The initial public offering (IPO) of Antony Waste Handling Cell has been subscribed 3.1 times so far on Tuesday, the second day of the bidding. The issue has received bids for 2.07 crore equity shares as against a reduced offer size of 66.66 lakh shares.

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The qualified institutional buyers (QIBs) category was subscribed 63 percent, non-institutional investors' portion 18 percent and retail individual investors (RIIs) 5.8 times.

The price band for the Rs 300-crore IPO has fixed at Rs 313-315 per share. The issue closes on December 23.

Read here:

Antony Waste Handling Cell IPO opens today; Here are key things to know

In March 2020, Antony Waste had launched its IPO of around Rs 200 crore, but due to tepid investor response and extremely weak markets, the IPO failed to get sail through.

The company proposes to utilise the fresh proceeds of the issue for part-financing for the waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries, reduction of consolidated borrowings of the company d general corporate purposes.

The offer consists of a fresh issue of Rs 85 crore and an offer for sale of 68,24,933 equity shares by existing shareholders.

Read here: 'Only for high risk takers': Brokers cautious on Antony Waste Handling Cell IPO

Most brokerages advise caution on the IPO and suggest only high-risk investors invest in it on the back of dependency on municipal authorities for a major portion of the revenue.

According to SMC Global, the firm is looking to capitalise on the growth opportunities in the municipal solid waste (MSW) management sector by continued focus on bidding for such projects.

"It is dependent on municipal authorities for a substantial proportion of its business and revenue. Also, it is dependent on a limited number of customers for a significant portion of its revenue. The loss of any of its major customers due to any adverse development or significant reduction in business from its major customer may adversely affect its business," the brokerage advises.

A high-risk taker may opt for the issue, it added.