Apex Ecotech
Book Building issueSMENSE₹25.54 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹25.54 Cr
1 lot at cut-off
₹1,16,800
Lot size
1,600shares
Open
27 Nov 2024
Close
29 Nov 2024
Allotment
02 Dec 2024
Listing
04 Dec 2024
Listing performance
Issue price
₹73
Listed at
₹138.70
Listing-day close
₹145.60
Latest price
₹228.80
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+213.42%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Nov 2024 – 29 Nov 2024
- Listing date
- 04 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹73 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹25.54 Cr
- Market cap at offer price
- ₹96.25 Cr
- Promoter holding
- 94.32% → 69.29% pre-issue → post-issue
- ISIN
- INE0T4V01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- Office No.202, Garden Plaza, Five Gardens Road, Sunshine Villas, Rahatani, Pimpri Waghire, 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 | 9,88,800 | — | — |
| Market maker | 2,00,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹73
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,16,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,33,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,34,400 |
| B-HNI (min) | 9 | 14,400 | ₹10,51,200 |
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
9,88,800
Anchor portion
₹7.22 Cr
at ₹73 per share
Valuation and performance
Valuation at offer price
₹73 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.85 | 2.36 |
| P/E (×) | 10.66 | 30.93 |
| Price to book (×) | 4.34 | — |
| Market cap | — | ₹96.25 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.01%
- ROCE
- 12.02%
- Debt / equity
- 0.07
- PAT margin
- 7.15%
- NAV per share
- ₹16.82
- Price to book
- 4.34
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Apex Ecotech
Apex Ecotech Limited, formerly Apex Ecotech Private Limited, was incorporated on April 01, 2009, and converted to a public limited company on July 02, 2024. The company is led by engineering professionals and offers integrated system solutions for water and wastewater management. It specializes in delivering turnkey projects in water and wastewater treatment, providing efficient solutions for wastewater recycling and zero liquid discharge systems. The company provides end-to-end EPC (Engineering, Procurement, and Construction) solutions including comprehensive scope involving designing, supplying, installation, testing, commissioning, and Operation & Maintenance services. It serves various industries including Food Processing & Beverages, Metals & Mining, and Oil & Edibles. The company has offices in Pune (registered) and New Delhi (corporate).
Company Analysis
from RHPApex Ecotech Limited provides comprehensive water and wastewater treatment solutions including Industrial Water Treatment, Wastewater/Effluent Treatment, Sewage Treatment, and Zero Liquid Discharge systems, operating as an engineering and construction services company in the environmental infrastructure sector.
Apex Ecotech Limited, formerly Apex Ecotech Private Limited, was incorporated on April 01, 2009, and converted to a public limited company on July 02, 2024. The company is led by engineering professionals and offers integrated system solutions for water and wastewater management. It specializes in delivering turnkey projects in water and wastewater treatment, providing efficient solutions for wastewater recycling and zero liquid discharge systems. The company provides end-to-end EPC (Engineering, Procurement, and Construction) solutions including comprehensive scope involving designing, supplying, installation, testing, commissioning, and Operation & Maintenance services. It serves various industries including Food Processing & Beverages, Metals & Mining, and Oil & Edibles. The company has offices in Pune (registered) and New Delhi (corporate).
Water and Wastewater TreatmentEnvironmental InfrastructureIndustrial Water TreatmentSewage TreatmentZero Liquid Discharge SystemsWater Purification and Desalination
Objects of the Issue
- To meet the Working Capital Requirements of our Company ₹1,700.00 lakhs p.22
- To meet Public issue expenses p.22
- General Corporate Purposes p.22
- To meet Working Capital Requirements ₹ 1,700.00 lakhs p.91
- General corporate purposes ₹ [●] lakhs (not exceeding 25% of gross proceeds) p.91
- To meet Public Issue Expenses ₹ [●] lakhs p.91
Issue Structure
- Total Issue
- 34,99,200 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- 34,99,200 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹71 - ₹73
- Lot Size
- 1600 Equity Shares (Market lot) and in multiples of 1600 thereafter
- Face Value
- ₹10.00 each
Business Model
The company operates a project-based business model, offering comprehensive EPC solutions for water and wastewater treatment plants. Revenue is primarily generated through fixed-sum contracts for WWTP projects, with some contracts containing escalation clauses for cost variations. The business model includes design and engineering, procurement, installation, commissioning, and Operation & Maintenance services. For recent projects, O&M services are often included as part of the contract award.
