Source-PTI
New Delhi: Concord Enviro Systems, an environmental engineering solutions provider, has submitted new documents to Sebi to raise funds through an Initial Public Offering (IPO). According to the Draft Red Herring Prospectus (DRHP) filed on Tuesday, the upcoming IPO will include new equity shares worth Rs 192.3 crore and the sale of 51.94 lakh existing equity shares by promoters and an investor.
The sellers of the Offer for Sale (OFS) shares include Prayas Goel, Prerak Goel, Namrata Goel, Nidhi Goel, Pushpa Goel, and investor AF Holdings. Out of the new share offering, Rs 25 crore will be allocated to establish a new assembly unit for water treatment systems at Concord Enviro FZE (CEF), while Rs 10.505 crore will be used to expand manufacturing facilities and support activities at Rochem Separation Systems (India) Private Ltd.
Additionally, Rs 50 crore will be directed towards debt payments for CEF, Rs 33.5 crore for technology and growth in new markets, Rs 20 crore for working capital at CEF, Rs 10 crore for expanding Roserve Enviro Private Limited's unique business model, and Rs 3.228 crore for capital expenditure on plant and machinery. The remaining funds will be used for general corporate purposes.
This is the company's second attempt to go public. Previously, Concord Enviro Systems submitted preliminary IPO documents to Sebi in 2022 and received approval but did not proceed with the offering. The company specializes in recycling industrial wastewater and achieving zero liquid discharge, with customers across North America, Latin America, Africa, the Middle East, and Southeast Asia. Motilal Oswal Investment Advisors and Equirus Capital are the book-running lead managers for the issue.
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