Concord Enviro Systems shares debut at 19% premium on BSE following successful IPO
livemint.com — December 27, 2024, 06:01 AM UTC
Concord Enviro Systems shares debuted on the BSE at ₹832, an 18.69% premium over the issue price of ₹701. On the NSE, shares listed at ₹826, a 17.83% premium. The IPO was oversubscribed 10.67 times. The IPO, which ran from December 19 to December 23, attracted bids for over 5.3 million shares against 501,536 available. The company aims to raise ₹500 crore, with funds allocated for subsidiaries, capital projects, and expanding manufacturing. Concord Enviro Systems specializes in water and wastewater treatment solutions. The company reported a 46% revenue increase to ₹627.68 crore for FY24, with a 655% rise in profit after tax to ₹41.44 crore, despite negative cash flows of ₹42 crore.