Ahead of the listing, the company’s shares commanded a premium of Rs 74.

The IPO, a mix of fresh equity sale of Rs 43 crore and an OFS of Rs 7.68 crore, received a robust response from investors with a subscription of over 200 times at close.

The net proceeds from the IPO will be used for funding working capital requirements, capital expenditure, and other general corporate purposes.

Effwa Infra and Research is engaged in engineering, consultancy, procurement, construction, and integrated project management services in water pollution control, encompassing sewage and industrial effluent treatment, solid waste treatment and disposal, ventilation systems, hazardous waste management, and water treatment plants.Additionally, it also functions as a consultant and advisor, providing a range of services encompassing project organisation, management, equipment procurement, funding, and project execution.Also Read: Sahaj Solar IPO opens for subscription. Check issue size, price band, GMP and other detailsThe company’s expertise spans the entire project lifecycle, from registration and design to implementation, supervision, and finalizing contract terms.

Effwa works on the concept revolving around reducing, recycling, reusing, and rehabilitation to provide technological solutions for a range of industries, thus, enabling them to achieve Zero Liquid Discharge through recovery and recycling of water from effluent streams.

It caters to various industries such as textile, leather, paper, food processing, dairy, chemicals, dyes and intermediates, steel, mining, power, pharmaceutical and bulk drugs, sugar, distilleries, fertilizers, pesticides, ceramics, petrochemicals, and many others.

For the year ended March 2024, the company clocked total revenues of Rs 145 crore and net profit of Rs 14 crore.