Antony Waste Handling IPO

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The foothold in the solid waste management industry can be traced back to the incorporation of Antony Waste handling Company in 2001.

Starting with a simple business of collection and transportation of waste, they have come a long way in the field of solid waste management with adoption of latest technologies and innovations thereby transforming this business itself into a complex operation system with the use of technologies in garbage compaction, processing, use of transfer stations, management of sanitary engineered landfills.

Business of the Antony Waste Handling:

a) MSW collection and transportation (currently having 11 projects):

MSW C&T projects involve door to door collection of MSW from households, slums, commercial establishments and other bulk-waste generators (community bins) from a designated area through primary collection vehicles like compactors, dumper placers and tippers and transportation of these materials, to the processing facility, transfer station or a landfill disposal site.

b) Sweeping of city (currently having 4 projects):

Mechanized sweeping projects involve deploying of power sweeping machines, manpower, comprehensive maintenance, consumables, safe disposal of the waste and any other items required for completion of the cleaning operation of the designated areas.

c) Waste to Energy (currently 2 having projects):

MSW processing projects involve sorting and segregating the waste received from MSW C&T, followed by composting, recycling, shredding, and compressing into RDF.

The major contracts relate to cleaning, sweeping, collection, transfer, disposal, aggregation, and treatment of waste awarded by regional government authorities and agencies like Municipal Corporation of Greater Mumbai, Navi Mumbai Municipal Corporation, Thane Municipal Corporation, New Okhla Industrial Development Authority, Nagpur Municipal Corporation, Varanasi Municipal Corporation, and Pimpri Chinchwad Municipal Corporation.

Highlights of Business:

(i)  One of the top five players in the Indian MSW management industry with an established track record of 17 years.

(ii)  It provides MSW services which include solid waste collection, transportation, processing, and disposal services across the country, primarily catering to Indian municipalities.

(iii) They are among the key players in landfill construction and management sector with in-house expertise for landfill construction along with its management.

(iv) They are currently undertaking projects for;

1. Municipal Corporation of Greater Mumbai (“MCGM”),
2. Navi Mumbai Municipal Corporation (“NMMC”),
3. Thane Municipal Corporation (“TMC”),
4. North Delhi Municipal Corporation (“NDMC”),
5. Ulhasnagar Municipal Corporation (“UMC”),
6. Mangalore Municipal Corporation (“MMC”) and
7. Greater Noida Industrial Development Authority (“GNIDA”).

Market Size or Opportunity available

Urbanization is a critical factor driving the MSW generation in the country. Changing lifestyle patterns, increasing disposable incomes, have paved the way for consumerism and, have also contributed to waste generation in urban India.

MSW generation is expected to grow at a CAGR of 5% (Fiscals 2018-23) from 55 Million TPA in Fiscal 2018 to reach 70 Million TPA by Fiscal 2023. The MSW Management market is estimated at INR 3000 Cr for Fiscal 2018 and is expected 106 to reach 6200 Cr by Fiscal 2023 at a CAGR of 15.6%.

Increasing participation of professional players in the collection and transportation services and development of scientific recycling and disposal methods for management of MSW is expected to be a key driver for the market.

(Source: Frost & Sullivan Report).

Objects of the Antony Waste Handling IPO:

a) An offer of Sale: The existing investors are selling 6,824,933 Equity shares in the IPO. b) Fresh Shares: The company is issuing shares worth Rs.85 Cr in the IPO.

