Antony Waste Ltd
Mainboard₹300 Cr issue
+36.51%
Listing gain over issue price
Issue size
₹300 Cr
1 lot at cut-off
₹14,805
Lot size
47shares
Open
21 Dec 2020
Close
23 Dec 2020
Allotment
29 Dec 2020
Listing
01 Jan 2021
Listing performance
Issue price
₹315
Listed at
₹430
Listing-day close
₹407.35
Latest price
₹280.50
Close on 23 Oct 2026
Listing gain
+36.51%
Return since issue
-10.95%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Dec 2020 – 23 Dec 2020
- Listing date
- 01 Jan 2021
- Face value
- ₹5 per share
- Issue price
- ₹315 per share
- Lot size
- 47 shares
- Total issue size
- ₹300 Cr
- Promoter holding
- 51.10% → 46.20% pre-issue → post-issue
- ISIN
- INE01BK01022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Pvt.Ltd.
- Registered office
- 1403, 14th Floor, Dev Corpora Building, Opp. Cadbury Company, Eastern Express Highway, Thane - 400 601, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 28,57,003 | — | — |
Application size
Minimum 47 shares per lot, in multiples, at ₹315
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 47 | ₹14,805 |
| Retail (max) | 13 | 611 | ₹1,92,465 |
| S-HNI (min) | 14 | 658 | ₹2,07,270 |
| S-HNI (max) | 67 | 3,149 | ₹9,91,935 |
| B-HNI (min) | 68 | 3,196 | ₹10,06,740 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
28,57,003
Anchor portion
₹90 Cr
at ₹315 per share
Valuation and performance
Valuation at offer price
₹315 per share
| Metric | Pre-issue | Post-issue |
|---|
About Antony Waste Ltd
Antony Waste Handling Cell Limited, originally incorporated as a private limited company in January 2001 and converted to public limited status in December 2018, is a leading player in India's municipal solid waste (MSW) management sector. The company provides comprehensive waste management services across the full spectrum including solid waste collection and transportation, processing and disposal, and mechanized sweeping services. These services are primarily delivered to Indian municipal corporations through the company and its subsidiaries. As of November 15, 2020, the company had undertaken more than 25 projects, of which 18 were ongoing. The company generates revenue through fixed-rate and escalation-based contracts awarded by municipal authorities following competitive bidding processes. The company's financial performance shows total revenue of ₹2,907.78 million, ₹2,985.18 million, and ₹4,646.11 million for Fiscal years 2018, 2019, and 2020 respectively.
Company Analysis
from RHPAntony Waste Handling Cell Limited is one of the top five players in India's municipal solid waste management industry, providing full-spectrum MSW services including collection, transportation, processing, and disposal across the country.
Antony Waste Handling Cell Limited, originally incorporated as a private limited company in January 2001 and converted to public limited status in December 2018, is a leading player in India's municipal solid waste (MSW) management sector. The company provides comprehensive waste management services across the full spectrum including solid waste collection and transportation, processing and disposal, and mechanized sweeping services. These services are primarily delivered to Indian municipal corporations through the company and its subsidiaries. As of November 15, 2020, the company had undertaken more than 25 projects, of which 18 were ongoing. The company generates revenue through fixed-rate and escalation-based contracts awarded by municipal authorities following competitive bidding processes. The company's financial performance shows total revenue of ₹2,907.78 million, ₹2,985.18 million, and ₹4,646.11 million for Fiscal years 2018, 2019, and 2020 respectively.
