Concord Enviro shares surge nearly 19% in market debut
New Delhi: Shares of Concord Enviro Systems Ltd jumped nearly 19 per cent in market debut trade on Friday against the issue price of Rs 701.
The stock listed at Rs 832, reflecting a surge of 18.68 per cent from the issue price on the BSE. It further soared 21.18 per cent to Rs 849.50.
At the NSE, shares of the firm began the trade at Rs 826, a jump of 17.83 per cent.
The company commanded a market valuation of Rs 1,764.97 crore.
The Initial Public Offering (IPO) of Concord Enviro Systems Ltd received 10.67 times subscription on the final day of bidding on Monday.
The Rs 500-crore IPO had a price range of Rs 665-701 per share.
The IPO had 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.
The 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) Pvt Ltd to expand its manufacturing facilities and support activities, payment of debt, technology and growth initiatives, working capital requirements, and general corporate purposes.
Concord Enviro Systems is an integrated solutions provider for industrial 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.
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