Envirotech Systems Shares Surge 99.46% On NSE SME Debut

New Delhi, Sep 24 (KNN) Envirotech Systems, listed on the NSE SME platform, saw its stock trading at Rs 111.70, a premium of 99.46 per cent compared to its issue price of Rs 56. 

The stock debuted at Rs 106.40, marking a 90 per cent rise over its initial public offer (IPO) price and is currently frozen at its upper limit of 5 per cent above the listing price. 

The day’s trading range saw a high of Rs 111.70 and a low of Rs 106.40, with approximately 9.44 lakh shares changing hands.

The IPO, which opened for bidding on September 13 and closed on September 18, 2024, was oversubscribed by 56.01 times, reflecting strong investor interest. 

The price band for the issue was set between Rs 53 and Rs 56 per share, and the company issued 54,00,000 fresh equity shares. Following the IPO, the promoter and promoter group’s shareholding decreased from 96.48 per cent to 68.75 per cent.

The funds raised from the IPO will be allocated towards purchasing land for a new factory, fulfilling working capital requirements, covering general corporate expenses, and addressing issue costs. 

Prior to the IPO, on September 12, 2024, Envirotech Systems raised Rs 7.87 crore from anchor investors by allotting 14.06 lakh shares at Rs 56 per share to three anchor investors.

Envirotech Systems is a leading acoustic engineering company, specialising in noise measurement and control solutions for industrial and commercial clients across India.

With a workforce of 98 employees, the company provides customised noise reduction services. 

For the financial year ending March 31, 2024, Envirotech Systems reported revenues of Rs 46.23 crore and a net profit of Rs 11.42 crore.

(KNN Bureau)