Concord Enviro Systems IPO Day 3 Live Updates: Key Highlights, Subscription Status, and Insights
The ₹500.33 crore Concord Enviro Systems IPO is all set to close on Monday, December 23, 2024, after being subscribed 2.33 times. The IPO proposes a fresh issue of ₹175.00 crore with ₹325.33 crore Offer for Sale (OFS) component.
Concord Enviro Systems IPO: Issue Details
(December 23, 2024, 12:36 p.m.)
The bidding for Concord Enviro Systems IPO started on December 19, 2024, and will conclude today, i.e., December 23, 2024. Investors can apply for the IPO within this period, with the allotment expected to be finalised by December 24, 2024, followed by listing on December 27, 2024.
Concord Enviro Systems IPO: Subscription Details
Concord Enviro Systems is offering a total of 71,56,551 shares. Of these, 13,79,122 shares (19.27%) are reserved for institutional investors, 10,90,870 shares (15.24%) for non-institutional investors, 25,45,364 shares (35.57%) for retail investors, and 21,41,195 shares (29.92%) for anchor investors.
As of the third day of the IPO, the Concord Enviro Systems share sale has garnered significant interest from retail and small Non-Institutional Investors, with subscription levels reaching 3.32 and 5.13 times, respectively.
On Day 3, the issue was subscribed 2.33 times with bids for 1.17 crore shares against 50.15 lakh shares offered.
Concord Enviro Systems IPO: Price Band and Lot Size
The price band is set at ₹665 to ₹701 per share.
Retail investors can apply for a minimum of one lot, which consists of 21 shares, requiring an investment of ₹14,721. For small Non-Institutional Investors, the minimum investment is 14 lots, totalling 294 shares, which amounts to ₹2,06,094. Meanwhile, large Non-Institutional Investors are required to invest in at least 68 lots, totalling 1,428 shares, with a total investment of ₹10,01,028.
About Concord Enviro Systems
Concord Enviro Systems is a leading provider of environmental engineering solutions, specialising in water and wastewater treatment using Green ZLD (zero-liquid discharge) technology. Since its inception in 1992, the company has established a strong presence in both domestic and international markets by providing a complete range of in-house solutions, including design, manufacturing, installation, operation and maintenance (O&M), and digitalisation with IoT.
As of March 31, 2024, Concord's revenue increased by 46%, with a market capitalisation of 1450.81 crore.
The company will use the funds raised from the IPO to
- Develop assembly units for water and wastewater treatment systems in the UAE,
- Repay or prepay outstanding borrowings,
- Purchase new equipment and machinery,
- Fund the working capital needs,
- Expand the manufacturing facilities and support activities of Rochem Separation Systems in Vasai,
- Invest in Reserve Enviro Private Limited, new technologies and other growth initiatives,
- Cover general corporate expenses.
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