Apex Ecotech IPO subscribed 457 times on last day driven by NIIs, retail investors; check key details

The initial public offering (IPO) of Apex Ecotech Limited, which opened for subscription on November 27, closed with an overwhelming demand across investor categories. On the last day of bidding on Friday, November 29, the NSE SME issue was booked 457 times.

The investors applied for more than 105.62 crore shares against 23.10 lakh shares on offer, leading to an overall subscription of 457.15 times.

The IPO saw an extraordinary response from the Non-Institutional Investors (NIIs). The NIIs booked their quota 1,180 times with bids for nearly 58.53 crore shares against 4.96 lakh shares on offer. The retail investors also showed remarkable interest by subscribing their quota 329.64 times with bids for more than 38 crore shares against 11.55 lakh shares on offer.

The Qualified Institutional Buyers (QIBs) booked their portion 139.69 times with bids for 9 crore shares against 6.59 lakh shares on offer.

Apex Ecotech Limited IPO details

Apex Ecotech IPO is a book-building issue worth ₹25.54 crore. The IPO is entirely a fresh issue of 34.99 lakh shares.

The IPO price band has been fixed between ₹71 and ₹73 per share. For retail investors, the minimum application size is a single lot of 1,600 shares, which translates to an investment of ₹1,16,800. High Net Worth Individuals (HNIs) are required to apply for a minimum of two lots, or 3,200 shares, worth ₹2,33,600.

The IPO registrar is KFin Technologies Limited. The book-running lead manager for the issue is Share India Capital Services Ltd., while Share India Securities serves as the market maker.

The promoters of the company's IPO are Anuj Dosajh, Ramakrishnan Balasundaram Aiyer, Ajay Raina and Lalit Mohan Datta. Prior to the issue, they collectively held 94.32% of the company's shares. Following the IPO, their combined shareholding will be reduced to 69.29%.

Apex Ecotech Limited IPO dates

The Apex Ecotech IPO was open for subscription from November 27 to November 29. The IPO share allotment status is scheduled to be finalised on Monday, December 2. The company will process refunds and transfer shares to the Demat accounts on December 3.

The IPO listing has been scheduled for Wednesday, December 4. Shares of Apex Ecotech Limited will be listed on the NSE SME platform, Emerge.

Apex Ecotech Limited IPO: Objectives

Apex Ecotech Limited plans to use the proceeds from the issue for working capital requirements, covering general corporate purposes and public issue-related expenses.

About Apex Ecotech Limited

Apex Ecotech Limited, established in 2009, specialises in water and wastewater treatment, recycling and reuse solutions. The company designs and sets up raw water treatment plants for industrial use, effluent and sewage treatment plants to comply with pollution control regulations, and provides sludge dewatering equipment. The company’s client base includes leading companies like Aditya Birla Group, Ashok Leyland, Hero MotoCorp, Honda Cars, HUL, PepsiCo, Mahindra & Mahindra and Reckitt Benckiser, among others.