Antony Waste Handling Cell IPO opens on 21 Dec 20 and closes on 23 Dec 20 with a fresh issue of ₹ 85 crores and an Offer for Sale of up to 6,824,933 equity shares aggregating to ₹ 215 crores by the selling shareholders.
Company Overview
Antony waste started in 2000, is one of the top five players in Indian MSW management providing a full range of municipal solid waste management services like solid waste collection, processing, transportations and disposal. It also plays a major role in landfill construction and management of landfills in a scientific manner. It primarily undertakes MSW collection and transportation projects, MSW processing projects and mechanized sweeping projects through themselves and/or their Subsidiaries. It has taken on more than 25 projects as of 15 Nov 20, of which 18 are ongoing.
Urbanization, changing lifestyle patterns and increasing disposable incomes has paved the way for the MSW generation in the country. MSW generation in India is expected to grow at a CAGR of 8.9 % (FY 2020-25) to reach 11.5 million TPA by FY2025. MSW Management market is estimated at Rs 5000 crore for FY2020 and is expected to reach Rs 10,000 crore by FY 2025 at a CAGR of 14.4%. Increasing participation of professional players in collection and transportation services and development of scientific recycling and disposal methods for management of MSW is expected to be a key driver for the market.
Company’s Strengths
- It is the leading service provider in MSW management sector with 19 years of experience.
- It has a strong track record of project execution
- It has a diversified business model.
- It has access to modern technology like bioreactor technology for waste processing, waste composting technology, producing quality compost, technology backed vehicles.
- A well-experienced promoter and management team with strong domain expertise.
Objectives of the Issue
The Company will utilize fresh issue proceeds for the following objects:
- Part-financing the PCMC WTE Project through investment in Subsidiaries – AG Enviro and/or ALESPL.
- Reduce the consolidated borrowings of Company and Subsidiaries.
- General corporate purposes.
- To enhance their visibility and brand image and provide liquidity to the Shareholders.
Financials of Antony Waste Handling Cell IPO
| Parameter (in Rs Cr) | H1FY21 | FY20 | FY19 | FY18 |
| Revenue | 215 | 465 | 298 | 290 |
| EBITDA | 60 | 140 | 91 | 84 |
| EBITDA Margin | 27.9% | 30.1% | 30.4% | 28.8% |
| EPS | 7.68 | 27.48 | 20.38 | 22.49 |
| PAT | 29.1 | 62.1 | 34.7 | 39.9 |
Cash Flow Statement
| (in Rs Cr) | H1FY21 | FY20 | FY19 | FY18 |
| Closing balance of cash and cash equivalents | 47 | 25 | 20 | 31 |
In the past, the cash flow both in the financing and the investing activity is negative. But the Company believes its cash flow is robust and healthy and will remain healthy in the future. In the past, it may be negative because it had won 4-5 contracts at one go. It had to invest CAPEX, and the contract usually takes six to seven months to commence as the mobilization period is seven six to seven months.
Comparison with Peers
The company has no listed peers. It is enjoying a 10% market share and is expecting to reach 25% in the next five years.
Antony Waste Handling Cell IPO Issue Details
| Issue Open | 21 Dec 20 – 23 Dec 20 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 9,523,345 equity shares of ₹ 5 (aggregating up to ₹ 300.00 Crores) |
| Fresh Issue | 2,698,412 equity shares of ₹ 5 (aggregating up to ₹ 85.00 Crores) |
| Offer for Sale | 6,824,933 equity shares of ₹ 5 (aggregating up to ₹ 215.00 Crores) |
| Face Value | ₹ 5 per equity share |
| Issue Price | ₹ 313 to ₹ 315 per equity share |
| Market Lot | 47 shares |
| Min Order Quantity | 47 shares |
| Listing At | BSE, NSE |
| Allotment Date | 29 Dec 20 |
| Listing Date | 01 Jan 21 |
Antony Waste Handling Cell Bid Details
| Sl No. | Category | Subscription Status (No. of times) | ||
| 21 Dec 20 (Day 1) | 22 Dec 20 (Day 2) | 23 Dec 20 (Day 3) | ||
| 1. | QIB | 0.63 | 0.64 | 9.67 |
| 2. | NII | 0.08 | 0.28 | 18.69 |
| 3. | RII | 3.5 | 7.19 | 16.55 |
| Total | 1.97 | 3.83 | 15.04 | |
Antony Waste Handling Cell IPO Lot Size and Price for RII
| Application | Lots | Shares | Amount (Cut-off) |
| Minimum | 1 | 47 | ₹14,805 |
| Maximum | 13 | 611 | ₹192,465 |
| Book Running Lead Managers to the Offer |
| 1. Equirus Capital Private Limited |
| 2. IIFL Securities Limited |
| Registrar to the Offer |
| Link Intime India Private Limited |
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg Vikhroli (West) |
Registered Office: 1403, 14th Floor, Dev Corpora Building, Opp. Cadbury Company, Eastern Express Highway, Thane – 400 601, Maharashtra, India Corporate Office: 1402 and 1404, 14th Floor, Dev Corpora Building, Opp. Cadbury Company, Eastern Express Highway, Thane – 400 601, Maharashtra, India |
Source: Antony Waste Handling Cell RHP
Also Read: