VA Tech Wabag, a leader in water treatment industry, has come out with its initial public offer (IPO) on Wednesday to raise Rs. 125 crore. Besides, there is an offer for sale of 26.53 lakh shares by existing investors. The company has fixed the price band between Rs. 1,230 and Rs. 1,310 per share of Rs. 5 face value. Addressing presspersons here, Rajiv Mittal, Managing Director, said the company had received good response from anchor investors who had invested at Rs. 1,310, the upper end of the price band. Mr. Mittal said the company was debt-free with a cash reserve of Rs. 220 crore. Including Rs. 125 crore to be realised by the company through the present issue, the company would be left with Rs. 345 crore. The resources would be used for expanding the activities, including acquisitions.
The issue will remain open till September 27.