Envirotech Systems IPO Day 3: Sound & Noise Solution Provider's Public Issue Subscribed Over 92 Times; NIIs Bid Over 188.3x

The final day of bidding for the Envirotech Systems IPO, there was a lot of interest from all categories of investors. The public issue was almost booked 92 times on the NSE SME issue.

30.24 crore shares were bid on during the noise measurement and control solutions manufacturer's initial public offering (IPO), out of the 32.92 lakh shares that were offered.

Subcription received across categories

The issue received 64.16 times subscriptions in the retail investor category, with applications for 10.56 crore shares, as opposed to the 16.46 lakh shares allotted for the segment.

In contrast to the 7.06 lakh shares reserved for them, non-institutional investors applied for more than 13.28 crore shares, resulting in 188.13 subscriptions.

In comparison to the 9.4 lakh shares reserved for the category, the Qualified Institutional Buyers (QIBs) booked their share 68.11 times with applications for 6.4 crore shares.

IPO price band and size

The book-building IPO of Envirotech Systems Limited raised Rs 30.24 crore. The 54 lakh shares that were issued fresh comprised the entirety of the IPO. The price range for the IPO was set at Rs 53 to Rs 56 per share.

Listing and subscription timetable

The company held an initial public offering (IPO) from September 13 to September 19. On September 20, the shares will be deposited into the Demat accounts of the successful bidders, and the same day, refunds for those who were not allocated will begin.

September 24 has been set as the tentative date for the IPO listing. The company plans to list its shares on the NSE SME platform.

IPO proceeding utilisation

The net proceeds of the offering will be used by the company to pay for general corporate expenses, public issue expenses, working capital requirements, and the purchase of land and buildings for the factory.

Offerings from the company

Their product offerings include acoustic enclosures, noise barriers, test booths, anechoic chambers, and metal doors. The company has successfully completed projects in sectors such as oil and gas, manufacturing, power generation, automotive, and construction, across India.