The initial public offering of Concord Enviro Systems Ltd. will open for bidding at a price band of Rs 665 to Rs 701 per share, according to the price band advertisement on Monday.
Bids can be made for a minimum of 21 shares, and then in multiples thereof. Concord Enviro filed its preliminary papers with the capital markets regulator on Aug. 28.
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The IPO will comprise a fresh issue worth Rs 175 crore and an offer for sale of 46.40 lakh shares by promoters and a major foreign investor, according to the red herring prospectus.
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The company initially proposed a fresh issue of equity shares worth Rs 192.3 crore and an offer for sale of 51.94 lakh shares, according to the draft papers.
Promoters divesting shares in the OFS include Prayas Goel, Prerak Goel, Pushpa Goel, Nidhi Goel and Namrata Goel. The company has a price-to-earnings ratio of 30.79 times for the fiscal ended March 2024 at the upper end of the price band, the statement said.
Motilal Oswal Investment Advisors Ltd. and Equirus Capital Pvt. are the lead book running managers for the issue.
The company had previously approached SEBI with IPO papers in 2022 and received the regulator's clearance. However, it did not go ahead with the maiden public issue.
Proceeds from the IPO of up to Rs 25 crore will be invested in Concord Enviro FZE (CEF) for setting up a new assembly unit for water treatment systems, and Rs 10.505 crore will be invested in Rochem Separation Systems (India) Pvt. to expand its manufacturing facilities and support activities.
Concord Enviro Systems is a global provider of water and wastewater treatment and reuse solutions. It has in-house capabilities to develop solutions across the entire value chain, including for designing, manufacturing, installing, and commissioning, operating and maintenance, and digitalisation solutions, including Internet-of-Things.
The company exports to countries in North America, Latin America, Africa, the Middle East, and Southeast Asia, serving 377 customers worldwide.
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