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Enviro Infra Engineers, which is involved in the development of turnkey projects of <keyword id="19979438" type="General" weightage="20" keywordseo="sewage-treatment-plants" source="keywords">sewage treatment plants</keyword> and sewerage systems, on Monday fixed a price band of ₹140-148 per share for its ₹650 crore <keyword id="19913114" type="General" weightage="20" keywordseo="Initial-Public-Offering" source="keywords">Initial Public Offering</keyword> (IPO). The initial share sale will open for public subscription on November 22 and conclude on November 26. The bidding for anchor investors will open for a day on November 21, the company announced. The city-based company's proposed IPO is a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters. Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers. At the higher end of the price band, the IPO is valued at ₹650 crore, placing the company's market capitalization at approximately ₹2,600 crore. Proceeds from the fresh issue to the tune of ₹181 crore will be used to meet the working capital requirements, ₹100 crore will be used for payment of debt, ₹30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies. The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration, and other process industries. Hem Securities is the sole book-running lead manager of the public issue. The equity shares of the company are expected to be listed on the BSE and NSE on November 29. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank">Kawasaki Ninja ZX-4RR launched in India priced at ₹9.42 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

The IPO of ACME Solar, which opened for subscription yesterday, has been subscribed 1.81x in the retail investors category and 0.6x overall. The offer, worth Rs 2,900 crore, is a combination of Rs 2,395 crore of fresh issue and Rs 505 crore worth of OFS (offer for sale). With a price band of Rs 275-289, the IPO will close for subscription tomorrow. Retail investors can invest in a minimum of 1 lot of 51 shares, bringing the total amount to Rs 14,739. The company is set to list on both NSE and BSE on November 13, 2024. Despite the company's strong presence in the renewable energy space, the company's GMP (grey market premium) remains muted, almost negligible, trading at Rs 0 today. ACME's GMP has been dipping ever since November 30, 2024, when it stood at Rs 30. The allotment of shares is scheduled for November 11, 2024, with a tentative listing date on the BSE and NSE set for November 13, 2024. The company amassed Rs 1,300.5 crore via the issue of 4.5 crore equity shares from anchor investors ahead of its IPO. Around 1.5 crore equity shares, or about 33.4% of the total anchor book, were lapped up by 8 domestic mutual fund houses through a total of 17 schemes. <h2>About the company </h2>ACME Solar is one of India's top 10 renewable energy-independent power producers. To date, the company has developed a total of 2,719 MW of solar power projects. In terms of financial performance, over the last three fiscal years, the company has reported (on a consolidated basis) a total income of Rs 1,562.73 crore in FY22, Rs 1,361.67 crore in FY23, and Rs 1,466.27 crore in FY24. In terms of net profit/loss, ACME Solar incurred a net profit of Rs 62.01 crore in FY22, a loss of Rs 3.15 crore in FY23, and Rs 697.78 crore in FY24. For the first quarter of FY25, the company's revenue from operations stood at Rs 340.01 crore, while earning a net profit of Rs 1.39 crore. The company intends to utilize the IPO proceeds to repay and prepay part of its outstanding borrowings, and also for general corporate purposes. However, the company is not without its fair share of risks. Around 63.22% of its FY24 revenue is concentrated in just three Indian states—Andhra Pradesh, Rajasthan, and Telangana. Also, the company's business is highly dependent on its top 10 off-takers, which contributed 95.42% to its revenue as of the quarter ended June 30, 2024, 87.48% to its revenue in FY23, and 81.11% to the company's income in FY22. The loss of any of these off-takers can have adverse effects on their business, financial condition, results of operations, and cash flows. Moreover, not only does its growth depend on winning highly competitive project bids, but it is also highly reliant on government-owned transmission grids and infrastructure. <h2>Should you subscribe? </h2>Per Bajaj Broking, the issue appears to be aggressively priced, yet they would recommend subscribing to the IPO for the long term. "Over the past three fiscal years, the company has achieved an average EPS of Rs. 6.44 and an average RoNW of 13.95%. The issue is priced at a P/BV of 7.77 based on its NAV of Rs 37.19 as of June 30, 2024. When annualizing FY25 earnings to the post-IPO fully diluted equity base, the asking price results in a P/E of 3211.11, while based on FY24 earnings, the P/E stands at 25.06". However, there are financial concerns that cannot be ignored. "FY24 appears to be an exceptional year with significantly boosted profits, but otherwise, the company has shown inconsistent top and bottom lines over the reported periods. Its debt-equity ratio of 3.89 as of June 30, 2024, is notably high and raises concerns," it adds. According to Anand Rathi Research, the IPO can be subscribed to in the long run. "At the upper price band, the company is valued at a P/E of 30.17x, with an EV/EBITDA of 22.4x and a market cap of Rs 1,74,868 million post-issue of equity shares and a return on net worth of 26.93%. We believe that the IPO is richly priced," adds the note.