Business Segments
Comprehensive solutions for water & wastewater management including Raw Water Treatment for industrial processes, Effluent & Sewage Treatment Plants, Sludge Dewatering Equipment, and recycling of pretreated wastewater
Raw water treatment for making source water suitable for drinking, domestic and industrial purposes using advanced technologies including conventional Filtration & pre-treatment, Resin based systems, Ultrafiltration, Reverse Osmosis, Demineralization, high pressure Reverse Osmosis Systems, Electrodialysis Reversal systems (EDR)
Sewage Treatment Plant (STP - Prefabricated and site erected in Civil) for commercial establishments, hospitals, hotels, residential societies and industrial complexes based on conventional technologies like Activated Sludge Process, Extended Aeration, Moving Bed Bioreactors along with advanced technologies like MBR (Membrane Bioreactor)
Effluent / wastewater treatment systems designed in accordance with client & process requirements providing efficient, low energy systems operating on lower chemical consumption with latest global technologies to output quality standards in line with latest pollution disposal norms
Further treatment of sewage / wastewater through advanced global technologies to make it suitable for domestic reuse (Horticulture, Toilet Flushing, Road Wash) and industrial reuse (Boiler Feed, Cooling Tower Water makeup, Process Water)
Treatment of high concentration Total Dissolved Solids (TDS) reject streams from recycle systems through thermal and mechanical vapor compression evaporators designed & operated under vacuum to optimize and lower energy costs
Recovery of water from sludge generated from sewage and wastewater treatment using conventional and advanced equipment including Drying Beds, Filter Press, Decanter Systems, Centrifuges, Volute Press etc., with option for Sludge Dryer Systems to achieve dry powder-like output
Design, supply and commissioning of electrical panels and plant automation including MCC Panel & Control Panel following different specifications as per IEC standards, integral to plant performance
Supply of generic and specialized chemicals along with spares from OEMs for smooth and efficient operations of equipment and systems, with options for sourcing directly from market/OEM or from Apex Ecotech
Comprehensive Operations and Maintenance services for water and wastewater treatment plants including SCADA monitoring, testing, inspection, manpower support, performance optimization, monitoring, analysis, troubleshooting, and compliance assurance
Comprehensive treatment and reuse of all contaminated water generated from various sources/processes (sewage, kitchen, industrial processes) ensuring no water is disposed outside premises, with treated water reused for horticulture, cleaning, roadwash, toilet flushing, industrial process water, and cooling water makeup
Designs and manufactures water treatment plants for potable water, drinking water for domestic and industrial applications from sources including river, canal, dam water, bore wells, municipal water
Designs and manufactures wastewater and sewage treatment plants for industrial effluent, process wastewater, and sewage generated from townships, societies, commercial complexes, hospitals, hotels using technologies including anaerobic, extended aeration, MBBR, MBR, electro-chemical, hybrid systems
Designs and manufactures zero liquid discharge systems for final RO rejects and pre-treatment for specific wastewater using technologies including wastewater pre-treatment, tertiary treatment, sludge handling, and evaporators (thermal & mechanical compression)
Provides operations and maintenance services including spare parts and chemicals supply for water and wastewater treatment systems
Supplies chemicals and spare parts for water and wastewater treatment systems
The Company operates a single primary business segment providing comprehensive solutions for water and wastewater management including Industrial Water Treatment, Wastewater/Effluent Treatment, Sewage Treatment, and Zero Liquid Discharge systems through end-to-end EPC solutions involving designing, supplying, installation, testing, commissioning and O&M services.