Antony Waste Handling IPO Details:

Open Date: Dec 21 2020
Close Date: Dec 23 2020
Total Shares: 9428107
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Buildling
Issue Size: 300 Cr.
Lot Size: 47 Shares
Issue Price: ₹ 311-315 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jan 01 2021

Promoters And Management:

(i) Jose Jacob Kallarakal is the Chairman and Managing Director of the Company. He holds a Bachelor’s degree in Engineering (Mechanical) from Bharati Vidyapeeth’s College of Engineering, University of Mumbai. He is majorly responsible for the business development initiatives for the Company. He has completed the Authentic Leader Development Course from Harvard Business School, Boston. He was an invited speaker at the Waste Management Innovation Conference organised by the Ohio State University. He is one of the founders of the Company and has been associated with us since its inception. He has 19 years of experience in the field of waste management. (ii) Shiju Jacob Kallarakal is the Executive Director and the Chief Financial Officer of the Company. He holds a Bachelor’s degree in Engineering (Chemical) from Bharati Vidyapeeth’s College of Engineering, University of Mumbai. He overlooks the accounting and finance along with the legal functions of the Company. He is one of the founders of our Company and has been associated with us since its inception. He has 19 years of experience in the field of waste management.

Financials of Antony Waste Handling IPO:

(Fig. in Cr)
Year Revenue EBITDA OPM PAT NPM Shares F.V. EPS NW RONW
2016 239 74 31% 26 11% 1.4302 5 18 172 15%
2017 288 78 27% 38 13% 1.4302 5 27 131 30%
2018 289 84 29% 38 15% 1.4302 5 29 185 21%
2019 298 89 30% 31 11% 1.4302 5 21 235 13%
2020 464 141 31% 62 13.30% 2.5588 5 25 286 21%
6MFY21 215 61 28% 29 13.40% 2.5588 5 22 315 18%
IZ View: 1. The revenue has grown at a CAGR of 12.46% in the last 5 years. 2. The EBITDA margins in the last 5 years is almost flat. 3. The PAT has grown at a CAGR of 14.87% in the last 5 years. 4. EPS (Average of 3 years) = 25. So, P/E of 12.6x. 5. Mcap (Post IPO) = 806 Crores.

Comparison With Peers:

The Company does not have any listed industry peers in India.

Recommendation on Antony Waste Handling IPO:

Review and Recommendation of InvestorZone are 4/10 [The company is in the business of cleaning, sweeping, collection, transfer, disposal, aggregation, and treatment of waste awarded by regional government authorities. The business has a very high working capital requirement. The company is not generating free-cash-flow due to higher capex. The valuation is cheap at a P/E of 13x. Good listing gain is expected. ]

Lead Manager of Antony Waste Handling IPO:

  1. Equirus Capital Private Limited

Registrar of Antony Waste Handling IPO:

  1. Link Intime India Private Limited

Discussion on Antony Waste Handling IPO:

    Hello UMESH sir ,
    I bought 100 shares of this share at the price of 423 and now the price falls to 358-370 , what should i fo now?

    Wish you good luck for Antony Listing.

    Strategy 1

    If the listing happens between 425-450 Then sell 50% at this level and hold rest 50% with stop loss of 400 to a target of 500. And sell remaining at 500.

    Strategy 2

    If listing happens below 375-400, it is better to book profit and exit.

    It is not a portfolio stock like Route, Gland Pharma, CAMS etc which you can hold.

    Again wishing you good luck and prosperous year.

      Umesh Sir

      Please note that i got allotment of 47 shares But I Didn’t sell today due to some issues

      Could you tell me what is price expected next week and at what price to exit

      My plan is to sell 27 shares but at price do u suggest to exit

      I will keep 20 for long term

      Kindly advise, please.

          Thank u for ur comment Sir

          Will sell 37 shares @ 400 or market rate on Monday and recover capital

          Balance 10 will keep for long term

          Bhai 10 shares would only mean capital of 4000
          Even if that doubles in 2-3 years which is very unlikely
          U still will profit rs 4000

          Not much

          Sell it all bro
          No point in keeping just 10 shares

          Make a sizeable bet on shares that you think wi give h good profit

          Portfolio should contain small no of companies of sizeable bet(a good amount as per your risk taking ability) rather than more companies with small bet

    *Indian Railway Finance Corporation IPO*

    *Market?s Current Estimates of oversubscription*:

    NII = 51.00K Crs. = ~73.38X
    RII = 27.00L Forms = 2.49X Applic. wise (Avg allotment of ~231.40 shares per lot)

