EMS IPO to open on Sep 8; sets price band at Rs 200-211 per share

EMS IPO to open on Sep 8; sets price band at Rs 200-211 per share

Water and sewerage infra player EMS Ltd on Monday said it has fixed a price band of Rs 200-211 apiece for its Rs 321-crore initial public offering (IPO).

The issue will open for public subscription during September 8-12 and the bidding for anchor investors will open on September 7, the company said in a statement.

Currently, Singh holds 97.81 per cent stake in the company.

In the pre-IPO placement round, the Ghaziabad-based firm raised Rs 33.76 crore leading to a reduction in fresh issue size to Rs 146.24 crore from Rs 180 crore planned earlier.

At the upper price band, the company’s IPO size is Rs 321 crore.

Proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes.

Khambatta Securities is the sole book running lead manager to the issue and shares of the company will be listed on the BSE and NSE.

The company offers water and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan. It has executed 67 projects over the past 13 years and has an order book of Rs 1,775 crore, comprising 18 ongoing projects.