SWOT Analysis
Strengths
- • Comprehensive integrated water & wastewater treatment solutions(p.21)
- • In-house design, engineering and construction capabilities(p.32)
- • Turnkey EPC project delivery model(p.21)
- • Advanced treatment technologies deployed(p.34)
- • ZLD compliance in most projects(p.34)
- • Experienced management with combined 120+ years in water treatment(p.129)
- • Strong track record with 250+ commissioned projects and 150+ customer base(p.130)
- • Prestigious customer portfolio including major MNCs(p.130)
- • ISO 9001:2015 certified with comprehensive in-house capabilities(p.130)
- • Significant cumulative treatment capacity - 145 MLD operational volume(p.130)
- • Partnerships with leading global OEMs and system integrators(p.130)
- • ISO 9001:2015 certified company(p.142)
- • Experienced promoters with 120+ years combined experience(p.142)
- • In-house design, engineering, and execution team(p.142)
- • Comprehensive turnkey solutions across multiple treatment domains(p.142)
- • Strong partnerships with leading technology providers and vendors(p.143)
- • Proven track record of successful project execution(p.143)
- • Geographical presence across multiple Indian states and international markets(p.143)
- • Strong client relationships and repeat business(p.143)
- • Strong revenue growth trajectory demonstrating market traction(p.233)
- • Improved profitability with expanding gross margins(p.235)
- • Disciplined financial management with declining finance costs(p.234)
- • Leveraging regulatory tailwinds for ZLD systems(p.238)
Weaknesses
- • High customer concentration risk(p.30)
- • Dependence on a few key industries(p.30)
- • Significant working capital requirements(p.31)
- • No long-term contracts with suppliers(p.36)
- • Leasehold premises without ownership(p.33)
- • Material dependence on Maharashtra for procurement(p.38)
- • Outstanding litigation and contingent liabilities(p.29)
- • Past delays in statutory compliance and filings(p.33)
- • Significant working capital deficit and cash flow deterioration(p.62)
- • Negative operating cash flow despite profitability, indicating working capital stress(p.63)
- • High trade receivable days (179 days as of Sept 30, 2024) creating liquidity strain(p.95)
- • Dependence on bank guarantees with limited non-fund based limits (₹600 crore exhausted)(p.95)
- • Heavily concentrated shareholder base with promoters holding 94.32% pre-issue(p.81)
- • Limited scale relative to listed peers (revenue ₹5,308 lakhs vs ION Exchange ₹234,785 lakhs)(p.106)
- • High dependence on top 1 customer (59.11% of revenue)(p.140)
- • Significant reliance on key personnel for daily operations(p.142)
- • Lack of separate dedicated marketing setup(p.142)
- • High dependence on top 3 customers (88.11% of revenue)(p.140)
- • Limited employee base of 119 people for scaling operations(p.148)
- • Pending tax assessments and potential additional liabilities(p.218)
- • Outstanding litigation involving disputed receivables affecting working capital(p.218)
- • Material disputed trade payables to MSME vendors(p.218)
- • Declining trade receivables collection efficiency(p.220)
Opportunities
- • Growing global wastewater volumes and demand(p.22)
- • Asia's large share of global wastewater market with growth potential(p.22)
- • Business diversification strategy(p.30)
- • Developing supplier relationships in other regions(p.38)
- • Geographic expansion into new markets(p.38)
- • High growth in global water treatment market expanding at 7.5% CAGR to $536.4B by 2030(p.122)
- • Indian water treatment market projected to reach $2.08B by 2025 with 9.7% CAGR(p.123)
- • Government flagship programs driving market expansion - Jal Jeevan Mission, AMRUT, Namami Gange(p.123)
- • Growing mandates for Zero Liquid Discharge driving advanced technology adoption(p.120)
- • Significant gap in existing treatment capacity - only 44% of sewage generation capacity installed(p.125)
- • India projected to become top 3 economic power over next 10-15 years supporting infrastructure investment(p.114)
- • Shift from older technologies to advanced membrane and MBR systems creating replacement cycle demand(p.127)
- • Industrial wastewater treatment market valued at $106.6B in 2021, expected to reach $193.7B by 2031(p.122)
