Concord Enviro IPO subscribed 10.67 times on final day of bidding

The Initial Public Offering (IPO) of Concord Enviro Systems Ltd received 10.67 times subscription on the final day of bidding on Monday.

The Rs 500-crore IPO received bids for 5,35,33,347 shares, as against 50,15,356 shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) part received 17.32 times subscription, while the quota for non-institutional investors got subscribed 14.20 times. The category for Retail Individual Investors (RIIs) fetched 5.56 times subscription.

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

The IPO has 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.

The 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.