Concord Enviro Systems IPO Attracts Significant Anchor Investments

Concord Enviro Systems, specialized in environmental engineering solutions, has garnered Rs 150 crore from anchor investors for its Rs 500-crore IPO. The IPO, scheduled from December 19 to 23, includes a new equity issue and shares from promoters and investors. Proceeds are aimed at expansion and technological advancements.

Concord Enviro Systems, a key player in environmental engineering solutions, has secured Rs 150 crore from anchor investors ahead of its Rs 500-crore initial public offering (IPO). The IPO is set to open for public subscription on December 19 and will close on December 23, with shares priced between Rs 665 and Rs 701 per share.

According to the circular released by BSE, Concord Enviro Systems has allotted 21.41 lakh shares to 18 funds at Rs 701 each. This amount represents the upper limit of the price band, bringing the transaction's value to Rs 150.09 crore. Primary investors include ICICI Prudential Mutual Fund, Kotak Mutual Fund, and SBI General Insurance Company, among others.

The IPO entails issuing new equity shares worth Rs 175 crore and an offer-for-sale (OFS) of 46.41 lakh equity shares valued at Rs 325.33 crore. The funds acquired will be directed toward expanding Concord Enviro FZE's water treatment systems' assembly unit and enhancing Rochem Separation Systems' manufacturing facilities, alongside paying off debt and further corporate development.

 

(With inputs from agencies.)