Denta Water And Infra Solutions IPO Subscribed 222 Times On Final Day

Denta Water and Infra Solutions Ltd.'s Rs 220.5-crore initial public offering has been subscribed 221.68 times on its third and final day of bidding on Friday, led by solid demand from non-institutional investors. The IPO saw bids at 50.63 times the offer on its second day and 17.07 times on Day 1.

The three-day IPO comprises an entirely fresh issue of shares, with no offer-for-sale component, according to the red herring prospectus.

The price band has been set in the range of 279 to Rs 294 per share. Investors can bid for a minimum of 50 equity shares, and in multiples of 50 shares thereafter. The company raised Rs 66.2 crore from anchor investors on Tuesday.

The proceeds from the issue, to the extent of Rs 150 crore, will be utilised for meeting working capital requirements and for general corporate purpose, subject to the applicable laws.

SMC Capitals Ltd. is the sole book-running lead manager, and Integrated Registry Management Services Pvt. is the registrar for the issue.

Following the IPO, the equity shares are proposed to be listed on the BSE and the National Stock Exchange.

• Issue opens: Jan. 22.

• Issue closes: Jan. 24.

• Price band: Rs 279–294 per share.

• Fresh issue size: Rs 220.5 crore.

• Total issue size: Rs 220.5 crore.

• Market value at upper end of price band: Rs 785 crore.

• Lot size: 35 shares.

Established in 2016, Denta Water and Infra Solutions is one of the players in the field of water engineering, procurement, and construction services.

The company's notable achievements include the execution of several lift irrigation system projects, including Byrapura and Hiremagaluru LIS project, Karagada LIS project, and others.

The firm has significant involvement in the Jal Jeevan Mission of the Government of India, under which it was awarded three projects — Kerehalli drinking water project, Chikkabenakal drinking water project and rehabilitation of MVS to Doddakowlande and other 55 villages of Nanjangud Taluk, which are located in Karnataka.

Denta Water has completed 32 water management projects, of which 11 projects were executed by it as the main contractor, one project was undertaken under a consortium, or joint venture arrangement, and 20 projects were undertaken under a sub-contract arrangement with the main contractor.