- • Growing need for water conservation and recycling solutions(p.142)
- • Government initiatives promoting water treatment and conservation(p.142)
- • Increasing global demand from population growth and urbanization(p.142)
- • Expansion into North-East, South India and international markets(p.144)
- • Developing cost-optimal water and wastewater management systems(p.143)
- • Leveraging market skills and client relationships for business growth(p.144)
- • Expansion into new industrial verticals driving revenue diversification(p.235)
- • Scaling operations through successful project track record(p.235)
- • Export market development and geographic diversification(p.233)
Threats
- • Intense competition and price pressure(p.51)
- • Economic slowdown impacts wastewater treatment demand(p.17)
- • Environmental and regulatory compliance costs(p.35)
- • Rapid technological change in water treatment(p.45)
- • Input material cost volatility(p.39)
- • Project execution risks and cost overruns(p.36)
- • Indian economic deceleration risk(p.56)
- • Foreign exchange risk(p.43)
- • Natural calamities and geopolitical risks(p.56)
- • Dependence on third-party transportation(p.40)
- • Global water demand projected to increase 20-30% by 2050 creating resource scarcity pressure(p.122)
- • Intense competition from larger established players with significantly greater scale and resources(p.106)
- • Regulatory compliance burden with stringent discharge standards and monitoring requirements(p.124)
- • Capital intensity of wastewater treatment infrastructure limiting market penetration(p.125)
- • Technology obsolesce risk from rapid innovation cycle in treatment technologies(p.121)
- • Economic cyclicality and industrial slowdown risk affecting industrial wastewater volumes(p.113)
- • Institutional capacity constraints at Urban Local Bodies limiting project execution pace(p.124)
- • Risk of economic recession(p.142)
- • Environmental and regulatory changes(p.142)
- • Risks from technological advancements and adoption(p.142)
- • Competition from small, mid-sized, listed and unlisted companies(p.149)
- • Price competition in tender awards(p.149)
- • Government policy and regulatory changes affecting demand(p.228)
- • Input cost inflation and labour cost pressures(p.228)
- • Dependence on third-party logistics creating operational vulnerability(p.228)
- • Market competition and industry dynamics volatility(p.228)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Anuj Dosajh | Promoter | 28.49% | 20.93% |
| Mr. Ramakrishnan Balasundaram Aiyer | Promoter | 28.49% | 20.93% |
| Mr. Ajay Raina | Promoter | 18.67% | 13.72% |
| Mr. Lalit Mohan Datta | Promoter | 18.68% | 13.72% |
| Mrs. Poonam Dosajh | Promoter Group | 0.00% | 0.00% |
| Mrs. Monica Bhat | Promoter Group | 0.00% | 0.00% |
| Mrs. Asha Aiyer | Promoter Group | 0.00% | 0.00% |
| Mrs. Ruby Datta | Promoter Group | 0.00% | 0.00% |
| Anuj Dosajh | Promoter | 28.49% | 20.93% |
| Ramakrishnan Balasundaram Aiyer | Promoter | 28.49% | 20.93% |
| Ajay Raina | Promoter | 18.67% | 13.72% |
| Lalit Mohan Datta | Promoter | 18.68% | 13.72% |
| Poonam Dosajh | Promoter Group | 0.00% | 0.00% |
| Monica Bhat | Promoter Group | 0.00% | 0.00% |
| Asha Aiyer | Promoter Group | 0.00% | 0.00% |
| Ruby Datta | Promoter Group | 0.00% | 0.00% |
| Anuj Dosajh | Promoter | 28.49% | — |
| Ramakrishnan Balasundaram Aiyer | Promoter | 28.49% | — |
| Ajay Raina | Promoter | 18.67% | — |
| Lalit Mohan Datta | Promoter | 18.68% | — |
| Anuj Dosajh | Managing Director/Promoter | — | — |
| Ramakrishnan Balasundaram Aiyer | Director/Promoter | — | — |
Leadership
Mr. Anuj Dosajh · Promoter
Mr. Ramakrishnan Balasundaram Aiyer · Promoter
Mr. Ajay Raina · Promoter
Mr. Lalit Mohan Datta · Promoter
Ms. Kirti Jain · Company Secretary & Compliance Officer
Mr. Rakesh Kaul · Chief Financial Officer
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.
Apex Ecotech IPO FAQs
What is the lot size of Apex Ecotech IPO?
The minimum lot size of Apex Ecotech IPO is 1,600 shares. One lot costs ₹1,16,800 at the cut-off price.
When does Apex Ecotech IPO open and close?
Apex Ecotech IPO opened for subscription on 27 Nov 2024 and closed on 29 Nov 2024.
What is the listing date of Apex Ecotech IPO?
Apex Ecotech IPO listed on 04 Dec 2024.