Concord Biotech IPO subscribed 2.72 times

Published on Aug 07, 2023 17:20

The initial public offer (IPO) of Concord Biotech received bids for 3,97,88,140 shares as against 1,46,50,957 shares on offer, according to stock exchange data at 17:00 IST on Monday (7 August 2023). The issue was subscribed 2.72 times.

The issue opened for bidding on Friday (4 August 2023) and it will close on Tuesday (8 August 2023). The price band of the IPO is fixed at Rs 705-741 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

The IPO comprises entirely of offer for sale (OFS) of 6,551,690 equity shares by existing shareholder Helix Investment Holdings.

The promoter and promoter group holds an aggregate of 44.08% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding is expected to remain same.

Ahead of the IPO, Concord Biotech on Thursday, 3 August 2023 raised Rs 464.95 crore from anchor investors. The board allotted 62.74 lakh shares at Rs 741 each to 41 anchor investors.

Concord is an India-based R&D-driven biopharma company. The company is ranked among the leading global developers and manufacturers of select fermentation-based active pharmaceutical ingredients (API) across immunosuppressants and oncology in terms of market share, based on volume in 2022.

The company manufactures bio-pharmaceutical APIs through fermentation and semi-synthetic processes, across the therapeutic areas of immunosuppressants, oncology and anti-infectives; and formulations, which are used in the therapeutic areas of immunosuppressants, nephrology drugs and anti-infective drugs for critical care.

The company reported a consolidated net profit of Rs 240.08 crore and net sales of Rs 853.17 crore for the twelve months ended on 31 March 2023.