The initial public offering (IPO) of Enviro Infra Engineers, an infrastructure company that operates, constructs, and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for the government is opened for subscription on November 22, 2024. The IPO bidding process will be closed today (November 26, 2024) at 4:50 pm.

Enviro Infra Engineers IPO | Subscription status?

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The IPO was subscribed almost 90 times in the last hours of bidding at 3:51 pm, with investors applying for 2,74,07,04,993 shares of the total 3,07,93,600 shares on 3,07,93,600. The qualified institutional buyers (QIBs) have applied with the highest numbers i.e. 1,37,71,91,257 or 157.04 times against 87,69,600 shares.

The Non-Institutional Investors (NIIs) portion received the second-highest bids, with 152.93 times subscription or 1,00,58,79,301 shares applied for, against 65,77,200 shares reserved. Meanwhile, the Employee portion received the bids of 36,16,911 shares or 36.17 times. 

The Retail Individual Investors (RIIs) showed the lowest interest with the subscription of 23.07 times or 35,40,17,524 shares applied for, against 1,53,46,800 shares reserved.

The IPO's issue size is Rs 650.43 crores with a total of 3,86,80,000 shares on offer. The company has fixed the price band between Rs 140 and Rs 148.

Enviro Infra Engineers IPO | Should apply in the last hours?

Analysts from domestic brokerage SBI Securities have recommended the Enviro Infra Engineers IPO for a listing gains perspective because of its price band. In comparison to other peers like Va Tech and Ion Exchange, the company has fixed the price band at a lower price (Rs 140-148).

"The issue appears to be attractively priced on most valuation parameters," analysts said.

Another domestic brokerage KRChoksey has assigned a "subscribe" rating for Enviro Infra Engineers. The brokerage has not said whether it is for the long term or the short term.