Explorer

Rakesh Jhunjhunwala-Backed Biotechnology Firm Concord Biotech Files For Public Offer

IPO of Concord Biotech is entirely an offer for sale of of 2,09,25,652 equity shares by Helix Investment Holdings, which is backed by private equity firm Quadria Capital, according to the DRHP

Ahmedabad-based Concord Biotech, backed by Rakesh Jhunjhunwala's Rare Enterprises, has filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) to collect funds through an initial public offering (IPO), the PTI reported on Wednesday.

According to the report, the IPO of the biotechnology firm is entirely an offer for sale of (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Limited, which is backed by private equity firm Quadria Capital, the draft red herring prospectus (DRHP) stated.

The offer also includes a reservation for subscriptions by eligible employees.

Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immunosuppressant, oncology, anti-fungal and, anti-bacterial. It has three manufacturing facilities – Valthera, Dholka and Limbasi – in Gujarat.

The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala, along with his wife Rekha.

The veteran stock market investor passed away on Sunday. His latest venture was the Akasa Air, a new budget airline, which started operations this month with a maiden flight from Mumbai to Ahmedabad. Known as "India's Warren Buffet", Jhunjhunwala is valued at $5.8 billion according to Forbes.

Concord Biotech's revenue from operations rose to Rs 713 crore for the financial year 2022 from Rs 617 crore in the preceding financial year. However, profit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore in the previous financial year.

As of March 2022, it had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed over 120 drug master files (DMFs) across several countries.

Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
‘Tried To Be Within Maryaada, Didn’t Do Any Encroachment’: PM Modi Quips At Supreme Court Constitution Day Event
‘Tried To Be Within Maryaada, Didn’t Do Any Encroachment’: PM Modi Quips At Constitution Day Event
Shiv Sena Leaders Met Ajit Pawar's NCP Faction To Seek Support For Eknath Shinde For CM's Chair
Shiv Sena Leaders Met Ajit Pawar's NCP Faction To Seek Support For Eknath Shinde For CM's Chair
'EVMs Tampered When They Lose Not When They Win': SC On Politicians Questioning EVMs
'EVMs Tampered When They Lose Not When They Win': SC On Politicians Questioning EVMs
Advertisement
ABP Premium

Videos

FIR Filed Against Sambhal MP Ziaur Rahman, Statement Released Amidst ControversyFIR Filed Against Sambhal MP Ziaur Rahman and Local MLA's Son in Controversial CaseSambhal Violence Sparks Political Firestorm, Congress MP Imran Masood's Strong Remarks | ABP NewsBreaking News: SP Leader Ram Gopal Yadav Reacts to Sambhal Violence | ABP News

Photo Gallery

Embed widget