Municipal solid waste managementEnvironmental servicesCollection and transportationWaste processing and disposalWaste-to-energy
Objects of the Issue
- Part-financing for PCMC WTE Project through investment in subsidiaries AG Enviro and/or ALESPL ₹400.00 million p.21
- Reduction of consolidated borrowings by infusing debt in subsidiary AG Enviro for repayment/prepayment of outstanding indebtedness ₹385.00 million p.21
- General corporate purposes ₹5.03 million p.21
- Part-financing for PCMC WTE Project through investment in our Subsidiaries, AG Enviro and/or ALESPL ₹400.00 million p.76
- Reduction of consolidated borrowings of our Company by infusing debt in our Subsidiary - AG Enviro for repayment / prepayment of portion of their outstanding indebtedness ₹385.00 million p.76
- General corporate purposes ₹5.03 million p.76
Issue Structure
- Total Issue
- ₹2,999.85 million
- Fresh Issue
- ₹850.00 million (2,698,412 Equity Shares)
- Offer for Sale
- ₹2,149.85 million (6,824,933 Equity Shares)
- Price Band
- ₹313 to ₹315 per Equity Share
- Lot Size
- 47 Equity Shares (minimum Bid Lot)
- Face Value
- ₹5 per Equity Share
Business Model
The company operates on a project-based model, primarily undertaking municipal solid waste management contracts awarded by municipal corporations through competitive bidding. Revenue is generated through service contracts for MSW collection and transportation, MSW processing (including waste-to-energy projects), and mechanized sweeping services. Most contracts include fixed rates with limited escalation provisions for cost increases in materials, labor, and fuel. The company is also required to maintain bank guarantees and security deposits as part of its business. Working capital is funded through operations and borrowings, with payment cycles extending beyond three months from municipal authorities.
Business Segments
Collection and transportation of municipal solid waste from designated areas to processing or disposal facilities
Processing of municipal solid waste including waste-to-energy projects
Mechanized street sweeping and cleaning services in municipalities
Collection, segregation, and transportation of municipal solid waste from households, commercial establishments, and institutions to processing or disposal facilities
Processing and disposal of municipal solid waste through scientific landfills, bioreactor technology, and waste-to-energy facilities
Development and operation of waste-to-energy facilities to convert municipal solid waste into electricity
Door to door collection of MSW from households, slums, commercial establishments and bulk-waste generators through primary collection vehicles and transportation to processing facilities, transfer stations or landfill disposal sites
Sorting, segregation, composting, recycling, shredding and compressing waste into RDF; includes both anaerobic processing using bio-reactor landfill technology and aerobic processing using material recovery facility and composting
Deploying power sweeping machines, manpower, maintenance, consumables and safe disposal of waste for street cleaning operations
Generation of electricity from municipal waste through waste-to-energy plants; the company has a step-down subsidiary ALREPL operating a WTE plant with 1,000 TPD capacity for PCMC
The company provides services for collection and transportation of solid waste to specified locations, and mechanical power sweeping of roads. Revenue is recognized when services are performed based on tonnage collected.
The company designs, constructs, operates and maintains an integrated waste management facility in Kanjurmarg, Mumbai. Revenue is recognized over time under both financial asset and intangible asset models with revenue recognized by applying specified margin on total cost incurred.
Antony Lara Renewable Energy Private Limited (81% held) and Antony Lara Renewable LLP (81% held) operate waste-to-energy facilities.
Antony Revive E-Waste Private Limited (100% held) is engaged in collection, transportation and processing of e-waste.
