Concord Enviro System Lists At 17.83% Premium Over IPO Price

Concord Enviro Systems Ltd. was listed at Rs 826.00 apiece, which is a premium of 17.83%, on National Stock Exchanges on Friday. The stock was listed at 15.20% premium at Rs 807.55 apiece on BSE Ltd.

Concord Enviro Sytems Ltd.'s public offer was subscribed 4.34 times, led by demand from retail investors. The issue saw bids worth around Rs 3,750 crore for an initial public offer seeking to raise Rs 500.3 crore.

The Rs 500.3-crore IPO consists of a fresh issue of Rs 175 crore and an offer for sale of Rs 325.3 crore.

The price band for the Concord Enviro Systems initial offer has been set between Rs 665 and Rs 701 per share. The market value at the upper end of the price band is Rs 1,451 crore.

Before the IPO, Concord Enviro Systems raised 150 crore from anchor investors on Dec 18. The company issued 21.4 lakh shares to 18 investors at Rs 701 apiece, according to an exchange filing.

Out of the total allocation, 64.65% went to six domestic mutual funds, which have applied through a total of 10 schemes. These include ICICI Prudential, LIC Mutual Fund, Invesco India and PGIM India Mutual Fund.