Envirotech Systems IPO fully booked over 2 times on day 1; check subscription status and other key details

The initial public offering of Envirotech Systems Limited was overall subscribed 2.58 times with bids for more than 85.24 lakh shares compared to 32.92 lakh shares on offer, as per the NSE data.

The issue subscribed 4.19 times in the retail category with applications for 69.04 lakh shares against 16.46 lakh shares set aside for the segment. The Non-Institutional Investors (NIIs) applied for over 16.2 lakh shares against 7.06 lakh shares set aside for the category, booking the segment 2.29 times.

The Qualified Institutional Buyers (QIBs) category did not receive any applications.

Envirotech Systems IPO details

Envirotech Systems IPO is a book-building issue worth ₹30.24 crore. The NSE SME public offer is an entirely fresh issue of 54 lakh shares. The company's price band has been fixed at ₹53 to ₹56 per share.

The minimum lot size for an application is 2,000 shares, requiring a minimum investment of ₹1,12,000 for retail investors. The High Net-Worth Individuals (HNIs) can apply for a minimum lot size of 2 lots, or 4,000 shares, aggregating to an investment of ₹2,24,000.

Envirotech Systems IPO dates

Envirotech Systems IPO subscription is open from September 13 to September 18. The IPO allotment status is likely to be finalised on September 19.

Shares of the company will be transferred to the Demat accounts of successful bidders on September 20 while the refunds will be initiated for non-allottees the same day.

Envirotech Systems Limited IPO listing date has been tentatively fixed as September 23. The stock will be listed on the NSE SME platform, Emerge.

Envirotech Systems IPO registrar

The registrar of Envirotech Systems IPO is Bigshare Services Private Limited, while the book-running lead manager is Share India Capital Services Private Limited.

Share India Securities is the market maker for Envirotech Systems IPO.

Envirotech Systems IPO objective

The company plans to use the net proceeds from the IPO to purchase land and buildings for setting up a factory. The company will also be using a portion of the fund for working capital requirements and general corporate expenses.

About Envirotech Systems Limited

Established in 2007, Envirotech Systems Limited provides noise measurement and control solutions for industrial and commercial use.

The company specialises in designing and supplying custom enclosures for noise reduction in machinery, applicable indoors and outdoors. Their product range includes acoustic enclosures, noise barriers, test booths, anechoic chambers, and metal doors. With a presence across India, Envirotech has completed successful projects in industries such as oil and gas, manufacturing, power generation, automotive and construction.