Antony Waste Handling IPO Subscription Status

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Antony Waste Handling IPO Subscription Status

Subscription Status

Antony Waste Handling Cell Ltd IPO Subscription Details (no. of times,x)    
ParticularsShares Offered21st Dec22ndDec23rd Dec
QIB1,904,6690.630.649.67
NII1,428,5020.080.2418.68
Retail3,333,1713.556.8616.54
Total6,666,3421.973.6615.04

Incorporated in the year 2001, Antony Waste Handling Cell Ltd is one of the top five players in the Indian MSW management industry, providing full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities. AWH is the key player in landfill construction and management sector with in-house expertise for construction and management of landfills in a scientific manner.

AWH opened its initial public offer today on 21st December 2020 with a price band of Rs 313-Rs 315 per equity share. The offer consist of a fresh issue of Rs 85 crore and offer for sale of 68,24,933 shares by existing shareholders amounting to Rs 215 crore. The issue closes on 23rd December 2020.Antony Waste Handling IPO Subscription Status

Objects of the offer:

  • Part financing (Rs 40 crore) for waste to energy project at Pimpri- Chinchwad through investment in subsidiaries.
  • Reducing its borrowings (Rs 38.5 crore).

Strengths

  • Geographically diversified with projects in multiple cities such as Delhi, Jaipur, Gurugram, Greater Noida, Noida, Amritsar, Mangalore, Navi Mumbai, Pimpri, Thane, Varanasi and Nagpur.
  • Strong execution track record with 2 decades of experience in waste management industry.
  • Antony’s financial performance was robust in FY20 with total revenues of Rs 464.11 crore as against Rs 298. 52 crore. Good track record of financial performance is seen in the last three fiscals.
  • Strong operating and net margins of 31% and 13% in FY20 and FY19 respectively.
  • MSW generation is expected to grow at a CAGR of 8.9% (Fiscals 2020-25). The MSW Management market is estimated at INR 50,000 million for FY20 and is expected to reach INR 98,000 million by FY25 at a CAGR of 14.4% as per RHP.
  • As on November 15, 2020, Antony Cell had portfolio of 18 ongoing projects, comprising 12 MSW C&T projects, 2 MSW processing (including WTE) project and 4 mechanized sweeping projects.

Challenges

  • High proportion of revenues are generated from a small number of customers.
  • The top five clients contributed, 90.78%, 93.70%, 81.76% and 77.55% of total revenue in FY 18, FY19 and FY20 and H1FY21.
  • Municipal corporations are the major clients which pose a risk on the receivables of Antony Waste restricting its future growth opportunities.
  • Highly competitive market with presence of national and local players.

Important dates of Antony Waste Handling IPO

Antony Waste Handling Cell Ltd IPO Allotment and Listing 
Basis of Allotment29th Dec 2020
Refunds30th Dec 2020
Credit to Demat Account31st Dec 2020
Listing Date1st Jan 2021

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CA Priyanka Choudhary Jain
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