Concord Enviro Systems, a provider of water and wastewater treatment solutions, has recently launched its initial public offering (IPO) which has been well received by investors. The IPO, which was subscribed fully at the end of Day 2, has seen bids for 62.15 lakh shares against 50.15 lakh shares on offer.
The IPO, priced in the range of ₹665-701, is set to close today. The offering consists of a fresh issue of ₹175 crore and an Offer-For-Sale (OFS) worth ₹325.33 crore. The company has raised ₹150.1 crore from 13 institutional investors through the anchor book.
Concord Enviro Systems is focused on providing integrated solutions for industrial wastewater re-use and zero liquid discharge solutions. The company has a strong presence across the value chain and serves diverse regions, including exports to countries in North America, Latin America, Africa, West Asia, and South-East Asia.
The proceeds from the IPO will be used to set up a new assembly unit for water treatment systems, expand manufacturing facilities, pay off debt, fund technology and growth initiatives, meet working capital requirements, and for general corporate purposes.
The IPO is being managed by Motilal Oswal Investment Advisors and Equirus Capital, with the equity shares expected to be listed on the NSE and BSE.
Overall, Concord Enviro Systems’ IPO has generated significant interest from investors, showcasing confidence in the company’s growth prospects and the potential for further expansion in the water and wastewater treatment solutions market.
