Antony Waste Handling IPO Review

Antony Waste Handling IPO comprises a fresh issue of Rs 85 crore nd an offer for sale of 68,24,933 equity shares by existing shareholders. Antony Waste Handling IPO is testing the markets for 2nd time after an aborted IPO attempt in March 2020. Antony Waste Handling Cell Ltd. is one of the top five players in the Indian MSW (municipal solid waste) management industry with an established track record of more than 19 years, providing full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities.

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Antony Waste Handling IPO Details

Issue Period21 Dec to 23 Dec 2020*
Face Value₹ 5/- Per Share
Issue DetailsFresh Issue of upto ₹ 85 Cr  OFS 6,824,933 Equity Shares
Issue Size (₹ Cr)₹ 300 Cr
Price Band₹ 313 – 315
Bid Lot47 Shares & in multiples
Issue Structure : 
QIB50% of the offer
NIB15% of the offer
Retail35% of offer (  3,333,171 Shares- (₹ 105 Cr)
Application for 1x retail70,919
BRLMsEquirus Capital, IIFL Securities
RegistrarLink Intime


  • ANCHOR ISSUE: Antony Waste Handling Cell raised Rs 89.99 crore from 10 anchor investors. Massachusetts Institute of Technology was allotted 44.44 per cent of the total anchor allotments. The only mutual fund which participated was SBI Mutual Fund took shares of the company in six schemes amounting to 33.34 per cent of total.

About Antony Waste Handling

  • Antony Waste Handling Cell Limited is engaged in offering Municipal Solid Waste (MSW) Management services.
  • Antony Waste Handling Cell was incorporated in 2001 and and operates in solid waste collection, transportation, processing and disposal services to Indian municipalities.
  • Antony Waste is undertaking projects for Municipal Corporation of Greater Mumbai , Navi Mumbai Municipal Corporation, Thane Municipal Corporation , Pimpri Chinchwad Municipal Corporation, the North Delhi Municipal Corporation , the Mangalore Municipal Corporation, New Okhla Industrial Development Authority , Nagpur Municipal Corporation, Greater Noida Industrial Development Authority, Jaypee International Sports etc.
  • The Promoters of our Company are Jose Jacob Kallarakal, Shiju Jacob Kallarakal and Shiju Antony Kallarakkal.
  • The company provides full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian Municipalities. (Source: Frost & Sullivan Report) We primarily undertake MSW collection and transportation projects, MSW processing projects and mechanized sweeping projects.
Antony Waste Handling Cell IPO off to strong start: 10 things to know
  • Key Business Activities
    • MSW C&T Projects : Involve MSW collection from commercial establishments, households and community based bins.
    • MSW Processing Projects: Involve Sorting and segregating waste from MSW C&T through composting, shredding, recycling, etc.
    • Mechanized sweeping Project: Deploying power sweeping machines, maintenance, consumables, safe waste disposal, and others
      to complete cleaning operations.

Antony Waste Handling: Financials

Particulars/ RS Cr. H1FY21FY20FY19FY18
Revenue from Operations207.39450.51283.69276.14
Revenue Growth (%)58.80%2.73%
EBITDA as stated59.6139.6691.0184.39
EBITDA (%) as stated27.71%30.06%30.49%29.02%
Profit Before Tax29.981.9647.6848.79
EO Expense 3.22  
Profit After Tax29.0562.0834.6839.88
Net Profit aft minority interest19.4842.2827.4229.41
EPS (₹ )7.6827.4820.3822.49
Equity Share Capital12.7912.797.151.31
Reserves 217.17197.6941.21.51
Net worth229.96210.48150.35120.12
Long Term Borrowings129.99145.13105.5180.6
Short Term Borrowings32.430.4430.7130.68
Net Asset Value (₹ )89.87136.81111.7491.86
Debt to Equity ratio0.660.730.890.9
Equity Post IPO14.14
IPO Price315
EPS (Post IPO) FY2014.95
PE 21.07
Market Cap891
Market Cap  /  Sales3.1


  • Antony Waste Handling Cell is a leading service provider in MSW management sector with end-to-end capabilities.
  • Strong track record of project execution
  • Diversified business model
  • Access to technology backed vehicles and equipment enables company to manage operations efficiently
  • Experienced promoters and management team with strong domain expertise.


  • Operates in an industry which requires high working capital.
  • Certain contracts may have warranties that could result in deduction of payments.

Antony Waste Handling IPO: Assessment

  • As per Frost & Sullivan Report, The MSW Management market is estimated at ₹50,000 million for FY2020 and is expected to reach ₹98,000 million by FY 2025 at a CAGR of 14.4%.
  • The company proposes to utilise its fresh issue proceeds towards part-financing for waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries, AG Enviro and/or ALESPL; reduction of consolidated borrowings; and general corporate purposes.
  • Antony Waste Handling Cell will take a second shot at going public. In March, the company had to withdraw its initial public offer (IPO) due to poor response.
  • Antony Waste has raised both issue price and the IPO size from the last IPO that failed to click.
  • Based on FY 2020 results, the consolidated EPS on the post issue equity works out to be Rs 15.8. The TTM EPS for period ended Sep 30, 2020 was Rs 13. The upper price band of Rs 315 discounts the FY20 and TTM EPS by 19.9 times and 24.2 times respectively. There is no other comparable listed company.
  • The post-issue EPS for FY2020 works out to Rs 15-16. P/E works out to 20-21 times.
  • The high GMP of Rs. 180+ commanded by the issue in the grey market may be due to high levels of shorts by operators which may have have exceeded the issue size for HNIs.
  • I intend to apply in Antony Waste Handling IPO only for listing gains if any. The sector in which company operates is good but is dominated by municipalities and Govt departments where there are many issues to be wary off.
  • Caution! Antony Waste IPO; There are reports that there were few Grey Market activity in the IPO and the rates has dipped. I will apply only if QIB response is satisfactory which is not the case till now.
  • Do check this page for any last minute updates

Standard disclaimer:  I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . Also Certified in some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2)  Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors.  I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or  leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.

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