NSE SME Envirotech Systems were trading at Rs 111.70 on the NSE, a premium of 99.46% compared with the issue price of Rs 56.
The scrip was listed at Rs 106.40, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.The counter hit a high of Rs 111.70 and a low of Rs 106.40. About 9.44 lakh shares of the company changed hands at the counter.
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Envirotech Systems' IPO was subscribed 56.01 times. The issue opened for bidding on 13 September 2024 and it closed on 18 September 2024. The price band of the IPO was set at Rs 53 to Rs 56 per share.
The IPO comprised fresh issue of 54,00,000 shares. The promoter and promoter group shareholding diluted to 68.75% from 96.48% pre-IPO.
The company intends to utilize the net proceeds for purchase of land to set up factory, to meet working capital requirement, general corporate expenses and to meet the issue expenses.
Ahead of the IPO, Envirotech Systems on 12 September 2024, raised Rs 7.87 crore from anchor investors. The board allotted 14.06 lakh shares at Rs 56 per share to 3 anchor investor.
Envirotech Systems is a leading acoustic engineering organization specializing in noise measurement and control for industrial and commercial applications. It offers services across India, catering to a diverse range of industrial and commercial clients. It provides professional, tailored solutions to meet customers noise reduction requirements. The company has 98 employees.
The company recorded revenue from operations of Rs 46.23 crore and net profit of Rs 11.42 crore for the period as on 31 March 2024.
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