October 18, 2024
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Concord Enviro Systems IPO Review by Paresh Gordhandas, CA & Research Analyst
Concord Enviro Systems is a leading global provider of water and wastewater treatment and reuse solutions, including zero liquid discharge (“ZLD”) technology, in terms of revenue from operations, as on March 31, 2024. It has in-house capabilities to develop solutions across the entire value chain including designing, manufacturing, installation and commissioning, operation and maintenance (“O&M”) and digitalization solutions including Internet of Things (“IoT”). In Fiscal 2024, it serviced over 353 domestic customers and 24 international customers across a diverse set of industries such as pharmaceuticals, chemicals, food and beverage, defence and energy, automotive and auto ancillaries, steel and textiles, and has a presence in two countries.
The net size of the IPO, excluding the anchor portion, is Rs. 350.23 crore, with the HNI portion amounting to Rs. 75.05 crore. A significant oversubscription for both the HNI portion and the overall IPO is expected. Currently, there is no grey market premium for this IPO, but once the subscription figures are released, a sharp increase in the grey market is anticipated. The offer price, with a PE multiple of 30.78, is highly attractive, leaving ample potential for both listing gains and post-listing returns.
Issue opens on 19 December, Closes on 23 December, Price Rs. 701, lot 21 Shares
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