The initial public offering (IPO) of Enviro Infra Engineers Limited opened on 22nd November and will remain open for bidding until 26th November 2024.
According to Enviro Infra Engineers IPO subscription status, after day one of bidding, the public issue received a decent response from investors as it was booked over two times its offered shares.
In the last five days, Enviro Infra Engineers IPO GMP has risen from ₹23 to ₹55, which is praiseworthy, said observers.
By 12:30 PM on day 3 of bidding, the book build issue had been booked 27.56 times, the retail portion 15.53 times, the NII segment 85.82 times, and the QIB segment 4.94 times.
Giving a 'subscribe' tag to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, "Enviro Infra's IPO has garnered significant attention in the first two days of bidding.
the company's assets increased from ₹761.90 crore to ₹812.87 crore in Q1FY25, but at the cost of a rise in net borrowings, which jumped from ₹235 crore to ₹305 crore.
Despite risks such as reliance on government contracts and high working capital, EIEL's strong financial performance and focus on growth strategies position it for continued success.