Antony Waste IPO comprising of 6,846,440 equity shares of the face value of ₹5, both fresh issue and Offer for sale aggregating up to ₹206.00 Crores. opens on Mar 4, 2020 and closes on Mar 6, 2020. The issue price Antony Waste Handling Cell IPO is ₹295 to ₹300 Per Equity Share. Antony Waste is seeking a valuation of Rs 803 crore via the IPO. The Review has been delayed and is being given consequent on extension of Antony Waste Handling IPO.
Antony Waste Handling IPO Details
| Issue Opens | 4th March, 2020 |
| Issue Closes | 6th March, 2020 |
| Issue Details | Fresh Issue upto ₹ 35 Cr |
| and OFS upto 5,700,000 Equity Shares | |
| Issue Size (Rs. Cr) | ₹ 203.15 Cr – ₹ 206.00 Cr |
| Price Band | ₹ 295 – 300 |
| Bid Lot | 50 Equity Shares |
| QIB | 50% of the offer |
| NIB | 15% of the offer |
| Retail | 35% of offer- 2,403,334 Shrs- ₹ 72.10Cr) |
| BRLMs | Equirus Capital Pvt. Ltd. |
| Registrar | Link Intime India Pvt. Ltd. |
Updates
- Antony Waste Handling IPO has extended its issue date and revised the price band to Rs 294-300 per share compared with the original band of Rs 295-300.
- The IPO was covered 50% on the last day.
About Antony Waste Handling Cell Ltd.
- 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.
- Antony Waste Handling cell Ltd currently operates one of the largest single location waste processing plants in Asia, with a combined capacity of 5,250 tonnes per day. It was awarded Kanjurmarg landfill project by MCGM in the year 2010. The project involves,design, construction, operation and maintenance of integrated waste management facilities on a Design, built, own, operate and transfer basis. It is being undertaken by Antony Lara Enviro Solutions Private Limited (ALESPL), which is a joint-venture between Antony Waste Handling and Lara Central De Tratamento De Residuos Ltd.
- As of January 31, 2020, company had a fleet of 1,089 vehicles.
Antony Waste: Financials
| Rs in Cr. | 6mfy20 | FY19 | FY18 | FY17 |
| Revenue | 218.62 | 283.69 | 276.14 | 275.77 |
| EBITDA | 73.47 | 91.01 | 84.39 | 80.24 |
| EBITDA (%) | 33.61% | 32.08% | 30.56% | 29.10% |
| Profit Before Tax | 48.97 | 47.68 | 48.79 | 43.82 |
| Net Profit After Tax | 37.84 | 34.42 | 39.88 | 41.04 |
| NP Margin | 17.31% | 12.13% | 14.44% | 14.88% |
| Equity Share Capital | 7.15 | 1.31 | 1.31 | 1.31 |
| Reserves | 67.83 | 40.94 | 1.51 | -27.11 |
| Net worth | 176.99 | 150.09 | 120.12 | 91.5 |
| Long Term Borrowings | 118.55 | 105.51 | 80.6 | 106.31 |
| Short Term Borrowings | 31.08 | 30.71 | 30.68 | 32.91 |
| EPS (₹ ) | 19.43 | 20.19 | 22.49 | 25.01 |
| RONW(%) | 15.70% | 18.10% | 24.48% | 35.74% |
| Net Asset Value (₹ ) | 123.74 | 111.55 | 91.86 | 69.98 |
| Debt to Equity ratio | 1.06 | 1.09 | 1.01 | 1.66 |
| Post Issue Equity | 13.39 | |||
| IPO Price | 300 | |||
| FV | 5 | |||
| EPS (Post Issue) FY19 | 12.85 | |||
| PE | 23.34 |
Antony Waste IPO: Assessment
- Growing MSW market in India offers good opportunities and company has a well diversified portfolio with good geographic spread
- The trade receivables of the Company for Fiscal 2017,Fiscal 2018, Fiscal 2019 and the six month period ended September 30, 2019 were ₹670.69 million,₹726.71 million, ₹887.14 million and ₹ 951.48 million respectively.
- There are around 20-30 participants in the MSW management market offering various services. Many infrastructure and environment services companies are present in this market. Logistics companies are also present in this market
- Antony Waste Handling IPO is mainly aimed at providing an exit to investors who have been invested for quite some time
- Antony Waste Handling has been incurring penalties due to delay in execution of projects.
- Industry is capital intensive.
- Antony Waste Handling Cell has high dependence on projects from State government bodies and municipal corporations.
- The timing of Antony Waste’s IPO was not OK as it overlapped with SBI Cards mega IPO.
- Anchor investors subscribed to the IPO at the lower end of the issue price.
- It was further affected by mounting concerns on the corona virus outbreak and finally the Yes bank episode.
- I do not intend to apply in Antony Waste IPO.
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.