Collection and transportation of waste from municipal corporations
Income from waste disposal at facilities
Revenue from service concession arrangements
Mechanical power sweeping services for roads
Scrap sales and other goods
Collection and transportation of municipal solid waste to specified disposal sites
Fees charged for tipping waste at disposal facilities
Revenue from service concession arrangements and other contracts
Mechanical power sweeping services for municipal roads
Sale of waste bins (both plastic and metal) and scrap materials
SWOT Analysis
Strengths
- • Top 5 player in MSW management with full-spectrum services(p.21)
- • Significant project portfolio with 18 ongoing projects(p.21)
- • Strong track record in project execution(p.26)
- • Substantial fleet of vehicles supporting operations(p.36)
- • End-to-end waste management capabilities covering collection, segregation, transportation and disposal(p.84)
- • Proven track record of executing large-scale waste management projects(p.84)
- • Multiple revenue streams across different waste types and service segments(p.84)
- • Technology-enabled fleet enabling efficient waste operations(p.84)
- • Management team with extensive domain expertise in waste management(p.84)
- • Top-5 player in Indian MSW management with 19+ years track record and full-spectrum service capabilities(p.118)
- • Pioneer in both collection/transportation and landfill construction with in-house expertise(p.118)
- • Demonstrated track record with 18 ongoing projects generating revenue across diverse geographies and service types(p.118)
- • Modern fleet of 1,147 vehicles with 969 equipped with GPS technology enabling efficient operations(p.120)
- • Kanjurmarg flagship facility—largest single-location waste processing plant in Asia with bio-reactor technology(p.120)
- • Strong EBITDA growth: 28.65% CAGR from FY2018 (₹843.88 million) to FY2020 (₹1,396.60 million)(p.119)
- • Experienced Promoters with 19+ years waste management expertise directly involved in operations(p.121)
- • Geographic clustering strategy delivering operational efficiencies and economies of scale(p.120)
- • Established integrated waste management operations with diversified service portfolio(p.195)
- • Significant subsidiary presence with controlled ownership in waste management assets(p.195)
- • Revenue diversification across multiple waste management service lines(p.192)
- • Experienced management team with deep sector expertise(p.167)
Weaknesses
- • High working capital requirements relative to revenue(p.27)
- • Significant dependence on small number of customers(p.27)
- • Limited geographic presence concentrated in few regions(p.27)
- • Substantial outstanding litigation and contingent liabilities(p.28)
- • High consolidated debt levels(p.28)
- • Certain contracts lack escalation clauses for cost variations(p.34)
- • Significant consolidated debt burden requiring ongoing servicing(p.75)
- • Heavy capital expenditure required for WTE project development(p.77)
- • Dependence on a few large municipal contracts for revenue(p.75)
- • Limited availability of land for landfill operations(p.106)
- • Dependence on municipal counterparties with single-point failure risk if a major customer defaults(p.118)
- • Project delays and cost overruns due to land acquisition and clearance delays by municipal authorities(p.147)
- • High reliance on competitive bidding process exposing company to pricing pressure and project non-award(p.121)
- • Capital intensity of business requiring continuous investment in vehicles, equipment and technology(p.113)
- • Labour cost pressures and difficulty in retaining skilled workforce across dispersed geographies(p.113)
- • Material weakness in internal financial controls over trade receivable assessment(p.185)
- • Long-standing disputed non-current receivables from municipal corporations(p.184)
- • Joint venture investment fully impaired with regulatory non-compliance(p.185)
- • Significant uncertain receivables under municipal corporation review(p.185)
- • Loss-making group company with negative net worth(p.176)
- • Long-outstanding disputed municipal receivables creating collection risk(p.236)
- • Material weakness in internal controls over trade receivable loss allowance assessment(p.236)
- • Significant debt obligations with vehicle loans comprising major portion of borrowings(p.223)
- • Delayed statutory compliance and regulatory defaults on foreign transactions(p.236)
