Concord Control Sys announces launch of initial public offering
Concord Control Systems Ltd. has announced public offering of 1512000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 45.00 per share. The gross proceeds of the issue are expected to be Rs 831.60 lakhs. The company's initial public offer (IPO) will open on 27 September 2022 and is expected to close on 29 September 2022, subject to customary closing conditions.
The price band of the issue has been fixed at Rs 53.00-55.00 per share. The IPO includes a fresh Issue of 1512000 Equity Shares of the Company at an price of Rs 55.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000. Concord Control Systems Ltd. anticipates using the proceeds of the issue for To meet working capital requirements General Corporate Purpose To meet issue expenses. Hem Securities Ltd as lead manager & Bigshare Services Private Limited. is the registrar, to the issue.
