Sewage solution provide EMS Limited has said it currently has an order book of nearly Rs 1,500 crore and will focus on securing more government contracts that have support from global funding agencies like World Bank. In March, EMS had filled draft papers with Sebi to raise funds through an initial public offering. The IPO includes a fresh issue of equity shares worth Rs 180 crore and an offer for sale of 82.94 lakh shares by promoter Ramveer Singh.
The company will use the proceeds from the issue to meet working capital requirements.
Ashish Tomar, Managing Director of EMS Ltd, said almost all of the company’s projects are World Bank-funded through local state government bodies.
The National Mission for Clean Ganga, the Jal Jeevan Mission, and Community Drinking Water Scheme are just a few of the initiatives that the government is expected to further support, the company said and added this will result in a larger order pipeline for local and national businesses operating in these specialised sectors.
“We have completed more than 50 projects in the past, and currently we are executing 13 ongoing projects aggregating into an order book of Rs 1,389.09 crore…Apart from this, we are also executing 5 O&M projects worth Rs 99.28 crore in Rajasthan, Uttar Pradesh, Himachal Pradesh, Bihar, Mumbai, and Uttarakhand,” Tomar said.
As per the draft papers filed with Sebi in March this year, the company may consider a pre-IPO placement of up to Rs 60 crore and if such a placement takes place, the number of equity shares will be reduced from the issue. Proceeds from the fresh issue will be utilised towards funding working capital requirements and other general corporate purposes, it said.
Upon completion of the IPO, the share will be listed on the BSE and NSE, EMS said.
The company is in the business of providing sewerage solutions, water supply systems, water and waste treatment plants, and water supply scheme projects for government authorities, among others.
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