Effwa Infra & Research
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Jul 2024 – 09 Jul 2024
- Listing date
- 12 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹82 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹51.27 Cr
- Market cap at offer price
- ₹190 Cr
- Promoter holding
- 99.99% → 72.99% pre-issue → post-issue
- ISIN
- INE0U9101019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- G.No.7, Vardhman Industrial Complex, Lal Bahadur Shastri Marg, Gokul Nagar, 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 | 17,48,800 | — | — |
| Market maker | 3,24,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,31,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,62,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,18,400 |
| B-HNI (min) | 8 | 12,800 | ₹10,49,600 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.74 | 5.96 |
| P/E (×) | 10.59 | 13.76 |
| Price to book (×) | 3.93 | — |
| Market cap | — | ₹190 Cr |
Key performance indicators
- Return on net worth
- 37.15%
- ROCE
- 40.99%
- Debt / equity
- 0.38
- PAT margin
- 9.51%
- NAV per share
- ₹20.84
- Price to book
- 3.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Effwa Infra & Research
Effwa Infra & Research Limited (EIRL) is an ISO 9001:2015 certified company engaged in the business of engineering, consultancy, procurement, construction and integrated project management services focused on water pollution control. The company specializes in sewage and industrial effluent treatment, solid waste treatment and disposal, ventilation systems, hazardous waste management, and water treatment plants. Operating on a 4R philosophy (Reducing, Recycling, Reusing, and Rehabilitation), EIRL provides technological solutions enabling Zero Liquid Discharge for industries such as textile, leather, paper, food processing, dairy, chemicals, pharmaceuticals, and others. The company offers comprehensive project lifecycle services from concept to commissioning, including feasibility reports, technology selection, process design, engineering, procurement, construction management, and operations & maintenance. Originally incorporated as Effwa Infra & Research Private Limited on January 6, 2014, the company was converted to public limited status on May 2, 2024, in preparation for this Initial Public Offering.
Company Analysis
from RHPEffwa Infra & Research Limited provides engineering, consultancy, procurement, and construction services for water pollution control and waste management across sewage treatment, industrial effluent treatment, solid waste disposal, and hazardous waste management.
Effwa Infra & Research Limited (EIRL) is an ISO 9001:2015 certified company engaged in the business of engineering, consultancy, procurement, construction and integrated project management services focused on water pollution control. The company specializes in sewage and industrial effluent treatment, solid waste treatment and disposal, ventilation systems, hazardous waste management, and water treatment plants. Operating on a 4R philosophy (Reducing, Recycling, Reusing, and Rehabilitation), EIRL provides technological solutions enabling Zero Liquid Discharge for industries such as textile, leather, paper, food processing, dairy, chemicals, pharmaceuticals, and others. The company offers comprehensive project lifecycle services from concept to commissioning, including feasibility reports, technology selection, process design, engineering, procurement, construction management, and operations & maintenance. Originally incorporated as Effwa Infra & Research Private Limited on January 6, 2014, the company was converted to public limited status on May 2, 2024, in preparation for this Initial Public Offering.
Objects of the Issue
- Funding working capital requirements of our company ₹3,300.00 Lakhs p.79
- Funding of capital expenditure requirements of our Company towards purchase of new office Equipments ₹41.00 Lakhs p.79
- General Corporate Purposes [●] (not exceeding 25% of gross proceeds) p.80
Issue Structure
- Total Issue
- Up to 62,52,800 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 53,16,800 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 9,36,000 Equity Shares aggregating up to ₹[●] Lakhs (by Dr. Varsha Subhash Kamal and Mr. Subhash Ramavtar Kamal)
- Price Band
- ₹[●] to ₹[●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares (to be determined)
- Face Value
- ₹10/- per Equity Share
Business Model
EIRL operates as an Engineering, Procurement, Construction (EPC) and Operations & Maintenance (O&M) service provider. The company generates revenue through: (1) EPC contracts for designing and constructing water and waste management infrastructure for government and private clients; (2) Operations & Maintenance services for treatment facilities; and (3) Consultancy and advisory services for project organization and management. The company works on both fixed-price contracts with clients for project execution and derives revenue from contract value as work is certified and completed.
Business Segments
SWOT Analysis
- • Established track record for timely execution(p.88)
- • Complete water solutions provider across project lifecycle(p.117)
- • In-house expertise in designing and engineering water management projects(p.88)
- • Lower capital requirements due to outsourcing model(p.88)
- • Experienced promoter and management team(p.88)
- • Concentration of revenue from limited number of clients(p.29)
- • Heavy dependence on contract labor with associated risks(p.37)
- • Contingent liabilities from bank guarantees(p.28)
- • High working capital intensity in business model(p.35)
- • Government concentration in revenue base(p.33)
- • Growing global water and wastewater treatment market(p.109)
- • Expanding Indian water and wastewater treatment market(p.111)
- • Government initiatives driving infrastructure and water management investment(p.111)
- • Shift toward advanced treatment technologies and zero liquid discharge(p.111)
- • Expansion of current order book and bidding opportunities(p.30)
- • Regulatory and policy changes in environmental and water treatment sectors(p.33)
- • Intense competition from domestic and international players(p.41)
- • Commodity price and input cost volatility(p.30)
- • Project delays and contract performance risks(p.30)
- • Macroeconomic slowdown affecting government spending and project awards(p.29)
- • Monsoon and seasonal disruptions to construction operations(p.37)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Varsha Subhash Kamal | Promoter & Managing Director | 51.00% | 37.28% |
| Mr. Subhash Ramavtar Kamal | Promoter & Whole Time Director | 48.99% | 35.71% |
Leadership
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.