Envirotech Systems IPO Sees Huge Demand: Subscribed 2.3x on Day 1, Retail Portion Surges 3.5x

The Envirotech Systems IPO saw strong demand on its first day of bidding, with both retail and non-institutional investors showing interest.

The IPO, which started today and will close on Wednesday, September 18, was fully subscribed just hours after it opened. As of 4:15 pm, investors had bid for 76,24,000 shares, compared to the 32,92,000 shares available, resulting in an overall subscription of 2.3 times, according to Chittorgarh.com.

Retail investors were particularly active, with their portion being subscribed 3.59 times. Non-institutional investors, however, booked their portion at 0.99 times.

Envirotech Systems aims to raise ₹30.04 crore through this IPO by issuing 54 lakh new shares. The price band for the shares is set between ₹53 and ₹56, with a face value of ₹10 per share. Investors need to buy at least 2,000 shares, which means a minimum investment of ₹1,12,000 for retail investors.

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

Share India Capital Services Private Limited is managing the IPO, while Bigshare Services Pvt Ltd is handling the share allotment process.

The funds raised will be used to buy land and buildings for a new factory, meet working capital needs, cover general business expenses, and pay for IPO-related costs.

About Envirotech Systems

According to its Draft Red Herring Prospectus (DRHP), Envirotech Systems is a top manufacturer of acoustic products, specializing in noise control solutions for industrial and commercial settings. The company was founded in 2007 and has since grown to offer a wide range of acoustical products and services.

Envirotech Systems provides research, cost analysis, and engineering solutions to help reduce noise effectively. Its clients include both industrial and commercial businesses across India, and the company also exports some of its products internationally.

The company focuses on creating customized noise control products that meet the specific needs of each customer, ensuring high performance and efficiency. Although it serves clients across India, Envirotech Systems is known for delivering personalized solutions tailored to each client’s unique requirements.