SFC Environmental Technologies IPO subscribed 5% so far on Day 1; check price band and lot size

Wastewater treatment solutions provider SFC Environmental Technologies Ltd's initial public offering has been subscribed 5% so far on the first day of bidding on Tuesday, October 27.

It received bids for 7,63,200 shares compared to 1,41,59,744 shares on offer, according to the NSE data until 12:23 pm.

The non-institutional investors' (NIIs) quota was booked 3%, while the retail category was subscribed 9%.

With a price band of ₹313 to ₹330 per share, a lot consists of 45 shares. The issue will conclude on October 29.

Prior to the IPO, the company raised ₹200 crore from anchor investors, including Government Pension Fund Global, Edelweiss Life Insurance Company, SBI Mutual Fund, Societe Generale, ICICI Prudential Mutual Fund and Nippon India Mutual Fund.

The issue is a mix of a fresh issue of shares worth ₹150 crore and an offer for sale (OFS) component of ₹517.53 crore by promoters and existing shareholders.

Proceeds from the fresh issue will be utilised for debt clearance and working capital needs.

"Our company expects to receive the benefits of listing of equity shares on the Stock Exchanges including enhancing our visibility and our brand image among our existing and potential customers and creating a public market for our equity shares in India," according to the red herring prospectus.

The company's shares are expected to be listed on the National Stock Exchange (NSE) and BSE on November 3.

Incorporated in 2005, the Mumbai-based company provides wastewater treatment solutions using proprietary technologies, including C-Tech, an advanced technology for treating sewage and effluents. Its solutions include technology packages, automation systems, equipment, installation, commissioning and related services.

Its customers include Rajkamal Builders Infrastructure, SMC Infrastructures, Ramky Infrastructure, Enviro Infra Engineers and EMS.

IIFL Capital Services, Nuvama Wealth Management and JM Financial are the book-running lead managers to the issue. MUFG Intime India serves as the registrar.