ACME Solar IPO: Should you subscribe? Here's all you need to know

Dear readers, As another week ends and festive season lights up India, the world of business, tech, and sustainability brings you some new stories to explore. <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is preparing for a grand IPO launch, expected to open on November 6, which could set the tone for India’s tech sector. Meanwhile, a Blinkit customer was in for a shock when he ordered a gold coin online. There was also a stark forecast that India could lose 25% of its economy by 2070 if immediate action isn’t taken. In addition to this, <keyword id="19974102" type="General" weightage="20" keywordseo="Amazon-Web-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Web Services" meta.hostid="261" meta.entityid="Amazon Web Services">Amazon Web Services</keyword> CEO was in the limelight for his comments on <keyword id="20294959" type="General" weightage="20" keywordseo="work-from-office" source="keywords">work from office</keyword> mandate. <h2>Top stories of the week </h2> Swiggy sets IPO price band between ₹371-₹390; offer likely to open on November 6 Swiggy has announced its initial public offering (IPO) price band, which will range between ₹371 and ₹390 per share. The much-anticipated IPO includes both fresh issues and an offer for sale, and it is expected to open on November 6. Swiggy’s move to go public this year highlights its growth trajectory as one of India’s top tech IPOs, with proceeds likely aimed at expanding its footprint and product offerings. <a href="https://www.businessinsider.in/stock-market/news/swiggy-sets-ipo-price-band-between-rs-371-390/share-offer-likely-to-open-on-november-6th-heres-all-you-need-to-know/articleshow/114722518.cms" data-type="tilCustomLink" target="_blank">Read more</a> “I was scammed, cried while talking to delivery executive,” man orders gold coin from Blinkit, claims to receive wrong item In a recent incident, a Delhi resident reported receiving a 0.5 gm gold coin instead of the 1 gm he had ordered from Blinkit. Despite sharing evidence and CCTV footage, Jain’s complaints were not addressed in time, as Blinkit’s support team said the complaint window had closed. The issue has sparked a social media discussion, highlighting concerns about quality control and customer service on e-commerce platforms. <a href="https://www.businessinsider.in/tech/news/i-was-scammed-cried-while-talking-to-delivery-executive-man-orders-gold-coin-from-blinkit-claims-to-receive-wrong-item/articleshow/114767787.cms" data-type="tilCustomLink" target="_blank">Read more</a> India could lose a quarter of its economy by 2070, here’s why A new report has forecast that India’s economy could shrink by up to 25% by 2070 due to unchecked climate risks. Key sectors across the country may face significant productivity and revenue losses if policies aren’t adapted to mitigate these impacts. This sobering projection calls for urgent action in sustainability efforts to protect India’s economy and ensure long-term resilience against climate-induced disruptions. <a href="https://www.businessinsider.in/sustainability/news/india-could-lose-a-quarter-of-its-economy-by-2070-heres-why/articleshow/114840631.cms" data-type="tilCustomLink" target="_blank">Read more</a> 'Find another company if it doesn’t work for you’: Amazon Web Services CEO on work from office mandate Amazon Web Services (AWS) CEO Adam Selipsky has reaffirmed the company’s commitment to a work-from-office mandate, even suggesting that employees unhappy with the policy may want to consider alternatives. AWS’s stance underscores Amazon’s prioritization of in-office work, aligning with its broader efforts to encourage collaboration. The decision comes as many tech firms continue to face challenges in balancing remote and in-office work. <a href="https://www.businessinsider.in/tech/news/find-another-company-if-it-doesnt-work-for-you-amazon-web-services-ceo-on-work-from-office-mandate/articleshow/114677655.cms" data-type="tilCustomLink" target="_blank">Read more</a> Partner pay at big 4 firms is dropping, the latest sign of the consulting slowdown A slowdown in the consulting industry is leading to notable reductions in partner pay at Big 4 firms. This comes as demand for consulting services sees a dip amid economic uncertainty, with firms choosing to cut back on bonuses and other expenses. This trend reflects broader economic pressures affecting consulting firms worldwide, forcing some to rethink their strategies and compensation models. <a href="https://www.businessinsider.in/finance/news/partner-pay-at-big-4-firms-is-dropping-the-latest-sign-of-the-consulting-slowdown/articleshow/114696160.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories </h2> <a href="https://www.businessinsider.in/travel/india/webstories/8-incredible-getaways-from-jaipur-this-november/slidelist/114769420.cms" data-type="tilCustomLink" target="_blank">8 incredible getaways from Jaipur this November</a> <a href="https://www.businessinsider.in/science/health/food/webstories/weight-loss-myths-debunked-facts-you-need-to-know/slidelist/114726093.cms" data-type="tilCustomLink" target="_blank">Weight loss myths debunked</a> <a href="https://www.businessinsider.in/thelife/webstories/9-budget-friendly-bhai-dooj-gifts-to-make-your-sister-feel-special/slidelist/114841910.cms" data-type="tilCustomLink" target="_blank">9 budget-friendly Bhai Dooj gifts</a>

