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Antony Waste Handling Cell IPO.

22 December, 2020 - By Bhanu

Antony Waste Handling Cell IPO opens today: Should we all subscribe?

Prabhudas Lilladher recommended subscribe rating on Antony Waste Handling Cell IPO issue on a near term basis as it sees reasonable listing gains. Antony Waste Handling Cell, one of the leaders in municipal solid waste management companies, opened its initial public offering for subscription on December 21 with a price band at Rs 313-315 per share. The offer consists of a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 equity shares by existing shareholders. The company will utilise fresh issue proceeds for part-financing for waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries; reduction of consolidated borrowings; and general corporate purposes, while the offer for sale money will go to selling shareholders Leeds (Mauritius), Tonbridge (Mauritius), Cambridge (Mauritius) and Guildford (Mauritius).

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

  1. MSW C&T Project: MSW collection from commercial establishments, households, and community bins.
  2. MSW Processing Project: Sorting and segregating waste from MSW C&T through composting, shredding, recycling, etc.
  3. Mechanized sweeping Project: Deploying power sweeping machines, maintenance, consumables, safe waste disposal, and others to complete cleaning operations.

Competitive Strengths

  • Leading player in the MSW management industry.
  • Consistent track record of MSW project execution.
  • Diversified project portfolio.
  • Latest technology tools, vehicles, and equipment
  • Experienced team of promoters.

Company Promoters:

Jose Jacob Kallarakal, Shiju Jacob Kallarakal, and Shiju Antony Kallarakkal are the promoters of the company.

 

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