Envirotech Systems Ltd.'s shares made an amazing trading debut by listing on the NSE SME platform, Emerge, at a premium of 90 per cent. On Tuesday, September 24.
At Rs 106.4 a share, the Envirotech Systems stock opened the session 90 per cent higher than what it had initially sold for at Rs 56 per share during its initial public offering (IPO). Minutes after the market opened, the price of the shares increased by 5 per cent more, reaching Rs 111.7, the top of the range.
Listing gains
Successful bidders who were allotted shares in the primary issue were sitting on listing gains of at least Rs 1 lakh (Rs 50.4 x 2,000) as soon as trading in the stock on the NSE Emerge platform, since the minimum bid quantity to apply for the Envirotech Systems IPO was 2,000 shares.
Envirotech systems IPO details
Total IPO subscription
Envirotech Systems' IPO, which raised Rs 30.24 crore, was open for subscription from September 13 to September 19. Investors placed bids for 30.24 crore shares against the 32.92 lakh shares on offer during the five-day bidding period, when the issue was booked over 92 times.
The segment reserved for qualified institutional buyers (QIBs) was booked more than 68 times, while the non-institutional investors (NIIs) portion was subscribed the most, more than 188 times. In contrast, more than 64 people subscribed to the portion designated for retail investors.
IPO structure and price band
There was no offer-for-sale (OFS) component to the Envirotech Systems IPO, which was a 100 per cent book-built issue consisting solely of a fresh issuance of 54 lakh shares.
The initial public offering (IPO) price range was fixed at Rs 53 to Rs 56 per share, with a lot size of 2,000 shares.
Anchor investment
Envirotech Systems had also raised Rs 7.87 crore in its anchor investor round prior to the IPO's launch. At a meeting on September 12, the company's board decided to finalise the allocation of 14.06 lakh shares, at a price of Rs 56 per share, to three anchor investors.
