The SME IPO of Envirotech Systems was subscribed 56 times with the issue receiving 30,24,70,000 share bids as against 54 lakh shares available for subscription.
The public issue opened for subscription on September 13 and the issue closed on September 19.
Envirotech Systems IPO size
The IPO was entirely a fresh equity issue of 54 lakh shares and through the issue, the company planned to raise Rs 30 crore.
Envirotech Systems IPO price band
The company offered its shares at Rs 53-56 apiece, and investors were allowed to bid for 2,000 shares in 1 lot.
Envirotech Systems GMP
In the unlisted market, the company’s shares were commanding a grey market premium of Rs 47 per share or 84% over the issue price.About Envirotech Systems
Envirotech Systems is a leading acoustic engineering organization specializing in noise measurement and control for industrial and commercial applications. Incorporated in 2007, the company has expanded its capabilities to include innovative acoustical product design and manufacturing.Industry overview
India’s Acoustics market i.e. NVH (noise, vibration, and harshness) Testing market has valued at $141 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.33% through 2029.
Envirotech Systems financial performance
For the year ended March 2024, the company clocked total revenues of Rs 46.88 crore and net profit of Rs 1.14 crore.
Objects of the offer
The net proceeds from the public offer will be used for purchase of land to set up factory, working capital requirements, general corporate purposes and meet issue expenses.
Lead managers and Registrar
Share India Capital acted as the lead manager to the issue and Bigshare Services is the registrar.
Issue structure
About 50% of the offer was reserved for QIB investors, 35% for retail investors, and the rest 15% for non-institutional investors.
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