Concord Enviro Systems, a water and wastewater treatment solutions provider, recently launched its Initial Public Offering (IPO) with a price range of ₹665-701. As of the end of Day 1, the IPO was subscribed 0.60 times, with bids for 29.8 lakh shares against 50.15 lakh shares on offer. The IPO is set to close on December 23.
The IPO saw a strong response from retail investors, with the retail portion being oversubscribed at 1.02 times. The Qualified Institutional Buyers (QIB) portion is yet to make bids, while the Non-Institutional Investors (NII) portion was subscribed at 0.35 times.
Prior to the IPO opening, Concord Enviro Systems raised ₹150.1 crore from 13 institutional investors through the anchor book. The total IPO consists of a fresh issue of ₹175 crore and an Offer-For-Sale (OFS) worth ₹325.33 crore, including shares from promoters and investor AF Holdings.
Concord Enviro Systems is an integrated solutions provider for industrial wastewater re-use and zero liquid discharge solutions, with a global reach spanning regions in North America, Latin America, Africa, West Asia, and South-East Asia. The company plans to use the proceeds from the IPO to expand its operations and meet working capital requirements.
With its strong foothold in the market and a promising future ahead, Concord Enviro Systems’ IPO is one to watch out for. As the company continues to grow and expand its services, investors are showing keen interest in its offering, setting the stage for a successful listing on the NSE and BSE.
In conclusion, Concord Enviro Systems’ IPO presents a valuable opportunity for investors looking to tap into the growing demand for water and wastewater treatment solutions. The company’s strategic expansion plans and strong investor interest indicate a positive outlook for its future in the market.
