Profit Sheets

Concord Enviro Systems files draft papers with Sebi for funds via IPO

July 5, 2022 12:15 PM

Concord Enviro Systems, an environmental engineering solutions firm, has filed preliminary papers with to raise funds through an initial public offering (IPO).

The proposed IPO comprises fresh issuance of equity shares worth Rs 175 crore and an offer-for-sale (OFS) of 35,69,180 equity shares by promoters and an investor, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS are, promoters –Prayas Goel and Prerak Goel, promoter groups — Namrata Goel, Nidhi Goel and Pushpa Goel– and investor AF Holdings.

Proceeds from the fresh issue will be used for investment in the company’s arm Concord Enviro FZE in relation to financing the construction of an assembly unit in Sharjah International Airport Free Zone, investment in subsidiary Rochem Separation Systems (India) for funding its working capital requirements, payment of debt and general corporate purpose.

Concord Enviro Systems is an integrated solutions provider for industrial waste water reuse and zero liquid discharge solutions, with an in-house position across the value chain.

According to an F&S Report, the industrial water and waste water treatment solutions market was valued at Rs 6,500 crore in fiscal 2021.

DAM Capital Advisors and Equirus Capital are the book running lead managers to the issue.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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