Sebi clears IPO of Concord Enviro – Blue Barrows

Concord Enviro Systems, an environmental engineering solutions firm, has received Sebi’s go- ahead to raise funds through an initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth ₹175 crore and an offer-for-sale (OFS) of 35 million shares by promoters and an investor, according to the draft red herring prospectus (DRHP).

Going by the draft papers, proceeds from the fresh issue will be used for investment in the company’s arm Concord Enviro FZE in relation to financing the construction of an assembly unit in Sharjah International Airport Free Zone.