    Interest cost *@6.00%p.a.* for 7days = 2.99paise for 1X

    Thus, for NII the costing = 73.38 X 2.99paise = Rs.2.20 per share (= GMP)

    And, for RII the costing = 231.40 X 2.20 = Rs.508/- (= Kostak)

    🎆🎆🎆🎆🎆🎆🎆🎆🎆🎆🎆

    To be added in our Whats – App send your name and city on our Whats – App nmbr 9122-182-978

    Only Whats – App

    Antony Waste Handling Cell IPO

    GMP 125 +/- 1
    Kostak 425 +/- 10
    Subject to 5,000

    Counter is dry
    No Volumes
    Only Bhav

    💠💠💠💠💠💠💠

    ❇❇❇❇❇❇❇❇

    Antony Waste Handling Cell IPO

    Last Traded
    GMP 175 +/- 1
    Kostak 600 +/- 10
    Subject to 7000

    ❇❇❇❇❇❇❇❇❇

    Indian Railway Finance Corporation IPO

    GMP 1.70 +/- 0.25
    Kostak 400 +/- 10

    *Broker’s and NFBCs feedback after 2nd Day of Antony IPO*

    1. It is noticed that lot of HNI clients didnt pay margin money for funding.
    2. Those HNIs who sold in Grey market are also not applying and covering shares at lower levels.
    3. Margin money can now be increased by NBFCs.
    4. No rush seen reasons – a. loss in Bectors. b. Low GMP in Anthony

      The market is getting very volatile now. And I don’t prefer applying in average businesses during such times. better to skip.

    Antony Waste IPO GMP as on 19 Dec 2020
    According to Chanakyapanthi 148
    & as per ipowatch 57
    What a shorp Defference?
    Seems very volatile and operater driven/very high risk stock.

    Antony is basically a Kachra company. Payment issues from government organisations. Not a good anchor.

    The only thing working in favour of Antony is bull market.

    So apply and enjoy guys.

    Risk in the business?

    Out of the current 18 projects, 17 projects are awarded by municipal corporations. So, they are highly dependent on Govt projects. And Many Municipalities have been struggling to fund various solid waste management projects from their own revenue receipts and are highly dependent on state/central grants/budget allocation.

    The date has been extended till 16th March 2020. Investors who have invested in SBI Card IPO, till that time the money will be released for non-allottees.

    ADMIN’S RECOMMENDATIONS AND OTHERS IMPORTANT INFORMATION YET NOT UPDATE.
    THIS SITE DOES’T HELPFUL FOR ME

      It is updated. Please check. It is an avoid.

    Dear Market wizard sir
    What is your view for this IPO
    Should We Subscribe for listing gain..

    ANTONY WASTE
    OPEN 4 MARCH
    CLOSE 6 MARCH
    PB 295-300
    LOT 50 SHARES

    Dear Market wizard sir
    What is your view for this IPO
    Should We Subscribe for listing gain..

    Business takeaways of Antony.

    1. One of the top player in Indian Municipal Solid Waste Management Industry, with 17 years of experience.

    2. Do business in three segment.

    a) MSW collection and transportation.( Currently having 8 projects)

    b) Sweeping of city( currently having 5 projects)

    c) Waste to Energy( one project)

    They get projects for certain duration, say 2 years, 5 years, 10 years and so on.

    3. 65-70% of solid waste management is done by municipal corporation itself. And rest 30-35% done by company like Antony. So in future with Swachh Bharat Abhiyan and Smart city, the private players will take big pie.

    4. Till date they have undertaken 25 projects , out of which 14 are currently running, as on 30.11.2018.

    5. They have around 515 vehicles to manage MSW, as on 30.11.2018.

    6. Problem is many of their projects out of 14 mentioned as on 30.11.2018, are expiring in 2019, 2020.

    So need to check rhp, to know their current projects.

    Need to verify how many such municipal projects they are 🏃, as on today.

    They should have surely finished this earlier…with the dates clashing with sbi cards ipo this might even not get fully subscribed…
    What’s your views?