- • Significant outstanding statutory dues across multiple entities(p.238)
- • Dependence on limited municipal customers for majority of revenue(p.279)
- • Exposure to rising fuel costs as significant operating expense(p.280)
- • Aging fleet increasing maintenance costs(p.280)
- • Significant contingent tax and legal liabilities(p.305)
- • Multiple ongoing litigation disputes with municipal corporations(p.310)
Opportunities
- • Strong MSW market growth trajectory with 14.4% CAGR expected(p.21)
- • MSW generation expected to grow at 8.9% CAGR(p.21)
- • Increased professionalization of MSW services market(p.21)
- • Expansion into waste-to-energy projects(p.35)
- • Growth strategy to expand geographic footprint and customer base(p.35)
- • MSW market growing at 14.4% CAGR driven by urbanization and increased waste generation(p.108)
- • Expansion of waste-to-energy projects with government support and PPP models(p.107)
- • Growing market for bio-mining services to reclaim legacy dumping sites(p.106)
- • Government schemes and PPP framework driving private sector participation(p.109)
- • Opportunity to convert existing dump yards into scientific sanitary landfills(p.107)
- • Growing extended producer responsibility (EPR) business requirements(p.107)
- • MSW Management market projected to grow 14.4% CAGR from ₹50,000M (FY2020) to ₹98,000M (FY2025)(p.121)
- • MSW generation expected to grow 8.9% CAGR (FY2020-25) to 115 million TPA, creating collection/transportation opportunities(p.119)
- • Only 30-35% of municipal waste currently processed; Swachh Bharat Mission targets 100% collection, transportation, processing and disposal(p.121)
- • Central Government push for privatization through Swachh Bharat Mission and Smart City Mission driving PPP opportunities(p.122)
- • Waste-to-Energy and emerging segments in nascent stage with huge long-term potential and PPP opportunities(p.122)
- • Bio-mining opportunities growing as metro, tier-1 and tier-2 cities have accumulated old dumpsites requiring remediation(p.122)
- • Expansion into high-GDP states with growing urbanization and favourable demographics for waste management services(p.122)
- • Government incentive programs (City Compost Policy MDA, Tariff Policy 2016, VGF up to 35%, Environmental Clearance exemption for WTE ≤15MW)(p.117)
- • Expanding waste-to-energy operations with renewable energy generation(p.195)
- • Growing e-waste collection and processing sector(p.195)
- • Geographic expansion through regional waste management subsidiaries(p.195)
- • Service concession arrangement providing long-term revenue visibility(p.201)
- • Multi-year integrated waste management service concessions with long contract lifecycles(p.228)
- • Significant unsatisfied contract revenue pipeline providing revenue visibility(p.228)
- • Waste-to-Energy facility expansion with 1000 TPD MSW processing and 14 MW WtE capacity(p.246)
- • Diversified geographic footprint with operations across multiple municipal corporations(p.228)
- • Geographic expansion into new municipal markets(p.280)
- • Moving up value chain from collection to processing and disposal(p.280)
- • Recent successful contract wins in new cities(p.319)
- • Growing demand for waste management services in urban India(p.299)
Threats
- • Municipal dependency and budget allocation vulnerabilities(p.26)
- • Competitive bidding process with uncertain project awards(p.27)
- • COVID-19 impact on MSW tonnage and operations(p.29)
- • Intense price-based competition in MSW market(p.35)
- • Fuel cost volatility affecting profitability(p.37)
- • Regulatory and compliance uncertainties(p.31)
- • Labour disputes and unionization risks(p.33)
- • Rapid urbanization and population growth creating competition for waste management contracts(p.102)
- • Stringent environmental regulations requiring continuous compliance and investment(p.102)
- • COVID-19 pandemic causing temporary MSW volume reduction and operational disruptions(p.104)
- • Emerging competition from other waste management companies and SMEs(p.103)
- • Dependency on municipal budgets and government PPP allocation decisions(p.102)
- • Regulatory changes and shifting waste processing technology preferences(p.103)
- • Municipal funding constraints: poor property tax collection limiting service sustainability and municipality ability to pay(p.109)
