Concord Enviro Systems Share Price Closes At 18% Premium On Listing Day
Concord Enviro Systems' initial public offer was subscribed 4.34 times, led by demand from retail investors.
Shares of Concord Enviro Systems Ltd. closed on the National Stock Exchange on Friday at Rs 827.10 apiece, a premium of 17.99% from the issue price.
Concord Enviro listed at Rs 826 apiece, which is a premium of 17.83%, on the NSE, while it debuted at a premium of 15.20% at Rs 807.55 per share on the BSE. During the day, the stock hit an intraday high of Rs 860 apiece.
Concord Enviro's public offer was subscribed 4.34 times, led by demand from retail investors. The issue saw bids worth around Rs 3,750 crore. The Rs 500.3-crore IPO consisted of a fresh issue of Rs 175 crore and an offer for sale of Rs 325.3 crore.
Before the IPO, Concord Enviro 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.
Business
Concord Enviro is a global provider of water and wastewater treatment and reuse solutions, including zero-liquid-discharge technology. It has in-house capabilities to develop solutions across the entire value chain, including designing, manufacturing, installation and commissioning, operation and maintenance, and digitalisation solutions, including Internet of Things.
The sources through which the business generates revenue include:
Sale of systems and plants.
Operations and maintenance of installed plants and,
Supplying consumables and spares for installed plants.
