Antony Waste Handling Cell Ltd. - IPO
IPO - Antony Waste Handling Cell Ltd.
Minimum Application for Retail 50 Shares | Rs. 15,000/-
Price Band & Lot Size Rs. 295 - 300
Issue Size Rs. 206 Cr.
Company Background:
Incorporated in 2001, Antony Waste Handling Cell Limited (AWHCL) is engaged in offering Municipal Solid Waste (MSW) management services. The service range of the company includes solid waste collection, transportation, processing and disposal services to Indian municipalities.
Investment Rationale:
(i) Presence in the fast-growing MSW management industry with end-to-end capabilities
(ii) Strong track record of project execution
(iii) AWHCL reported poorly consolidated top-line (CAGR of 1% over FY2017-19), while bottom-line reported de-growth over the same period, hence growth concerns remain
Outlook & Valuation:
AWHCL was unable to perform on top-line & bottom-line fronts over FY2017-19, and hence we believe that concerns regarding the company's financials exist.
Further, the business involves working capital and receivables risk from municipalities, which restricts future growth opportunities.
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