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Unlisted shares of Concord Enviro Ltd are trading at Rs 763 in the grey market, reflecting a GMP of 8.84%, signalling a positive listing gain for investors.
Among the eight IPOs, the GMP is highest for Mamata Machinery at 107 per cent, while that of Carroro India is the lowest at zero.
Concord Enviro IPO: The initial public offering of environmental engineering solutions firm Concord Enviro Systems Ltd, which opened on Thursday, received a 0.6 times subscription on the first day of bidding. The price band of the IPO has been fixed in the range of Rs 665 to Rs 701 per share. Till 5:00 pm on the second day on Friday, the IPO received a 1.24 times subscription garnering bids for 62,32,842 shares as against the 50,15,356 shares on offer.
So far, the retail category has received a 2.01 times subscription, while the non-institutional category (NII) got a 1.01 times subscription. The QIB category received a 0.01 times 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 continue to trade at Rs 763 in the grey market, reflecting a premium of Rs 62 (8.84%) over the upper price band of Rs 701. This indicates a positive listing gain for investors on December 27.
The 8.84 GMP is significantly higher than the the 9.99 per cent grey market premium recorded in the morning.
The GMP is subject to sentiments in the market and may change.
Concord Enviro IPO: More Details
The IPO comprises a fresh issuance of equity shares worth Rs 175 crore and an Offer-for-Sale (OFS) of 46.41 lakh equity shares valued at Rs 325.33 crore, at the upper-end of the price band, by promoters and an investor.
This aggregates the issue size to Rs 500.33 crore. Those selling shares in the OFS are, promoters — Prayas Goel and Prerak Goel, promoter groups — Namrata Goel, Nidhi Goel and Pushpa Goel — and investor AF Holdings.
Its price band has been fixed at Rs 665 to Rs 701 per share. The minimum lot size for an application is 21. The minimum amount of investment required by retail investors is Rs 14,721. The minimum lot size investment for small NII is 14 lots (294 shares), amounting to Rs 2,06,094, and for big NII, it is 68 lots (1,428 shares), amounting to Rs 10,01,028.
Concord Enviro Systems has raised Rs 150 crore from anchor investors.
Proceeds from the fresh issue will be invested in Concord Enviro FZE (CEF) for setting up a new assembly unit for water treatment systems as well as its working capital requirement.
Additionally, funds will be invested in Rochem Separation Systems (India) Private Ltd to expand its manufacturing facilities and support activities, payment of debt, technology and growth initiatives, working capital requirements and for general corporate purposes.
At the upper-end of the price band, the company’s market capitalisation has been pegged at Rs 1,450 crore. Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors.
Concord Enviro Systems is an integrated solutions provider for industrial waste water reuse and zero liquid discharge solutions, with an in-house position 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.
Motilal Oswal Investment Advisors and Equirus Capital are the book running lead managers to the issue. The equity shares of the company are expected to be listed on December 27 on the NSE and BSE.