IPO note – Antony Waste Handling Cell Ltd

Antony Waste Handling Cell Ltd IPO

Incorporated in 2001, one of top five players in the India MSW (Municipal Solid Waste) management industry. Healthy track record of over 19 years across spectrum of solid waste management services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to municipalities. The company has undertaken 25 projects so far (as of Nov’2020) of which 18 are ongoing. Of the ongoing projects, 12 MSW C&T (Collection and Transportation) projects, 4 mechanized sweeping projects and 2 are MSW processing projects.

The company had withdrawn the offer after initial launch in March 2020 after tepid investor response even after extending the closing timeline.

Key strengths:

  1. Leading service provider in MSW management sector
  2. About two decades of track record of execution
  3. Access to technology backed vehicles – 969 vehicles out of the total 1,147 vehicles are GPS enabled which helps drive efficiency
  4. Geographically diversified project portfolio across municipalities of Thane, Navi Mumbai, Mumbai, Greater Noida, North Delhi, New Okhla, Pimpri Chinchwad etc.
  5. Experienced promotors and management team

Financial profile

Amount in Rs Cr except per share dataAntony Waste Handling - Financial Summary

  • Current ratio of over 1x
  • Growing revenue trend
  • Stable margins
  • Debt-equity of less than 0.5x

Offer for Sale and Deployment of Net Proceeds

The company is looking at raising approx. Rs 300 Crs via this public offer.Antony Waste Handling - Offer Proceeds

Deployment of net proceeds:

  • Part financing of PCMC WTE Project through investment in Subsidiaries, AG Enviro and/or ALESPL (Rs 40 Crs). The total project cost is expected to be Rs 228.3 Crs
  • Reduction of consolidated borrowings (Rs 38.5 Crs)
  • General corporate expenses (To be determined)

IPO SnapshotAntony Waste Handling - IPO Snapshot

Conclusion ideas:

  • Central budgetary push through Swachh Bharat Mission lends support to the sector
  • India’s per capital waste generation is constantly increasing
    • Currently much below the global average per capita waste generation
  • End users of these services are municipalities, fertilizer companies, state electricity board and private power producers
    • The company works primarily with municipalities that leads to overdue trade receivables
    • Default risk could be low but working capital management is a challenge
  • Number of customers is limited, so company’s ability to constantly win projects is critical
    • Top five customers contribute to approx. 80% of revenue in recent years


All the above information is based on the red herring prospectus filed by the company with Securities and Exchange Board of India (www.sebi.gov.in) and information available on stock exchange websites. Due diligence has been taken to ensure correctness of the information presented above. It is, however, recommended that reader must validate the information before taking any financial decision. Also, investment in initial public offering (IPO) is subject to market risks and should be evaluated in accordance with individual’s risk appetite and investment objective. Author is not be responsible for any financial loss or otherwise resulting from any action taken based on the above.

Author of this article is a senior finance professional with over fifteen years of experience and has an affinity towards the subject of personal finance and investment management. Please leave your comment or share thoughts via email at decodefinance.in@gmail.com. For more articles you may visit my website www.decodefinance.in.


The article is based on the author’s knowledge, experience and understanding of the subject. Any views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer (past or current), organization, committee or other group or individual.

Related Post

4 Replies to “IPO note – Antony Waste Handling Cell Ltd”

Leave a Reply

Your email address will not be published. Required fields are marked *