Concord Enviro Systems IPO Set to Cleanse Market Waters

Concord Enviro Systems has announced an IPO pricing between Rs 665-701 per share, opening December 19. The offering includes fresh issuance of shares worth Rs 175 crore and an Offer For Sale of 46.41 lakh shares, aggregating Rs 500.33 crore with proceeds for expansion and debt repayment.

New Delhi, Dec 16 (PTI) – Environmental engineering firm Concord Enviro Systems is gearing up for its initial public offering (IPO), pricing shares between Rs 665 and 701. Public subscriptions begin on December 19, with the offering wrapping up on December 23. A day for anchor investors is slated for December 18, the company disclosed.

The IPO package constitutes a fresh equity issuance worth Rs 175 crore and an Offer For Sale (OFS) of 46.41 lakh shares valued at Rs 325.33 crore, at the price ceiling, from promoters and an investor, aggregating to an issue size of Rs 500.33 crore. Key sellers in the OFS include promoters Prayas Goel, Prerak Goel, along with promoter groups and investor AF Holdings.

The funds from this new issuance will support CEF's establishment of a water treatment assembly and satisfy working capital needs. A portion also fuels Rochem Separation Systems' expansion, addresses debt, supports technology and growth initiatives, and attends to general corporate expenses. Aiming to list on NSE and BSE by December 27, Concord's market capitalisation is pegged at Rs 1,450 crore at the upper price limit.

(With inputs from agencies.)