Concord Enviro Systems shares had a respectable start on Friday, December 27, when they were listed at a 17.8 per cent premium on stock exchanges.
Compared to its initial public offering (IPO) price of Rs 701 per share, the stock of Concord Enviro Systems opened the session at Rs 826 per share on the National Stock Exchange of India (NSE), up 17.83 per cent. Within minutes of trading, the price of Concord Enviro Systems dropped by an additional 2.1 per cent, reaching its lowest point of the day at Rs 801 per share.
Share performance
The shares of concord enviro systems limited were trading at Rs 822.15 per share with a decline of 0.47 per cent amounting to Rs 3.85 per share on the Indian bourses.
Listing gains
Successful bidders who were given shares in the primary issues would be sitting on listing gains of Rs 2,625 (Rs 125 x 21) per lot as soon as the stock began to trade on exchanges, since the minimum quantity to apply for the Concord Enviro Systems IPO was 21 shares.
Use of IPO proceeds
The net proceeds from the IPO will be used by Concord Enviro Systems Ltd. to improve its balance sheet and pay off its current debts. Technology advancements, capital expenditures, and working capital needs will all be financed with the money raised through the issue. Additionally, a portion of the IPO proceeds will be used for general business needs.
Concord Enviro Systems IPO details
Bidding for the Rs 500.33-crore Concord Enviro Systems IPO took place between December 19 and December 23. Oversubscription occurred 10.67 times during the three-day bidding period for the mainboard issue.
The mainboard issue consisted of an offer-for-sale (OFS) of 46 lakh shares, totaling Rs 325.33 crore, and a fresh issuance of approximately 25 lakh shares, valued at up to Rs 175 crore.
The minimum lot size for bidding was 21 shares, and the price range for the issue was set at Rs 665 to Rs 701 per share.
