The Envirotech Systems IPO Day 1: SME Public Issue Subscribed 2.5 Times; Retail Investors Lead Booking With 4.19x

The Envirotech Systems initial public offering (IPO) was fully subscribed within hours of its launch, demonstrating the high level of demand on the first day of bidding on Friday, September 13.

According to NSE data, Envirotech Systems Limited's initial public offering was subscribed 2.58 times overall, with bids for over 85.24 lakh shares, compared to the 32.92 lakh shares that were offered.

Subcription received

In the retail category, the issue was subscribed 4.19 times, with applications for 69.04 lakh shares, compared to the 16.46 lakh shares reserved for the segment.

In contrast to the 7.06 lakh shares reserved for the category, the Non-Institutional Investors (NIIs) applied for over 16.2 lakh shares, booking the segment 2.29 times.

There were no applications submitted for the Qualified Institutional Buyers (QIBs) category.

IPO size and price band

The Rs 30.24 crore Envirotech Systems IPO is a book-building issue. 54 lakh shares are being issued entirely new in the NSE SME public offer. The price range for the company's shares is set at Rs 53 to Rs 56.

Minimum bid and lot size

Retail investors must make a minimum investment of Rs 1,12,000 in order to apply, with a minimum lot size of 2,000 shares. A minimum lot size of two lots, or 4,000 shares, is available for application by high net worth Individuals (HNIs), who would then need to invest Rs 2,24,000 in total.

IPO subscription dates

The subscription period for the Envirotech Systems IPO is open from September 13 to September 18. On September 19, the IPO allotment status is probably going to be finalised.

On September 20, the company's shares will be deposited into the Demat accounts of the winning bidders, and that same day, refunds for those who were not allocated will be started.

The tentative date for Envirotech Systems Limited's initial public offering (IPO) is September 23. The stock will go public on Emerge, the NSE SME marketplace.

IPO proceeds utilisation

The company intends to buy buildings and land for a factory using the net proceeds from the initial public offering (IPO). A portion of the money will also be used by the business for general corporate expenses and working capital needs.