Concord Biotech IPO Subscribed 58 Per Cent On Day One, NII Segment Fully Subscribed

Rare Enterprises-backed Concord Biotech's IPO consists of 2.09 crore equity shares and is being offered in the price range of Rs 705 to Rs 741 per share.

On Friday, Concord Biotech IPO's non-institutional investors' segment was fully subscribed, while the retail individual investors (RIIs) category received a subscription of 72 per cent.

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Concord Biotech's Initial Public Offering (IPO) was subscribed 58 per cent on the first day of the subscription on Friday. According to data from the National Stock Exchange (NSE), the Initial Public Offering (IPO) received bids for 85,05,660 shares against the total of 1,46,50,957 shares on offer. The Rare Enterprises-backed IPO consists of 2.09 crore equity shares and is being offered in the price range of Rs 705 to Rs 741 per share.

According to a PTI report, on Friday the IPO's non-institutional investors segment was fully subscribed, while the retail individual investors (RIIs) category received a subscription of 72 per cent. On the other hand, Qualified Institutional Buyers (QIBs) subscribed to 1 per cent of the IPO.

The initial public offering (IPO) of Rare Enterprises-backed Concord Biotech opened on Friday for subscribers and will be open for bidders till August 8, 2023. On Thursday, Concord Biotech said it has collected Rs 465 crore from anchor investors ahead of its IPO. The anchor investors included the Government of Singapore, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, HSBC Mutual Fund, WF Asian Reconnaissance Fund, and The Prudential Assurance Company, among others, the report said. The company aims to raise Rs 1,551 crore. 

The IPO of the Ahmedabad-based company is entirely an Offer For Sale (OFS) of 2.09 crore equity shares by Helix Investment Holdings Pte Limited, backed by private equity firm Quadria Capital. The offer includes a reservation for subscriptions by eligible employees. The book-running lead managers for the issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India. The equity shares are proposed to be listed on both the BSE and NSE.

Concord Biotech manufactures fermentation-based biopharmaceutical Active Pharmaceutical Ingredients (APIs), specialising in niche segments like immunosuppressant, oncology, anti-fungal, and anti-bacterial. The company operates three manufacturing facilities in Gujarat. Presently, the firm offers 23 different API products. The company is backed by Rare Enterprises, established by the late billionaire investor Rakesh Jhunjhunwala and his wife Rekha.

(Disclaimer: This report is meant only for information purposes. It should not be treated as a stock recommendation. Reader discretion advised.)