EMS IPO to open on Sep 8

New Delhi: Water and sewerage infra player EMS Ltd on Monday said it has fixed a price band of Rs200-211 apiece for its Rs321-crore initial public offering (IPO). The issue will open for public subscription during September 8-12 and the bidding for anchor investors will open on September 7, the company said in a statement. The IPO comprises fresh issue of equity shares worth Rs146.24 crore and an offer for sale (OFS) of 82.94 lakh shares by promoter and founder Ramveer Singh. Currently, Singh holds 97.81 per cent stake in the company. In the pre-IPO placement round, the Ghaziabad-based firm raised Rs33.76 crore leading to a reduction in fresh issue size to Rs146.24 crore from Rs180 crore planned earlier. At the upper price band, the company’s IPO size is Rs321 crore. Proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes. Khambatta Securities is the sole book running lead manager to the issue and shares of the company will be listed on the BSE and NSE. The company offer swater and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants .