Antony Waste Handling Cell IPO opens today: Should we all subscribe?
Given the dependency on municipal authorities for substantial proportion of revenue and limited number of customers for major part of revenue, the concerns on receivables from municipalities, and valuations, brokerages recommended the issue only for high risk investors. Antony Waste Handling Cell intends to capitalise on the growth opportunities in the MSW management sector by continued focus on bidding for MSW projects. "It is dependent on municipal authorities for a substantial proportion of its business and revenue. Also it is dependent on a limited number of customers for a significant portion of its revenue. The loss of any of its major customer due to any adverse development or significant reduction in business from its major customer may adversely affect its business," SMC said.
Moreover, "the major portion of the issue is offer for sale. Only Rs 85 crore will come to the company raised through fresh issue. A high risk taker may opt the issue," the brokerage said.
Incorporated in 2001, Antony Waste Handling Cell Limited is one of the leaders in India's Municipal Solid Waste Management (MSW) industry. The business is offering a full spectrum of MSW services i.e. solid waste collection, processing, transportation, and its disposal across the country. It also plays a leading position in the landfill construction and management sector.
The company's key business operations include MSW C&T, MSW processing, and Mechanized sweeping project. As of August 31, 2020, Antony Waste has 17 MSW C&T, 2 MSW processing, and 4 mechanized sweeping ongoing projects. The company is undertaking many projects of Navi Mumbai Municipal Corporation (NMMC), Thane Municipal Corporation (TMC), Pimpri Chinchwad Municipal Corporation (PCMC), Mangaluru Municipal Corporation (MMC), New Okhla Industrial Development Authority (NOIDA), and Greater Noida Industrial Development Authority (GNIDA). It has a waste processing plant at the Kanjurmarg site.
Key Business Activities
Jose Jacob Kallarakal, Shiju Jacob Kallarakal, and Shiju Antony Kallarakkal are the promoters of the company.
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