- • Approximately 25 competitors in MSWM market; competition categorized into national and local tiers with varied capabilities(p.111)
- • Dominant competitor Ramky Enviro handling ~13,500 TPD across 21 cities vs. company's scale; Antony Waste at #2 position(p.111)
- • Regulatory risk: MSW Handling Rules 2016 mandate scientific processing, increasing compliance costs and operational complexity(p.113)
- • Fuel and labour cost inflation exposure; escalation clauses in contracts may not fully offset input price increases(p.134)
- • Slow budgetary releases under Swachh Bharat Mission: only 50% of central government's ₹147.9B share allotted by FY2018(p.114)
- • Entry barriers favour established players: tenders require prior experience in waste handling and strong financial backing(p.113)
- • Heavy reliance on municipal corporation receivables with extended collection cycles(p.185)
- • Operational disruption and revenue uncertainty from COVID-19 pandemic(p.184)
- • Foreign regulatory compliance risks with foreign exchange management delays(p.185)
- • Significant leverage obligations with borrowings increasing(p.191)
- • Uncertainty and reduced economic activity from COVID-19 pandemic impacting revenue(p.237)
- • Municipal corporation receivables under prolonged dispute resolution threatening cash flow(p.237)
- • Dependence on fixed-rate borrowings with significant interest rate costs(p.233)
- • Regulatory and compliance risk from FEMA violations and delays in rectification(p.236)
- • Intense price competition in waste management market(p.280)
- • Municipal budgetary constraints limiting tender awards and payments(p.280)
- • Exposure to volatile fuel prices beyond company control(p.280)
- • COVID-19 pandemic impact on waste collection volumes and operations(p.271)
- • Regulatory changes in gratuity and employee benefit obligations(p.267)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jose Jacob Kallarakal | Promoter | 20.41% | — |
| Shiju Jacob Kallarakal | Promoter | 5.82% | — |
| Shiju Antony Kallarakkal | Promoter | 0.14% | — |
| Jose Jacob Kallarakal | Promoter | 20.41% | 18.46% |
| Shiju Jacob Kallarakal | Promoter | 5.82% | 5.27% |
| Shiju Antony Kallarakkal | Promoter | 0.14% | 0.12% |
| Antony Garages Private Limited | Promoter Group | 7.82% | 7.07% |
| Antony Motors Private Limited | Promoter Group | 7.82% | 7.07% |
| Jose Jacob Kallarakal | Promoter and Chairman and Managing Director | — | — |
| Shiju Jacob Kallarakal | Promoter and Executive Director and Chief Financial Officer | — | — |
| Jose Jacob Kallarakal | Promoter | 20.41% | — |
| Shiju Jacob Kallarakal | Promoter | 5.82% | — |
| Shiju Antony Kallarakkal | Promoter | 0.14% | — |
| Jose Jacob Kallarakal | Promoter/Director | — | — |
| K. Jose Antony | Promoter | — | — |
| Tito Varghese Kallarakal | Promoter | — | — |
| Shiju Jacob Kallarakal | Promoter/Director | — | — |
| K. Jose Jacob | Promoter | — | — |
| K. Jose Antony | Promoter | — | — |
| K. Tito Varghese | Promoter | — | — |
| K. Shiju Jacob | Promoter | — | — |
| Leeds (Mauritius) Limited | Selling Shareholder | — | — |
| Tonbridge (Mauritius) Limited | Selling Shareholder | — | — |
| Cambridge (Mauritius) Limited | Selling Shareholder | — | — |
| Guildford (Mauritius) Limited | Selling Shareholder | — | — |
| Antony Garages Private Limited | Principal Shareholder | — | — |
| Antony Motors Private Limited | Principal Shareholder | — | — |
| Mr Jose Jacob | Principal Shareholder | — | — |
| Mr Shiju Jacob | Principal Shareholder | — | — |
| Mr Tito Varghese | Principal Shareholder | — | — |
| Tonbridge (Mauritius) Limited | Investor | — | — |
| Leeds (Mauritius) Limited | Investor | — | — |
| Cambridge (Mauritius) Limited | Investor | — | — |
| Guildford (Mauritius) Limited | Investor | — | — |
Leadership
Jose Jacob Kallarakal · Promoter/Executive
Shiju Jacob Kallarakal · Promoter/Executive
Shiju Antony Kallarakkal · Promoter
Tarjindar Singh · Chief Operating Officer
Harshada Rane · Company Secretary and Compliance Officer
Karthikeyan Muthuswamy · Nominee Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Antony Waste Ltd IPO FAQs
What is the lot size of Antony Waste Ltd IPO?
The minimum lot size of Antony Waste Ltd IPO is 47 shares. One lot costs ₹14,805 at the cut-off price.
When does Antony Waste Ltd IPO open and close?
Antony Waste Ltd IPO opened for subscription on 21 Dec 2020 and closed on 23 Dec 2020.
What is the listing date of Antony Waste Ltd IPO?
Antony Waste Ltd IPO listed on 01 Jan 2021.