Company addresses rising demand for water-related solutions including groundwater recharging through recycled water.
MUMBAI, Jan 21 (The CONNECT) – Denta Water and Infra Solutions has garnered Rs. 66.15 crores from anchor investors ahead of its initial public offering that opens for public subscription tomorrow. The company informed the bourses that it allocated 22,50,000 equity shares at Rs. 294 per share on Tuesday, January 21, 2025, to anchor investors.
Foreign and Domestic Institutions who participated in the anchor included Abakkus Diversified Alpha Fund-2, Persistent Growth Fund-Varsu India Growth Story Scheme 1, Rajasthan Global Securities Private Limited, Saint Capital Fund, Finavenue Capital Trust- Finavenue Growth Fund, Chhatisgarh Investments Limited, Steptrade Revolution Fund, Mint Focused Growth Fund PCC- Cell 1, Astorne Capital VCC – Arven, Aarth AIF.
Out of the total allocation of 22,50,000 Equity Shares, NIL Equity Shares were allocated to domestic mutual funds.
SMC Capitals Limited is the sole book running lead manager and Integrated Registry Management Services Private Ltd is the registrar to the Issue.
The IPO is entirely a fresh issue of up to 75,00,000 equity shares with no offer for sale components, will close on Friday, January 24, 2025. The price band for the Offer has been determined at Rs 279 – Rs 294 per equity share.
The IPO will fetch Rs 220.50 crore at the upper end of the price band.
Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter.
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual portion.
The proceeds from its fresh issuance to the extent of Rs 150 crore will be utilized for meeting working capital requirements; and general corporate purpose, subject to the applicable laws.
Established in 2016, Denta Water and Infra Solutions Limited, has emerged as one of the key players in the field of water engineering, procurement, and construction services.
It has contributed to addressing the rising demand for water-related solutions in the country, with a meritorious track record in infrastructure project installations, including groundwater recharging through recycled water, the company’s offer document said.
The company’s achievements include the Byrapura and Hiremagaluru LIS Project and Karagada LIS Project, primarily executed through lift irrigation systems.
It is also involved in the Centre’s Jal Jeevan Mission under which it was awarded three projects – Kerehalli and Chikkabenakal Drinking Water Projects, apart from rehabilitation of MVS to Doddakowlande and other 55 Villages of Nanjangud Taluka in Karnataka.
Denta Waters has completed 32 water management projects out of which 11 projects as the main contractor, 1 under a consortium / joint venture arrangement and 20 projects have been undertaken under a sub-contract arrangement.
