Concord Enviro Systems files fresh IPO papers with Sebi

Harmony Enviro Programs, an environmental engineering options agency, has filed recent preliminary papers with Sebi to lift funds via an Preliminary Public Providing (IPO). The proposed IPO includes recent issuance of fairness shares value Rs 192.3 crore and an Provide For Sale (OFS) of 51.94 lakh fairness shares by promoters and an investor, based on the Draft Crimson Herring Prospectus (DRHP) filed on Tuesday.

These promoting shares within the OFS are promoters –Prayas Goel and Prerak Goel, promoter teams — Namrata Goel, Nidhi Goel, and Pushpa Goel– and investor AF Holdings. Proceeds from the recent problem to the tune of Rs 25 crore will likely be invested in Harmony Enviro FZE (CEF) for establishing a brand new meeting unit for water remedy methods, and Rs 10.505 crore will likely be invested in Rochem Separation Programs (India) Non-public Ltd to increase its manufacturing amenities and assist actions.

Moreover, the corporate will make investments Rs 50 crore in CEF for the cost of debt, Rs 33.5 crore will likely be allotted for expertise and development initiatives to entry new markets, Rs 20 crore will likely be used to fund CEF’s working capital necessities, Rs 10 crore will go in direction of Roserve Enviro Non-public Restricted to increase its “pay per use/pay as you deal with” enterprise Additionally, Rs 3.228 crore will likely be allotted for the corporate’s capital expenditure on plant and equipment and a portion of the proceeds will likely be used for basic company functions.

That is the corporate’s second try and go public. Earlier than this, the corporate had filed draft IPO papers with Sebi in 2022 and had obtained its clearance to drift the general public problem. Nevertheless, the corporate did not launch its maiden public problem. Harmony Enviro Programs is an built-in options supplier for industrial wastewater reuse and nil liquid discharge options, with an in-house place throughout the worth chain.

The corporate’s attain extends to various areas with exports to international locations in North America, Latin America, Africa, the Center East, and Southeast Asia, serving 377 clients worldwide as of March 31, 2024. That is the corporate’s second try and go public. Earlier than this, the corporate had filed draft IPO papers with Sebi in 2022 and had obtained its clearance to drift the general public problem. Nevertheless, the corporate did not launch its maiden public problem. Motilal Oswal Funding Advisors and Equirus Capital are the book-running lead managers to the difficulty.