Concord Enviro IPO Subscribed 1.24 Times on Day 2

New Delhi, Dec 20 (PTI) The initial share sale of Concord Enviro Systems, an environmental engineering solutions firm, got subscribed 1.24 times by the end of the bidding on Friday.

The initial public offer (IPO) received bids for 62,15,517 shares against 50,15,356 shares on offer, as per data available with the NSE.

Retail individual investors (RIIs) slab received 2.01 times subscription while the non-institutional investor's portion got subscribed 1.01 times. Qualified institutional buyers (QIBs) received a 1 per cent subscription.

Concord Enviro Systems has raised Rs 150 crore from anchor investors.

The Rs 500-crore IPO will close on December 23. The shares are available in a price range of Rs 665-701 per share.

The IPO comprises a fresh issuance of equity shares worth Rs 175 crore and an offer-for-sale (OFS) of 46.41 lakh equity shares valued at Rs 325.33 crore, at the upper end of the price band, by promoters and an investor.

This aggregates the issue size to Rs 500.33 crore.

Those selling shares in the OFS are promoters Prayas Goel and Prerak Goel, promoter groups Namrata Goel, Nidhi Goel and Pushpa Goel, and investor AF Holdings.

Proceeds from the fresh issue will be invested in Concord Enviro FZE (CEF) for setting up a new assembly unit for water treatment systems as well as its working capital requirement.

Additionally, funds will be invested in Rochem Separation Systems (India) Pvt Ltd to expand its manufacturing facilities and support activities, payment of debt, technology and growth initiatives, working capital requirements, and general corporate purposes.

Concord Enviro Systems is an integrated solutions provider for industrial water reuse and zero liquid discharge solutions, with an in-house position across the value chain.

The company's reach extends to diverse regions, with exports to countries in North America, Latin America, Africa, the Middle East, and Southeast Asia.

Motilal Oswal Investment Advisors and Equirus Capital are the book-running lead managers to the issue.

The equity shares of the company will be listed on the NSE and the BSE.