Concord Enviro Systems IPO sails through on Day 2; retail portion booked 2x

Concord Enviro Systems IPO sails through on Day 2; retail portion booked 2x

The Rs 500-crore IPO of Concord Enviro Systems, an environmental engineering solutions firm, got fully subscribed on second day of bidding (December 20).

At the day's close, the IPO got subscribed 1.24 times for the 50.15 lakh shares on offer, showed exchange data.

The company raised Rs 150 crore from anchor investors and its shares are available in a price range of Rs 665-701 per share.

The retail portion got subscribed 2.01 times for the 25.45 lakh shares on offer. Non Institutional Investors made 101% bids for the 10.9 lakh shares offered to them.

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. Those selling shares in the OFS are, promoters -- Prayas Goel and Prerak Goel, promoter groups -- Namrata Goel, Nidhi Goel and Pushpa Goel -- and investor AF Holdings.

At the upper-end of the price band, the company's market capitalisation has been pegged at Rs 1,450 crore. Half of the issue has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

Concord Enviro Systems is an integrated solutions provider for industrial waste 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.