Fri Sep 13 11:15:58 UTC 2024: ## Envirotech Systems IPO Oversubscribed on Day One

**Mumbai, September 17, 2024:** Envirotech Systems, a leading manufacturer of acoustic products, saw a strong response to its initial public offering (IPO) on its first day of bidding. The IPO, which opened today and will close on Wednesday, September 18, was fully subscribed just a few hours after bidding commenced.

According to data from Chittorgarh.com, the IPO received bids for 76,24,000 shares against the total offering of 32,92,000 shares, resulting in an overall subscription rate of 2.3 times. Retail investors showed significant interest, subscribing to their portion 3.59 times, while non-institutional buyers booked their portion at 0.99 times.

Envirotech Systems aims to raise ₹30.04 crore through this IPO, which is entirely a fresh issue of 54 lakh shares. The price band for the offer is set between ₹53 and ₹56 per equity share, with a face value of ₹10 per share. The IPO lot size is set at 2,000 shares, requiring a minimum investment of ₹1,12,000 for retail investors.

The company intends to utilize the funds raised for purchasing land and buildings to establish a factory, meeting working capital requirements, general corporate expenses, and issue-related costs.

Established in 2007, Envirotech Systems specializes in noise measurement and control solutions for industrial and commercial applications. The company provides a wide range of services, including research, cost-benefit analysis, and engineering solutions to deliver efficient noise abatement solutions. Operating across India, the company serves a diverse client base and also exports certain products internationally.

The allotment of shares is expected to be finalized on Thursday, September 29, 2024, and the shares are expected to be listed on the NSE SME platform on Monday, September 23, 2024.

Share India Capital Services Private Limited is the book-running lead manager for the Envirotech Systems IPO, while Bigshare Services Pvt Ltd has been appointed as the registrar.

**Disclaimer:** The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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