Premium Or Discount Listing? Here's What Concord Enviro Systems IPO GMP Indicates Ahead Of Launch
Concord Enviro Systems' IPO includes a fresh issue of Rs 175 crore and an offer for sale of Rs 325.33 crore. Shares will list on NSE and BSE on Dec. 27.
The initial share sale of Concord Enviro Systems Ltd., a water and wastewater treatment and reuse solutions provider, is set to open for subscription on Dec. 19. Ahead of the subscription window going live, the public offer received a lukewarm response in the unlisted market. The grey market premium on the shares of the company, a day before the start of bidding in the IPO, suggested a flat listing. As per InvestorGain, the Concord Enviro Systems IPO GMP was Rs 0 at 8:23 am on Dec. 18.
Note: GMP, or grey market price, is not an official price quote for the stock and is based on speculation.
Investors looking to bid in the Rs 500.33-crore IPO of Concord Enviro Systems can submit their bids between Dec. 19 and Dec. 23.
Allotment of shares in the mainboard IPO will be done on Dec. 24.
This will be followed by the initiation of refunds for non-allottees on Dec. 26. Credit of shares into the Demat account of successful bidders will also be done on the same day.
Concord Enviro Systems Ltd. shares are slated to list on the NSE and BSE on Dec. 27.
Concord Enviro Systems IPO Price Band And Offer Size
Concord Enviro IPO is a book-built issue with a fresh issuance of 25 lakh shares aggregating Rs 175 crore and an offer for sale portion of 46 lakh shares totalling Rs 325.33 rore. This takes the total offer size to Rs 500.33 crore.
The price for this mainboard issue has been set in the range of Rs 665 to Rs 701 apiece with a face value of Rs 5 per share. Retail investors may bid in the IPO with a minimum lot size of 21 shares, totalling an investment of Rs 14,721 per application.
Motilal Oswal Investment Advisors Ltd. and Equirus Capital Pvt. are the book-running lead managers for the Concord Enviro IPO, whereas Link Intime India Pvt. is its registrar.
Use of Proceeds
Concord Enviro Systems Ltd. has proposed to use Rs 50 crore from the net proceeds of the fresh issuance to settle debts and strengthen the company's balance sheet. Another Rs 20 crore will be used for working capital requirements, Rs 38 crore on capex, and Rs 23 crore will be spent on technological upgrades. Promoters Prayas Goel, Prerak Goel, Pushpa Goel, Nidhi Goel, and Namrata Goel will be the promoters offloading their stakes through the OFS route in the IPO.
About Concord Enviro Systems
Concord Enviro Systems Ltd. offers water and wastewater treatment and reuse treatment solutions to domestic and international clients. It provides integrated wastewater treatment and zero liquid discharge (ZLD) solutions, focused on energy optimisation and recovery to aid industries in achieving water conservation and sustainability goals.
Founded in July 1999, Concord Enviro Systems exports to North America, Latin America, and the Middle East, serving over 370 clients across the globe.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
