On September 21, shares of sewerage solutions provider EMS Ltd debuted on the bourses at nearly a 34% premium on their issue price. The scrip began trading on the National Stock Exchange (NSE) at Rs 282.05 and on the Bombay Stock Exchange (BSE) at Rs 281.55. The price band for the IPO was fixed from Rs 200 to Rs 211 per share. 

EMS’s three-day IPO was subscribed 76.21 times overall, with the portion reserved for the qualified institutions being subscribed nearly 150 times. The retail portion received over 30 times more bids than the reserved number of shares, while the quota for high-net-worth individuals was subscribed 82.32 times. After the IPO, the shareholding of the promoters in the company will be more than 70%.

The company had also raised Rs 96.37 crore via its anchor book. The fresh proceeds from the issue of nearly Rs 150 crore will be used for working capital purposes. 

EMS Ltd provides sewerage solutions, including water supply systems, water and waste treatment plants, electrical transmission and distribution, road and allied works, operation and maintenance of wastewater scheme projects (WWSPs) and water supply scheme projects (WSSPs) for government authorities and bodies.

The company was operating and maintaining 18 projects, including WWSPs, WSSPs, Sewage Treatment Plants (STPs) and Hybrid Annuity Models (HAM) as of July 31, 2023, totalling Rs 1,744.9 crore.