Five investors including Abakkus, Carnelian, and IIFL picked up a 2.95% stake in SFC Environmental Technologies on October 22 and 23. The firm aims to raise Rs 667.5 crore through its IPO, which will open on October 27. These investors bought shares at Rs 330 each before the public issue.
Sunil Singhania's Abakkus Asset Manager, Vikas Khemani's Carnelian, and IIFL Capital are among five investors that collectively acquired a 2.95% stake in SFC Environmental Technologies from the promoters ahead of the company’s IPO next week.
The Navi Mumbai-based wastewater treatment solutions provider will open its maiden public issue on October 27 and close on October 29.
The company aims to raise Rs 667.5 crore via initial public offering (IPO) at the upper end price band of Rs 313-330 per share. The IPO included fresh issue of Rs 150 crore along with an offer-for-sale of 1.56 crore equity shares by promoters and other selling shareholders.
Promoter Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar) and promoter entity Asolkar Tradecraft transferred 27.57 lakh equity shares, representing 2.95 percent of pre-offer paid-up equity, to five institutional investors including Abakkus Asset Manager, Carnelian Asset Management, and IIFL Capital, at Rs 330 per share, on October 22 and 23.
Abakkus Flexi Edge Fund-1, and Abakkus Growth Fund-Open Ended acquired 13.63 lakh equity shares or 1.46 percent stake for Rs 45 crore, while Carnelian Asset Management & Advisors bought 6.96 lakh shares, representing 0.75 percent of pre-offer share capital worth Rs 23 crore, from Asolkar Tradecraft, on October 22.
Further, Neo Prime Fund, and IIFL-Late Stage Private Equity Fund each purchased 3.03 lakh shares (0.32 percent stake), and Nabs Equity acquired 90,910 shares (0.1 percent stake) for Rs 3 crore on October 23. Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar) was the seller.
SFC Environmental Technologies in its notice to investors on October 24 said the shares sold by Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar) in the above-mentioned transaction do not form part of the equity shares proposed to be offered by him in the offer-for-sale.
Following these transactions, shareholding of Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar) reduced to 18.61 percent from 19.36 percent, and Asolkar Tradecraft's stake to 3.12 percent from 5.33 percent after selling shares worth Rs 91 crore.
Environmental technology company SFC Environmental offers engineering solutions in the wastewater treatment, wastewater recycling & reuse, and solid waste treatment segments, which contributed 67 percent, 2 percent, and 17 percent to its revenue in FY26.
The company intends to utilise Rs 42.2 crore of proceeds from net fresh issue for repaying debt, Rs 74.9 crore for its working capital requirements, and the remaining funds for general corporate purposes, while the offer-for-sale proceeds will be received by selling shareholders.