Denta Water and Infra IPO Day 2 Live Updates: The initial public offer (IPO) of water and infrastructure solutions provider, Denta Water and Infra Solutions Ltd has entered the second day of its subscription period today, January 23.
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Denta Water and Infra IPO received strong demand on the first day and got fully subscribed. The IPO has been subscribed 17.05 times on the first day of the bidding as it received bids for 8,95,10,100 shares against 52,50,000 shares on offer, according to BSE data.
The portion for retail investors received 17.63x subscription while the quota for non-institutional investors (NII) got subscribed 36.21x. The qualified institutional buyers (QIBs) part is booked 1.67x.
Denta Water and Infra IPO began on Wednesday, January 22, and will end on Friday, January 24. Denta Water and Infra Solutions secured slightly more than ₹66 crore from anchor investors prior to its IPO. Denta Water IPO price band is set at ₹279 to ₹294 per share. The issue consists entirely of a fresh issuance of 75 lakh equity shares, totaling ₹220.5 crore at the highest end of the price band.
The fresh issuance proceeds amounting to ₹150 crore will be allocated for working capital needs, with a portion designated for general corporate activities. SMC Capitals serves as the exclusive book-running lead manager for the issue. Stay tuned for more updates
Denta Water and Infra Solutions Ltd’s order book stood at ₹7,524.5 million (~3.2x of FY24 revenue), demonstrating business visibility over the medium term. The IPO proceeds of ₹1,500 million (~68% of proceeds) will be utilized for working capital purposes. The company has strong expertise in groundwater recharge projects and is focused on the infrastructure development space, with plans for expansion into other geographies for the reuse of discharge water.
At the upper band of ₹294, the issue is valued at an EV/EBITDA of 9.1x based on FY24 EBITDA and a P/E of 13.14x, based on FY24 EPS of ₹22.37. We assign a “Subscribe for Long Term” rating for this issue.