Water and wastewater treatment solutions provider Concord Enviro Systems has received Rs 150.1 crore investment from 13 institutional investors via its anchor book launched on December 18. The company is set to open its initial public offering for subscription on December 19 and close on December 23.
Domestic institutional investors including ICICI Prudential Mutual Fund, Kotak Mahindra AMC, Bandhan Mutual Fund, Invesco India, PGIM India, and LIC Mutual Fund picked 14.55 lakh shares worth Rs 102.04 crore in Concord.
Among others, Morgan Stanley, Societe Generale, Meru Investment Fund, SBI General Insurance, Winro Commercial, LC Pharos Multi Strategy Fund, and BNP Paribas Financial Markets bought 6.85 lakh shares worth Rs 48.05 crore in the company.
"...has finalised allocation of 21,41,195 equity shares to anchor investor at Rs 701 per share," Concord said in its filing to exchanges.
It further said out of the allocation of 21.41 lakh equity shares, 13.84 lakh shares were allotted to 6 domestic mutual funds who have applied through a total of 10 schemes.
The AF Holdings-backed company targets raise Rs 500.3 crore through its initial share sale which is a combination of fresh issue of equity shares worth Rs 175 crore, and an offer-for-sale of 46.4 lakh shares worth Rs 325.3 crore by existing shareholders.
AF Holdings, the only investor in the company, as well as Goel family (promoters) are the selling shareholders in the offer-for-sale. The price band for the public issue has been fixed at Rs 665-701 per share.
Also read: Sanathan Textiles mobilises Rs 165 crore via anchor book ahead of Rs 550-crore IPO
The Mumbai-based company will utilise fresh issue proceeds for the greenfield project in UAE, brownfield project in Vasai, purchase of plant and machinery, repayment of the debt, and working capital requirements, technology and other growth initiatives for access to new markets; and general corporate purposes.
Apart from developing water and wastewater treatment systems and plants, and turnkey solutions, the company also provides operations and maintenance services and manufactures consumables and spare parts. Its total order book as of August 2024 was Rs 501.75 crore.
Also read: Mamata Machinery raises Rs 53.56 crore via anchor book, Rs 179-crore IPO to open on December 19
The merchant bankers handling the public issue are Motilal Oswal Investment Advisors, and Equirus Capital.
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