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

<keyword id="22253039" type="General" weightage="20" keywordseo="Gala-Precision-Engineering" source="keywords">Gala Precision Engineering</keyword> Ltd on Tuesday said it has fixed a <keyword id="19911460" type="General" weightage="20" keywordseo="price-band" source="keywords">price band</keyword> of Rs 503-529 per <keyword id="20462036" type="General" weightage="20" keywordseo="share" source="keywords">share</keyword> for its Rs 168-crore initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>). The initial share sale will open on September 2 and conclude on September 4, the company announced. The IPO is a combination of a fresh issue of 25.58 lakh <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh equity shares valued at Rs 32.58 crore by promoter group entities and individual shareholders. This aggregates the transaction size to Rs 168 crore at the upper end of the price band of Rs 529. Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes. Gala Precision Engineering is a precision component manufacturer of technical springs like disc &amp; strip springs (DSS); coil &amp; spiral springs (CSS) and special fastening solution (SFS). The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors such as electrical, off highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways. The company's revenue from operations was Rs 202.54 crore in fiscal 2023-24 and profit after tax stood at Rs 22.33 crore. Investors can bid for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter. PL Capital Markets Pvt Ltd is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on BSE and NSE. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Gala Precision Engineering IPO to open on Sep 2; price band set at ₹503-529/share

<keyword id="22894038" type="General" weightage="20" keywordseo="Chauffeur-driven-mobility-provider" source="keywords">Chauffeur-driven mobility provider</keyword> Ecos (India) Mobility &amp; Hospitality Ltd on Friday said it has fixed a <keyword id="19911460" type="General" weightage="20" keywordseo="price-band" source="keywords">price band</keyword> of Rs 318-334 per share for its Rs 601 crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>. The initial share sale opens for public subscription on August 28 and concludes on August 30 and bidding for anchor investors will open for a day on August 27, the company said in a statement. The company's maiden public issue is entirely an offer for sale (OFS) of 1.8 crore equity shares worth Rs 601 crore, at the upper end of the price band, by promoters -- Rajesh Loomba and Aditya Loomba -- with no fresh issue component. Since it is an OFS, the Delhi-based firm will not receive any proceeds from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> and the money will go to promoters selling shares. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter. The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities. The global corporate mobility market (including ETS and CCR) is poised for steady growth at a projected CAGR (compound annual growth rate) of 9.6 per cent from 2023 to 2030. Besides, India is set to lead the global corporate mobility market in terms of growth with a projected CAGR of 10.7 per cent from 2023 to 2030, the draft paper cited a F&amp;S Report. Equirus Capital and IIFL Securities are the book-running lead managers to the issue. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Ecos (India) Mobility's IPO to open on Aug 28; sets price band at ₹318-334/share

