Concord Enviro Systems, which made a decent debut on the Indian Bourses earlier today (December 27), has witnessed a slip in its stock prices after an initial surge. Despite listing at a premium, the company’s shares took a downward turn, trading in the red by mid-morning.
At 10:50 AM IST today, the company shares on BSE were trading at Rs 821, showing a decline of 1.32 per cent. Meanwhile, on the NSE, the stock was trading at Rs 822, down by 0.39 per cent.
Concord Enviro – Debut on the Stock Market
Concord Enviro made its stock market debut today, listing at Rs 826 per share on the NSE, a premium of 17.83 per cent over its IPO issue price of Rs 701. The shares on the BSE started at Rs 832, an even better premium of 18.69 per cent.
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Moreover, the market valuation of the company, post-listing, stood at Rs 1,709.51 crore.
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Grey Market Expectations
The stock underperformed compared to grey market expectations, which had anticipated a higher debut price. Prior to the official listing of the company, the shares were trading at a premium of Rs 120, indicating an estimated listing of Rs 821, that is, 17.12 per cent higher over the issue price.
Concord Enviro IPO Highlights
Concord Enviro ran its public issue from December 19 to 23 and was overall subscribed 10.67 times. The IPO consisted of a fresh issuance of equity shares worth Rs 175 crore and an Offer-for-Sale (OFS) worth Rs 325.33 crore by the promoters and an investor.
The Qualified Institutional Buyer (QIB) portion was subscribed 17.32 times, Non-Institutional Investors (NIIs) subscribed 14.2 times, and the retail portion was subscribed 5.56 times.
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