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Concord Enviro IPO: Unlisted shares of Concord Enviro Ltd are buying and selling at Rs 771 within the gray market, reflecting a GMP of 9.99%, indicating a optimistic itemizing achieve for buyers on December 27.
Concord Enviro IPO.
Concord Enviro IPO: The preliminary public providing of environmental engineering options agency Concord Enviro Systems Ltd opened for public subscription on Thursday. The value band of the IPO has been fastened within the vary of Rs 665 to Rs 701 per share. Till 4:49 pm on the primary day on Thursday, the IPO acquired a 0.59 occasions subscription garnering bids for 29,38,971 shares as in opposition to the 50,15,356 shares on provide.
So far, the retail class has acquired a 1 occasions subscription, whereas the non-institutional class (NII) acquired a 0.35 occasions subscription.
Concord Enviro IPO: Key Dates
Closing Date: December 23 (Monday)
Allotment Finalisation: December 24
Listing on BSE and NSE: December 27 (Friday)
Concord Enviro IPO GMP Today
As per market observers, the unlisted shares of Concord Enviro Ltd are buying and selling at Rs 771 within the gray market, reflecting a premium of Rs 70 (9.99%) over the higher value band of Rs 701. This signifies a optimistic itemizing achieve for buyers on December 27.
The 9.99 per cent GMP is considerably increased than the zero gray market premium recorded on Tuesday.
The GMP is topic to sentiments available in the market and should change.
Concord Enviro IPO: More Details
The IPO includes a recent issuance of fairness shares price Rs 175 crore and an Offer-for-Sale (OFS) of 46.41 lakh fairness shares valued at Rs 325.33 crore, on the upper-end of the value band, by promoters and an investor.
This aggregates the difficulty measurement to Rs 500.33 crore. Those promoting shares within the OFS are, promoters — Prayas Goel and Prerak Goel, promoter teams — Namrata Goel, Nidhi Goel and Pushpa Goel — and investor AF Holdings.
Its value band has been fastened at Rs 665 to Rs 701 per share. The minimal lot measurement for an software is 21. The minimal quantity of funding required by retail buyers is Rs 14,721. The minimal lot measurement funding for small NII is 14 tons (294 shares), amounting to Rs 2,06,094, and for giant NII, it’s 68 tons (1,428 shares), amounting to Rs 10,01,028.
Concord Enviro Systems has raised Rs 150 crore from anchor buyers.
Proceeds from the recent concern can be invested in Concord Enviro FZE (CEF) for establishing a brand new meeting unit for water remedy programs in addition to its working capital requirement.
Additionally, funds can be invested in Rochem Separation Systems (India) Private Ltd to develop its manufacturing services and help actions, fee of debt, expertise and development initiatives, working capital necessities and for basic company functions.
At the upper-end of the value band, the corporate’s market capitalisation has been pegged at Rs 1,450 crore. Half of the difficulty has been reserved for certified institutional patrons, 35 for retail buyers and the remaining 15 per cent for non-institutional buyers.
Concord Enviro Systems is an built-in options supplier for industrial waste water reuse and 0 liquid discharge options, with an in-house place throughout the worth chain. The firm’s attain extends to various areas with exports to nations in North America, Latin America, Africa, the Middle East, and Southeast Asia.
Motilal Oswal Investment Advisors and Equirus Capital are the ebook operating lead managers to the difficulty. The fairness shares of the corporate are anticipated to be listed on December 27 on the NSE and BSE.
