Concord Enviro Systems IPO Surpasses Expectations with Strong Subscription

Concord Enviro Systems witnessed its IPO being subscribed 1.24 times, with RIIs showing strong interest. The Rs 500-crore IPO comprises a fresh issue and offer-for-sale by promoters. Proceeds aim at expansion and innovation, reaching global markets in water treatment solutions.

Concord Enviro Systems, an environmental engineering solutions firm, achieved significant success with its initial public offering as it was subscribed 1.24 times by the end of Friday's bidding.

According to NSE data, bids were received for 62,15,517 shares against 50,15,356 shares on offer. Retail Individual Investors (RIIs) showed considerable interest with a 2.01 times subscription, while non-institutional investors subscribed 1.01 times, and Qualified Institutional Buyers (QIBs) received a mere 1 per cent subscription.

The IPO, valued at Rs 500 crore, closes on December 23, offering shares between Rs 665-701. It includes a fresh issuance worth Rs 175 crore and an offer-for-sale worth Rs 325.33 crore. Proceeds will fund expansions and innovations, notably in water treatment systems, across diverse international markets.

(With inputs from agencies.)