Antony Waste Handling IPO: Here's All You Need To Know
A bulldozer moves garbage in a landfill cell at the Melbourne Regional Landfill site, in Ravenhall, Victoria, Australia. (Photographer: Carla Gottgens/Bloomberg)

Antony Waste Handling IPO: Here's All You Need To Know

Antony Waste Handling Ltd. will launch its initial public offering for the second time in nine months after it withdrew its maiden attempt following tepid response from investors amid the Covid-19 outbreak and national lockdowns.

The waste manager that collects garbage from some of India’s biggest municipal corporations will launch its three-day offering on Dec. 21 as it aims to tap the markets to raise funds and its investors seek to sell stake.

The listing also comes at a time when participation of retail investors in the equity markets in India and around the world has increased following the pandemic-induced lockdowns. Notably, this is company’s second attempt to go public.

The IPO, in the first attempt, was priced in the range of Rs 294-300 per equity share and was subscribed 0.50 times.

In its second attempt the company plans to raise Rs 300 crore by selling up to 1.96 crore shares at Rs 313-315 apiece, according to its red herring prospectus. The IPO comprises a fresh issue and an offer-for-sale by existing shareholders—Tonbridge (Mauritius), Leeds (Mauritius), Cambridge (Mauritius), and Guildford (Mauritius).

Also read: Antony Waste Handling IPO - Capex Driven Business Model, Says Prabhudas Lilladher

Key Details:

  • Issue opens on: Dec. 21, 2020.
  • Issue closes on: Dec. 23, 2020.
  • Face value: Rs 5 per share.
  • Price band: Rs 313-315.
  • Fresh issue: Aggregating up to Rs 85 crore.
  • Offer for sale: 215 crore.
  • Minimum bid size: 50 shares.
  • Listing on: National Stock Exchange and Bombay Stock Exchange.
  • Book Running Lead Managers: Equirus, IIFL Securities, Link Intime.


The company plans to utilise the IPO’s proceeds to partly finance its waste-to-energy project at Pimpri Chinchwad in Maharashtra through investments in its subsidiaries AG Enviro and ALESPL. It also plans to reduce consolidated borrowings of the company and its subsidiaries by infusing debt in its subsidiary.

Anchor Allocation

The company has allotted 2,857,003 equity shares to 10 anchor investors and raised Rs 89.99 crore ahead of the company’s proposed IPO at an upper price band of Rs 315 per equity shares.

The anchor allocation is as follows:


Antony Waste Handling Cell is one of the one of the top five players in the Indian municipal solid waste management industry with a track record of more than 19 years. The company provides services including solid waste collection, transportation, processing and disposal services across the country.

It primarily undertakes:

  • Municipal solid waster collection and transport projects which involve door-to-door collection of waste from households, slums, commercial establishments and other bulk-waste generators (community bins).;
  • MSW processing projects which involve sorting and segregating waste received, followed by composting, recycling, shredding and compressing into refuse-derived fuel, as required; and
  • Mechanised sweeping projects, which involves deploying power-sweeping machines, manpower, comprehensive maintenance, consumables and safe disposal of waste.

Some of the major clients of the company are Municipal Corporation of Delhi, Jaypee International Sports, and Kalyan-Dombivali Municipal Corporation. The company at present has 1,089 vehicles whose components are obtained from international suppliers like BUCHER Municipal AG and Compost System GmbH


Antony Waste Handling Cell’s operational margins have remained stable at around 30% despite growth in top-line performance from FY18-20. The company’s revenue and operational efficiency grew 55% and 40% in the year ended March 2020. Revenue grew by more than 1.5 times since FY18.

The company should be able to replicate the top-line performance for FY21 while maintaining the same amount of market share of 10%, Chief Executive Jose Jacob Kallarakal told BloombergQuint in an interview.

The company expects to double its market share in the Rs 5,000-crore industry in five years.

Peer Comparison

The company doesn’t have any listed peers in India.

“19 years of track record, use of advanced and cost effective technology for waste processing, lower operational cost and no compromise in quality mainly is what distinguishes the company from its peers,” Kallarakal said.

Key Risks

  • Dependent on municipal authorities for a substantial proportion of business and revenue. Many municipalities themselves are highly dependent on state/central government grants and budget allocation.
  • Dependence on a limited number of customers and limited geographies.
  • Not be able to collect receivables due from customers or at all, which may adversely affect business, financial condition, results of operations and prospects. Trade receivables of the company for FY18, FY19 and FY20 and for H1 FY21 was at Rs 72.67 crore, Rs 88.71 crore, Rs 113.03 crore and Rs 110. 1 crore, respectively.
  • It doesn’t have past experience in executing waste-to-energy projects and has two such projects in its portfolio.
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