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Antony Waste Handling Cell IPO: Study Before Subscribing

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Antony Waste Handling Cell is one of the leaders in India’s Municipal Solid Waste Management (MSW) industry, which plays a leading position in the landfill construction and management sector. This is the second attempt of the company to go public after it withdrew its IPO in March 2020 following a tepid investor response and weak markets. Here’s all about the company and the issue to study before subscribing.

About Antony Waste Handling Cell

Antony Waste Handling Cell is one of the top five players in the Indian MSW management industry with an established track record of more than 19 years. The company provides a full spectrum of MSW services which includes solid waste collection, transportation, processing, and disposal services across the country, primarily catering to Indian municipalities. They are among the select few players who have pioneered in both the MSW collection and the transportation sector.

They are among the key players in the landfill construction and management sector with in-house expertise for the construction and management of landfills in a scientific manner. They are also present in the emerging waste management areas in India such as MSW based WTE.

The company has a portfolio of 18 ongoing projects as on November 15, 2020, comprised of 12 MSW C&T projects, two MSW processing (including WTE) project, and four mechanized sweeping projects. All the 18 ongoing projects have started generating revenue.

The company has a fleet of 1147 vehicles and operates from the Kanjurmarg site, one of the largest single location waste processing plants across India.

Antony Waste Handling Cell IPO Issue Details

OPENS ON: Dec 21, 2020
CLOSES ON: Dec 23, 2020
Price band: Rs. 313 – Rs. 315 per share
Lot size: 47 shares
1 lot costing: Rs. 14,805
Face Value: Rs. 5 per share
Listing on: NSE, BSE
Issue size: Rs. 300 cr (Fresh issue: Rs. 85 cr + Offer For Sale: Rs. 215 cr)
Offer for sale: Consists of the sale of up to 68 lakh shares by existing shareholders—Tonbridge (Mauritius), Leeds (Mauritius), Cambridge (Mauritius), and Guildford (Mauritius).
Shareholding: Promoter holding will stand at 46.23% post-issue from 51.1% pre-issue.

Will list on the exchange on Jan 1, 2021.

Objects of the issue:
– To finance PCMC WTE Project through investment in subsidiaries
– To pay-off the company’s consolidated borrowings by infusing debt in Subsidiary-AG Enviro.
– To meet the general corporate purposes.

Interesting facts about Antony Waste Handling Cell IPO:

  • Company’s strategy is to continue with the rational selection of projects and strategically expand its geographical footprint and moving up the MSW value chain by increasing the presence in the emerging waste management areas in India like WTE domain.
  • Revenue increased from Rs. 276 cr in FY18 to Rs. 451 cr in FY20 and Profit after tax increased from Rs. 40 cr in FY18 to Rs 62 cr in FY20. Operational margins of the company remained stable at around 30% from FY18 to FY20.
  • Due to the COVID-19 pandemic, the performance of the company was impacted. Consolidated revenue declined by 5.1% YoY in the first half of FY21. EBITDA and PAT margins also contracted by 538bps and 324bps, respectively.
  • Company is dependent on municipal authorities for a substantial proportion of its business and revenue.

Get the complete coverage of the Antony Waste IPO in the MSFL Research Report Here. To apply for Antony Waste IPO, you can do it from our website Marwadi Shares & Finance Ltd.

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