rediff.com

Concord Enviro IPO Subscribed 59% on Day 1

Share on:

By Rediff Money Desk, New Delhi   Dec 19, 2024 18:53

Concord Enviro Systems Ltd's IPO received 59% subscription on Day 1, with retail investors showing strong interest. The Rs 500 crore IPO closes on December 23.
Concord Enviro IPO Subscribed 59% on Day 1
Illustration: Dominic Xavier/Rediff.com
New Delhi, Dec 19 (PTI) The initial share sale of Concord Enviro Systems Ltd, an environmental engineering solutions firm, received 59 per cent subscription on the first day of bidding on Thursday.

The initial public offering (IPO) got bids for 29,79,585 shares against 50,15,356 shares on offer, as per data available with the NSE.

The retail individual investors (RIIs) portion received 1.02 times subscription while non-institutional investors part got subscribed 35 per cent.

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 for general corporate purposes.

Concord Enviro Systems is an integrated solutions provider for industrial waste 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.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!