Day 3 of Enviro Infra Engineers; Check GMP, subscription, other details

The initial public offering (IPO) Enviro Infra Engineers witnessed strong buying activity from investors. As of 3:40 PM, Qualified Institutional Buyers (QIBs) subscribed by over 145 times.

Specialising in developing turnkey projects for sewage treatment plants and sewerage systems, the shares were fully subscribed on the first day of the IPO. While getting subscribed by over 12.52 times during the second day, Non-Institutional Investors (NII) oversubscribed by 34 times, whereas subscription by Retail Institutional Investors (RIIs) stood at 8.73 times.

How are the proceeds going to be utilised?

They will be utilised towards..

1. Funding working capital requirements

2. Repayment of loans

3. Funding general corporate purposes

4. Infusing funds in subsidiary EIEL Mathura Infra Engineers Private Limited (EIEL Mathura)

What’s the grey market premium (GMP) for Enviro Infra Engineers?

The GMP for Enviro Infra Engineers is at ₹50. The shares of the company could debut at price of ₹198, a premium of 33.8%.

Priced between ₹140 and ₹148 apiece, the IPO is valued at ₹650 crore.