The ₹500.33-crore initial public offering (IPO) of Concord Enviro Systems opens today in the price range of ₹665-701. The IPO of the environmental engineering solutions firm closes on December 23.
While half of the issue is reserved for qualified institutional buyers and 35 per cent for retail investors, the remaining 15 per cent is reserved for non-institutional investors.
Ahead of the issue opening, the water and wastewater treatment solutions provider Concord Enviro Systems raised ₹150.1 crore from 13 institutional investors through the anchor book.
The proposed IPO consists of a fresh issue of ₹175 crore and an Offer For Sale (OFS) worth ₹325.33 crore, including 46.41 lakh shares by promoters Prayas Goel and Prerak Goel, the promoter group (Namrata Goel, Nidhi Goel, and Pushpa Goel), and investor AF Holdings. Among the marquee investors are ICICI Prudential Mutual Fund, Kotak Mahindra AMC, Bandhan Mutual Fund, Invesco India, PGIM India, LIC Mutual Fund, Morgan Stanley, Societe Generale, Meru Investment Fund, SBI General Insurance, Winro Commercial, LC Pharos Multi Strategy Fund, and BNP Paribas Financial Markets.
The company has allotted 21,41,195 shares to anchor investors at ₹701 per share.
Concord Enviro Systems is an integrated solutions provider for industrial wastewater reuse and zero liquid discharge solutions, with an in-house presence across the value chain. The company’s reach extends to diverse regions, with exports to countries in North America, Latin America, Africa, the Middle East, and Southeast Asia.
Proceeds from the fresh issue will be invested in Concord Enviro FZE (CEF) to set up a new assembly unit for water treatment systems, as well as to meet its working capital requirements. Additionally, funds will be invested in Rochem Separation Systems (India) Pvt Ltd to expand its manufacturing facilities, support activities, pay off debt, fund technology and growth initiatives, meet working capital requirements, and for general corporate purposes.
Motilal Oswal Investment Advisors and Equirus Capital are the book-running lead managers for the issue. The equity shares of the company are expected to be listed on the NSE and BSE.
