Envirotech Systems Ltd.'s initial public offering opened for bidding on Friday. The Rs 30.24-crore public offer is an entirely fresh issue of 54 lakh shares. The bidding process for this SME IPO will conclude on Sept. 18.
Share allotment will be finalised by Sept. 19. The company's shares are tentatively scheduled to be listed on the NSE SME platform, Emerge, on Sept. 23.
Price band of the offering has been set at Rs 53 to Rs 56 per share. The lot size, which is the minimum number of shares an applicant has to buy, has been fixed at 2,000. This means that a retail investor has to invest a minimum of Rs 1.12 lakh to apply for the IPO.
As per the company's red herring prospectus, of the 54,00,000 shares offered - 17.41% is reserved for QIB, 13.07% for non-institutional investors, 30.48% for retail investors and 26.04% for Anchor investors.
Bigshare Services Pvt. is the registrar for the Envirotech Systems IPO.
Share India Capital Services Pvt. has been appointed as book-running lead manager for the issue, whereas Share India Securities is its market maker.
Envirotech Systems IPO Day 2 Subscription Status
The SME IPO was subscribed 6.36 times on Monday.
Qualified Institutions: Nil
Non-Institutional buyers: 3.12 times
Retail investors: 11.38 times
Also Read: Envirotech IPO Day 3 Subscription Status and Latest GMP
Envirotech Systems IPO GMP Today
The grey market premium (GMP) of Envirotech Systems is Rs 0 as of 09:23 p.m. on Monday, implying no gains over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 56 per share.
GMP is not an official price quote for the stock and is based on speculation.
Envirotech Systems Business
Founded in 2007, Envirotech Systems Ltd. manufactures acoustic products and specialises in noise measurement and control for industrial and commercial applications.
Envirotech Systems has over 98 employees and a network of technical experts offering services pan-India.
The company has its registered office in New Delhi and a manufacturing unit in Greater Noida.
Use Of Proceeds
Envirotech Systems will use the proceeds from the IPO to purchase land to set up a factory. The company will also use the funds to meet working capital requirements and general corporate purposes.
Financial Performance
Envirotech Systems Ltd. reported a total revenue of Rs 46.87 lakh for the year ended March 31, 2024, up by 63% from Rs 28.74 crore in fiscal 2023.
The company's net profit grew 344.11% year-on-year to Rs 11.42 crore in fiscal 2024 from Rs 2.57 crore in fiscal 2023.
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.
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