Envirotech Systems IPO subscribed 2.3 times on Day 1; retail portion booked over 3.5 times | Stock Market News

The initial public offering (IPO) of Envirotech Systems attracted strong demand from both retail and non-institutional investors on its first day of bidding. 

The IPO, which opened today and is scheduled to close on Wednesday, September 18, was fully subscribed just a few hours after the bidding commenced.

As of 4:15 pm, the IPO received bids for 76,24,000 shares against the total offering of 32,92,000 shares, resulting in an overall subscription rate of 2.3 times, according to data from Chittorgarh.com. 

Retail investors exhibited significant interest, with their portion subscribed to 3.59 times, while the non-institutional buyers’ portion was booked at 0.99 times.

Envirotech Systems aims to raise ₹30.04 crore through this IPO, which is entirely a fresh issue of 54 lakh shares. The price band for the offer is set between ₹53 and ₹56 per equity share, with a face value of ₹10 per share. The IPO lot size is set at 2,000 shares, with a minimum investment of ₹1,12,000 required for retail investors.

The allotment of shares is expected to be finalised on Thursday, September 29, 2024, and the shares are expected to be listed on the NSE SME platform on Monday, September 23, 2024.

Share India Capital Services Private Limited is the book-running lead manager for the Envirotech Systems IPO, while Bigshare Services Pvt Ltd has been appointed as the registrar. 

The company intends to use the funds raised for the purchase of land and buildings to set up a factory, working capital requirements, general corporate expenses, and issue-related costs.

About Envirotech Systems

As per the Draft Red Herring Prospectus (DRHP), the company is a leading manufacturer of acoustic products, specialising in noise measurement and control solutions for both industrial and commercial applications. Established in 2007, the company has expanded its expertise to include innovative design and manufacturing of acoustical products.

It offers a wide range of services, including research, cost-benefit analysis, and engineering solutions, to deliver efficient noise abatement solutions. Operating across India, it serves a diverse client base, both industrial and commercial, while also exporting certain products internationally.

The company focuses on manufacturing products tailored to meet specific customer demands, providing customised solutions for various noise control requirements. Its products are designed and fabricated based on client specifications, ensuring optimal performance and efficiency.

Although it provides services nationwide, the company’s primary focus is on delivering personalised solutions that cater to the unique needs of its customers.

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