Envirotech Systems IPO subscribed nearly 92 times on last day driven by NIIs

The Envirotech Systems IPO saw a strong demand on the last day of bidding on Thursday, September 19. The NSE SME issue was booked nearly 92 times.

The initial public offering (IPO) of the noise measurement and control solutions manufacturer received bids for 30.24 crore shares against 32.92 lakh shares on offer.

In the retail investor category, the issue was subscribed 64.16 times with applications for 10.56 crore shares compared to 16.46 lakh shares reserved for the segment. The non-institutional investors applied for more than 13.28 crore shares against the 7.06 lakh shares set aside for them, resulting in a subscription of 188.13 times.

The Qualified Institutional Buyers (QIBs) booked their portion 68.11 times with applications for 6.4 crore shares compared to 9.4 lakh shares set aside for the category.

Envirotech Systems IPO offer size and price band

Envirotech Systems Limited IPO was a book-building issue worth ₹30.24 crore. The IPO consisted entirely of a fresh issue of 54 lakh shares. The IPO price band was set between ₹53 and ₹56 per share.

Envirotech Systems IPO dates

The company's IPO was open for bidding from September 13 to September 19. Successful bidders will receive the shares in their Demat accounts on September 20 and refunds for non-allottees will be initiated the same day.

The IPO listing date has been tentatively fixed as September 24. Shares of the company are scheduled to be listed on the NSE SME platform.

Envirotech Systems IPO registrar

The registrar for the Envirotech Systems IPO is Bigshare Services Private Limited, and the book-running lead manager is Share India Capital Services Private Limited. Share India Securities will act as the market maker for the IPO.

Envirotech Systems IPO objective

The company plans to use the net proceeds from the offering for purchasing land and building to set up the factory, funding the working capital requirements, general corporate expenses and meeting the public issue expense.

About Envirotech Systems Limited

Founded in 2007, Envirotech Systems Limited specialises in noise measurement and control solutions for both industrial and commercial applications.

The company focuses on designing and supplying custom enclosures aimed at reducing noise from machinery, suitable for indoor and outdoor use.

Their product offerings include acoustic enclosures, noise barriers, test booths, anechoic chambers, and metal doors. The company has successfully completed projects in sectors such as oil and gas, manufacturing, power generation, automotive and construction, across India.