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Thane-based Antony Waste Handling Cell has filed draft prospectus with capital markets regulator SEBI, seeking permission to launch its maiden public share sale offer. Antony Waste Handling Cell IPO will involve a fresh issue as well as sale by existing investors. Promoted by Jose Jacob Kallarakal, Shiju Jacob Kallarakal And Shiju Antony Kallarakkal, the company is a leading player in solid waste management services in the country.
Antony Waste Handling Cell IPO: Fresh + OFS
Antony Waste Handling Cell plans to raise INR43.5 crore (INR435 million) by issuing new shares in the upcoming IPO. These funds are proposed to be used towards reduction of outstanding borrowings of the company and for general corporate purposes.
In addition, there will be an Offer For Sale (OFS) of up to 9,442,164 shares by existing shareholders. These shareholders include Leeds (Mauritius) Limited (1,390,322 shares); Tonbridge (Mauritius) Limited (2,085,502 shares); Cambridge (Mauritius) Limited (2,065,300 shares); and Guildford (Mauritius) Limited (3,901,040 shares).
The average cost of acquisition for Cambridge (Mauritius) Limited and Guildford (Mauritius) Limited is INR133.78 per share while Leeds (Mauritius) Limited and Tonbridge (Mauritius) Limited purchased the shares at an average of INR173.22.
Uneven Financial Performance
In the last three years, the company has been profitable. However, its revenues haven’t grown considerably. For the year ended 31 March 2018, the company posted a top line of INR288.9 crore and earned a profit of INR42.3 crore, marking a growth of 9% from previous year. However, it has posted a loss during the first quarter of FY2019. While revenues during the quarter stood at INR72.5 crore, it posted a loss of INR6 crore.
As mentioned above, Antony Waste Handling Cell is among top five players in the Indian MSW (Municipal Solid Waste) management industry and boasts of an established track record of 17 years. The company primarily caters to Indian municipalities and offers a full spectrum of MSW services including solid waste collection, transportation, processing and disposal services across the country. So far, it has undertaken more than 25 projects as of 30 November 2018. Out of these 25 projects, 14 are still ongoing in Greater Mumbai, Navi Mumbai, Thane, North Delhi, Ulhasnagar, Mangalore and Greater Noida.