Brokers usually take bids until: Zerodha 4:45 PM, Groww 4:50 PM, Angel One and Upstox 5:00 PM (HNI 4:00 PM). Check the exact time with your broker or bank.
Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in subsidiary for the PCMC waste-to-energy project
-
Repayment or prepayment of subsidiary borrowings
-
General corporate purposes
-
(₹ in Crore)
Tap a bar to highlight a metric across periods and show its values.
No peer comparisons added yet.
Antony Waste Handling Cell Limited, incorporated in 2001 and headquartered in Thane, Maharashtra, is one of India's established municipal solid waste (MSW) management companies. The company provides a full range of MSW services, including collection, transportation, processing and disposal, and also undertakes mechanized road sweeping and landfill construction and management. It has historically ranked among the leading private players in the sector by number of municipal contracts handled. At the time of its public issue, the company served large urban local bodies including the Navi Mumbai Municipal Corporation, Thane Municipal Corporation, Pimpri Chinchwad Municipal Corporation, Mangaluru Municipal Corporation, NOIDA and Greater Noida Industrial Development Authority, operating more than two dozen projects across these municipalities. Contracts of this kind are typically long tenure and awarded through competitive public bidding, which has allowed the company to build a track record of scale and continuity in a business that depends heavily on local-government relationships. Beyond its core collection and processing operations, the company was expanding into waste-to-energy processing through a subsidiary, aiming to convert municipal solid waste into electricity as an additional revenue stream. Its growth strategy centered on winning new municipal contracts, deepening its presence in existing cities, and diversifying into higher-value waste-processing formats such as waste-to-energy, positioning it to benefit from India's increasing regulatory focus on organized, compliant solid-waste management.
The company raised close to Rs 90 crore from ten anchor investors at the top of the price band, Rs 315 per share, shortly before the issue opened. Massachusetts Institute of Technology was the largest participant among them, alongside Tata AIG General Insurance, SBI Mutual Fund and 238 Plan Associates.
Source: RHP • Analysis provided for informational purposes
Last Updated: 28 July 2026, 9:21 AM
Established niche market position
The company has built a specialized position in municipal solid waste management using modern collection and processing technology, differentiating it from smaller, less organized operators.
Broad, diversified municipal contract base
It operated more than 25 municipal projects across several Indian cities at the time of listing, reducing dependence on any single contract and providing operating scale.
Improving contract profitability
Newer long-term municipal contracts were delivering better margins than older ones, supporting stronger performance in the period leading up to the IPO.
Dependence on municipal contracts and bidding
Most revenue comes from contracts with municipal authorities won through competitive public bidding, exposing the business to renewal risk and pricing pressure at each bid cycle.
Client concentration
The top five clients accounted for close to 82% of FY2020 revenue, so the loss or non-renewal of even one large municipal client could materially affect results.
Limited cost-escalation protection
Roughly a quarter of the company's contracts lacked wage or fuel cost-escalation clauses, leaving margins exposed to inflation over the life of those long-tenure contracts.
Antony Waste Handling Cell Limited
A-59, Road No. 10, Wagle Industrial Estate, Thane (West), Maharashtra 400604, India
View on Maps →MUFG Intime India Private Limited
No financial information whatsoever published anywhere, within this website, should be considered as an advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this website. The information on this website is based on information available as on date coupled with market perceptions.
You agree with the terms and conditions to use this website.
Grey-market disclaimer. GMP shown here is grey-market news only. We do not trade or deal in the grey market or subject-to rates, nor do we recommend trading in the grey market.
Not investment advice. IPO Nex is an information tool, not investment advice. We do not recommend buying or selling any securities. Always do your own research before applying to any IPO.
IPO Nex does not guarantee any listing gain or return. IPO investments are subject to market risks.
All times are IST.
© 2026 IPO Nex by Niota. All rights reserved.
Unproven waste-to-energy execution
At the time of the IPO the company had not yet completed a waste-to-energy project, making this growth initiative an unproven capability rather than a demonstrated track record.
High working-capital intensity
Municipal waste management contracts typically require significant working capital, which can strain liquidity, particularly given collection cycles with government counterparties.