Concord Enviro IPO Allotment: What GMP Suggests, Check Allotment Status Online – News18

Last Updated:December 24, 2024, 10:31 IST

Concord Enviro IPO Allotment: The IPO was offered in a price band of Rs 665 to Rs 701 per share.

Concord Enviro IPO Allotment, GMP Today: The initial public offering (IPO) of environmental engineering solutions firm Concord Enviro Systems Ltd concluded on Monday with strong demand. By 5:00 PM on the final day, the IPO was subscribed 10.67 times, receiving bids for 5,35,33,347 shares against the 50,15,356 shares on offer.

The retail category saw a subscription of 5.56 times, while the non-institutional investor (NII) category was subscribed 14.2 times. The qualified institutional buyer (QIB) category led with a 17.32 times subscription.

The IPO, which opened for bidding on Thursday, December 19, was offered in a price band of Rs 665 to Rs 701 per share.

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

The GMP for the Concord Enviro IPO is Rs 40, indicating an expected listing price of approximately Rs 741 (Rs 701 + Rs 40). This suggests the grey market anticipates a listing gain of over 6% above the IPO’s upper price band of Rs 701 per share. This indicates a positive listing gain for investors on December 27.

The GMP is subject to sentiments in the market and may change.

Concord Enviro IPO: More Details

The Concord Enviro IPO consists of two components:

• Fresh Issue: Equity shares worth Rs 175 crore.
• Offer-for-Sale (OFS): 46.41 lakh equity shares valued at Rs 325.33 crore (at the upper price band).

This brings the total issue size to Rs 500.33 crore. Shares under the OFS will be sold by:

• Promoters: Prayas Goel and Prerak Goel.
• Promoter Group: Namrata Goel, Nidhi Goel, and Pushpa Goel.
• Investor: AF Holdings.

Price Band and Investment Details

• Price Band: Rs 665 to Rs 701 per share.
• Minimum Application Size: 21 shares.

Investment Requirements:

• Retail Investors: Rs 14,721 (minimum).
• Small NIIs: 14 lots (294 shares) amounting to Rs 2,06,094.
• Large NIIs: 68 lots (1,428 shares) amounting to Rs 10,01,028.

Fund Utilisation

Proceeds from the fresh issue will be allocated as follows:

• Concord Enviro FZE (CEF): For setting up a new assembly unit for water treatment systems and meeting working capital requirements.
• Rochem Separation Systems (India) Pvt. Ltd.: For expanding manufacturing facilities, repaying debt, funding technology and growth initiatives, supporting working capital, and general corporate purposes.

Anchor Investors and Market Capitalisation

Concord Enviro has raised Rs 150 crore from anchor investors ahead of the IPO.

At the upper price band, the company’s market capitalisation is estimated at Rs 1,450 crore.

Reservation Details

• 50% reserved for Qualified Institutional Buyers (QIBs).
• 35% reserved for retail investors.
• 15% reserved for NIIs.

Business Overview

Concord Enviro Systems is a leading provider of industrial wastewater reuse and zero liquid discharge solutions. The company offers integrated services across the value chain and has a global footprint, with exports to North America, Latin America, Africa, the Middle East, and Southeast Asia.

Listing and Book Running Lead Managers

• Listing Date: December 27, 2024.
• Stock Exchanges: NSE and BSE.
• Lead Managers: Motilal Oswal Investment Advisors and Equirus Capital.