressing financial health.
- Delay in project execution, as seen in the Hoskote STP (8.52 MLD), adds to unexecuted order backlog (₹3.66 crore).
-
Low Bid/Win Conversion:
- Declining bid-win percentages (58% in FY2024, 41% in FY2023, and 17% in FY2022) indicate increased competition and pressure to secure projects.
-
Technological and Regulatory Challenges:
- Rapid advancements in water treatment and zero liquid discharge technologies necessitate continuous upgrades, which can strain resources.
- Trademark objections for “Enviro” and “EiE” as word marks may restrict branding efforts, affecting competitive positioning.
-
Risk of Financial Closures and Bank Guarantees:
- Failure to achieve financial closures for HAM projects within stipulated periods may lead to penalties or contract terminations.
- Bank guarantees (₹257.00 crore) expose the company to financial risks if performance obligations are not met.
-
Market and Growth Risks:
- Inability to scale project size or meet pre-qualification criteria could hinder growth prospects.
- Limited project availability or delays in tender awards affect project pipeline continuity.
-
Regulatory and Client Risks:
- Heavy dependence on government or government-funded entities increases vulnerability to regulatory scrutiny, payment delays, or policy changes.
These risks highlight the need for prudent financial management, operational efficiency, technological adaptability, and diversification of the client base to mitigate uncertainties.
As of June 30, 2024, the total number of employees of the company stand at 939. The Bankers of the Enviro Infra Engineers Limited are Indusind Bank Limited, Yes Bank Limited, ICICI Bank Limited, HDFC Bank Limited, Kotak Mahindra Bank Limited, The Federal Bank Ltd, Punjab National Bank and Axis Bank Ltd.
Enviro Infra Engineers Limited Financial Information ()
Amount in (₹ in Lakhs)
| Period Ended | June 30, 2024 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
|---|---|---|---|---|
| Reserve of Surplus | 18,614.61 | 15,533.37 | 10,089.40 | 6,918.25 |
| Total Assets | 81,287.27 | 76,119.18 | 34,758.49 | 14,826.67 |
| Total Borrowings | 30,558.94 | 23,359.48 | 6,454.43 | 1,811.17 |
| Fixed Assets | 5,121.79 | 4,691.00 | 1,831.15 | 1,016.95 |
| Cash | 22.30 | 86.74 | 237.69 | 23.7 |
| Cash flow from operating activities | ||||
| Cash flows from investing activities | ||||
| Cash flow from financing activities | ||||
| Net Borrowing | 30,536.64 | 23,272.74 | 6,216.74 | 1,787.47 |
| Revenue | 20,745.61 | 73,800.46 | 34,166.24 | 22,562.35 |
| EBITDA | 5,356.02 | 17,841.20 | 8,524.78 | 5,212.11 |
| PAT | 2,996.81 | 10,856.95 | 5,533.89 | 3,454.86 |
| PAT Margin | ||||
| EPS | 2.25 | 8.13 | 4.29 | 2.7 |
Note 1:- RoE & ROCE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (PAT) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price after Offer, given in News Paper Advertisement.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | ₹8.13 |
| EPS Post IPO (Rs.) | ₹6.30 |
| Adjusted 12M EPS Post IPO (Rs.) | |
| P/E Pre IPO | 18.20x |
| P/E Post IPO | 23.50x |
| Adjusted 12M P/E Post IPO | |
| ROE | 51.68% |
| ROCE | 32.34% |
| P/BV | 2.90 |
| Debt/Equity | 0.8 |
| RoNW | 30.26% |
| EBITDA Margin | |
| PAT Margin |
Enviro Infra Engineers Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Vishnu Prakash R Punglia Ltd | ₹9.87 | 27x | 23.60% | 24.07% | 4.38 | 0.74 | 16.95% |
| Va Tech Wabag Ltd | ₹42 | 40.40x | 13.80% | 19.80% | 5.35 | 0.22 | 13.50% |
| Ion Exchange (India) Ltd | ₹14.70 | 42.60x | 21.10% | 27.50% | 8.37 | 0.20 | 19.23% |
| Enviro Infra Engineers Ltd | ₹6.30 | 23.50x | 51.68% | 32.34% | 2.90 | 0.80 | 37.83% |
Enviro Infra Engineers Limited Contact Details
ENVIRO INFRA ENGINEERS LIMITED
Unit No 201, Second Floor, Plot No. B, CSC/OCF-01,
RG Metro Arcade, Sector -11, Rohini, Delhi North
West 110085, India
Contact Person : Piyush Jain,
Company Secretary
and Compliance
Officer
Telephone : +91 11 4059 1549
Email Id : cs@eiepl.in
Website : https://www.eiel.in/
Enviro Infra Engineers IPO Registrar and Lead Manager(s)
Registrar : Bigshare
Services Private
Limited
Contact Person : Babu Raphael C.
Telephone : +91 22 6263 8200
Email Id : ipo@bigshareonline.com
Website : https://www.bigshareonline.com/Index.aspx
Lead Manager : Hem Securities
Limited
Contact Person : Roshni Lahoti
Telephone : +91 22 4906 0000
Email Id : ib@hemsecurities.com
Website : https://www.hemsecurities.com/
Enviro Infra Engineers IPO Review
Enviro Infra Engineers Limited (EIEL) is is a prominent player in the design, construction, operation, and maintenance of Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for government authorities and bodies. With a commitment to environmental sustainability and resource optimization, EIEL is dedicated to delivering high-quality infrastructure solutions to urban and rural areas.
The Chairman, Whole Time Director and one of the Promoters, Mr. Sanjay Jain has over 15 years of experience in the Water and Waste Water Industry . Mr. Manish Jain, one of the Promoters and Managing Director, has over 15 years of experience in the Water and Waste Water Industry.
Financially, Revenue in Fiscal 2024, Fiscal 2023 and Fiscal 2022 was ₹ 73,800.46 Lakhs, ₹ 34,166.24 Lakhs and ₹ 22,562 Lakhs respectively. The EBITDA for the Fiscal 2024, Fiscal 2023 and Fiscal 2022 were ₹ 17,841.20 Lakhs, ₹ 8,524.78 Lakhs and ₹ 5,212.11 Lakhs respectively. The Profit after Tax for the Fiscal 2024, Fiscal 2023 and Fiscal 2022 were ₹ 10,856.95 Lakhs, ₹ 5,533.89 Lakhs and ₹ 3,454.86 Lakhs respectively. This indicates steady growth in financial performance.
For the Enviro Infra Engineers IPO, the company is issuing shares at a pre-issue EPS of ₹8.13 and a post-issue EPS of ₹6.30. The pre-issue P/E ratio is 18.20x, while the post-issue P/E ratio is 23.50x against Industry P/E ratio is 30x. The company's ROCE for FY24 is 32.34% and RoE for FY24 is 51.68%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Enviro Infra Engineers showing potential listing gains of 30%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Enviro Infra Engineers Limited IPO for Listing gain or long term investment purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information.
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.
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