Three years after rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> went public, raising Rs 9,375 crores, food and grocery delivery behemoth Swiggy is set to open for subscription on the Indian bourses between November 6th and 8th, 2024. Looking to raise Rs 11,327.43 crore from the markets, Swiggy has set a price band of Rs 371 to Rs 390 per share. The company is targeting a valuation of $11.3 billion, around 25% down from its initial target of $15 billion. The issue comprises Rs 4,499 crore worth of fresh issue, with the remaining Rs 6,828.43 crore coming via <keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword> (offer for sale), with stakeholders like <keyword id="20294899" type="General" weightage="20" keywordseo="Prosus" source="keywords" meta.keywordsubtype="org" meta.entityname="Prosus" meta.hostid="261" meta.entityid="Prosus">Prosus</keyword> offloading about 5.2% of their stakes, which could translate into proceeds worth $510 million. The offer will conclude on November 8, and listing is tentatively scheduled for November 13, 2024. Other stakeholders who will be participating in the OFS at the present valuation include <keyword id="20064356" type="General" weightage="20" keywordseo="Accel" source="keywords" meta.keywordsubtype="org" meta.entityname="Accel" meta.hostid="261" meta.entityid="Accel">Accel</keyword>, which will sell around $60 million worth of their stake. Elevation Capital and Tencent's stake sale could earn them up to $30-35 million each. Swiggy's CEO <keyword id="20304807" type="General" weightage="20" keywordseo="Sriharsha-Majety" source="keywords">Sriharsha Majety</keyword> and co-founder Nandan Reddy are also expected to offload their shares. Currently, they hold 6.23% and 1.76% stakes in the company, respectively. The sale of around 0.1% stake by each is expected to earn them about $14 million in total. Notably, the company does not have any identifiable promoters, as per SEBI ICDR Regulations and the Companies Act 2013. From funds raised via IPO, the company plans to allot Rs 1,648 million for repaying borrowings made by its subsidiary, Scootsy. The app, which operated independently of Swiggy, offered <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> services from a selected list of high-end bakeries and restaurants in the city. Notably, Swiggy had acquired Scootsy in 2018 at a reported valuation of Rs 50 crore. However, Swiggy's foray into the premium-food delivery segment did not pan out well, and the company decided to shut Scootsy in 2020. However, per the company's RHP (red herring prospectus), Swiggy is planning to reinvest and revive Scootsy for extending their dark store network and making lease/license payments for the same. About Rs 11,787 million would be utilised for expanding Swiggy's dark store network for its quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>. Swiggy has also allocated Rs 11,153 million for enhancing the brand's visibility and outreach. <h2>Negative cash flows from operations</h2>The company has only incurred net losses since its inception in 2014. However, the company's annual losses as a percentage of its revenue from operations has come down in the recent years. From 63.61% in 2022 to 20.90% in 2024, the losses as part of its revenue from operations further narrowed to 18.96% for the quarter ended June 30, 2024. Moreover, Scootsy is yet to receive requisite registrations and approvals for each of the dark store it intends to set up. It does not help that Scootsy has not run into greens over the past 2-3 years. The subsidiary had incurred losses worth Rs 2,953.5 million, which have burgeoned to Rs 4,239.72 million in FY24. Swiggy also lags behind its rival Zomato in terms of monthly transacting users (MTU), along with many other key financial and operational metrics. Zomato has a wider, pan-India presence, commanding a 57% <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in FY24. Compared to this, Swiggy's market share stood at 43% during the same period. As of FY24, Swiggy's MTUs, at 12.7 million, are about 31% lower than Zomato's MTU of 18.4 million.

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Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

PTI

ACME Solar IPO: Should you subscribe? Here's all you need to know

Ira Alok Puranik

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

Divyanshi Sharma

Gala Precision Engineering IPO to open on Sep 2; price band set at ₹503-529/share

PTI

Ecos (India) Mobility's IPO to open on Aug 28; sets price band at ₹318-334/share

PTI

Swiggy sets IPO price band between Rs 371-390/share; offer likely to open on November 6th. Here's all you need to know

BI India Bureau

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