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3 min read | Updated on December 19, 2024, 18:42 IST
SUMMARY
Concord Enviro Systems IPO is open for subscription till December 23. Concord Enviro Systems IPO is a book-built issue of fresh issuance of 25 lakh shares, worth ₹175 crore, and an offer-for-sale (OFS) portion of 46 lakh shares totalling ₹352.33 crore. The IPO price band has been fixed at ₹665 to ₹701 per share.
Concord Enviro Systems IPO day 1: Mainboard issue subscribed 51% so far; check price band, lot size and listing date
Concord Enviro Systems' IPO is open for subscription until December 23. The global water and wastewater treatment and reuse solutions provider aims to raise ₹500.33 crore through its maiden share sale.
The IPO received bids for more than 29.79 lakh shares against the 50.15 lakh shares on offer, the NSE data till 5pm showed.
The retail investors booked their quota 1.02 times. Over 25.94 lakh shares are reserved for the category. The Non-Institutional Investors (NIIs) booked 35% of their reserved portion of 10.9 lakh shares. The NIIs applied for 3.83 lakh shares.
The company received bids for only 588 shares against the 13,79,122 shares reserved in the Qualified Institutional Buyers(QIBs) category.
Ahead of the IPO's launch, Concord Enviro Systems Limited raised ₹150 crore from anchor investors led by Morgan Stanley Asia (Singapore) PTE-ODI.
Here are the key details about the mainboard issue for the investors interested in participating in the bidding process.
Concord Enviro Systems IPO is a book-built issue of fresh issuance of 25 lakh shares, worth ₹175 crore, and an offer-for-sale (OFS) portion of 46 lakh shares totalling ₹352.33 crore.
The IPO price band has been fixed at ₹665 to ₹701 per share. Retail investors can bid for a minimum lot size of 21 shares, resulting in an investment of ₹14,721 per application.
The shares will be allotted in the public offer on December 24. The shares will be credited to the demat account of successful bidders on December 26. The company will also initiate refunds on the same day.
Shares of Concord Enviro Systems Limited are proposed to be listed on the NSE and BSE on December 27.
Concord Enviro Systems Ltd. plans to use the net proceeds from the IPO to settle its existing debts and strengthen its balance sheet. The money raised through the issue will also be used to fund working capital requirements, capital expenditures, and technological upgrades. Further, the company plans to utilise some of the IPO proceeds for general corporate purposes.
Concord Enviro Systems Limited is a global player offering water and wastewater treatment and reuse solutions. The company's portfolio also includes zero-liquid discharge (ZLD) technology. It has in-house capabilities to develop solutions across the value chain – designing, manufacturing, installation and commissioning, operation and maintenance as well as digitalisation solutions such as the Internet of Things.
Concord Enviro Systems Limited generates revenue from the sale of systems and plants. It also offers operation and maintenance (O&M) services for installed plants and supplies consumables and spares for installed plants.
It caters to over 310 clients across North America, Latin America, Africa, the Middle East, and other regions of the world. The company's clientele includes the likes of Diageo Mexico Operaciones, AB Mauri and SA De CV.
Concord Enviro Systems Limited posted revenue from operations of ₹496.85 crore in the financial year 2023-2024, marking a 44.7% rise over ₹343.21 crore in the preceding fiscal.
The company's profit after tax (PAT) in FY 2023-24 stood at ₹41.43 crore, marking a multifold jump from ₹5.48 crore in the preceding financial year.
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