Enviro Infra Engineers Ltd witnessed a remarkable stock market debut on Friday, with its shares listing at a striking 49% premium over the issue price of Rs 148. The stock opened at Rs 218 on the BSE, marking a significant 47.29% increase from its issue price. It further climbed to Rs 233.50, reflecting a 57.77% rise. Meanwhile, on the NSE, it was listed at Rs 220, representing a 48.64% surge.
The company’s market capitalization reached a substantial Rs 3,751.95 crore following this debut. Enviro Infra Engineers’ Rs 650-crore initial public offering (IPO) was highly successful, being subscribed 89.90 times by the close of bidding on Tuesday. The IPO was priced in the range of Rs 140-148 per share.
The proceeds from this IPO include a fresh issue and an Offer For Sale (OFS) by promoters. The funds raised will support working capital needs, debt repayment, and investment in a subsidiary to construct a major sewage treatment plant in Mathura. Enviro Infra Engineers specializes in the design, construction, and maintenance of water treatment facilities, employing zero liquid discharge technology for sustainable water management.
(With inputs from agencies.)