Concord Biotech IPO: The Concord Biotech IPO will go on sale on Friday, August 4, and conclude on Tuesday, August 8.
Concord Biotech IPO: Rare Enterprises-supported Concord Biotech announced in an exchange filing that it had secured 465 crores from anchor investors, only one day before its initial public offering (IPO) opens for bidding. Concord Biotech’s initial public offering (IPO) will begin on Friday, August 4, and end on Tuesday, August 8. For the planned first public offering, the business set a price range of $705 to $741 per equity share.
The Singapore government, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, WF Asian Reconnaissance Fund, HSBC Mutual Fund, and The Prudential Assurance Company are among the anchor investors.
Anchor book participants were Nippon Life, UTI Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, Motilal Oswal Mutual Fund, SBI Life Insurance, Edelweiss Trusteeship, Invesco India, Bandhan Mutual Fund, Aditya Birla Sun Life, Max Life Insurance, and Tata AIA Life Insurance.
2,474,835 equity shares were assigned to 10 domestic mutual funds through a total of 20 schemes, equivalent to 183.39 crores, or 39.44 percent of the overall anchor book size.
Concord Biotech IPO Specifics
Rekha Jhunjhunwala’s support The Concord Biotech IPO is a pure offer-for-sale of up to 20.93 million shares by Helix Investment Holdings Pte Ltd. The upper band of the issue offer is priced at 1,550 crore, and the business is valued at 7,752 crore. Helix Investment Holdings Pte Ltd owns 20% of the firm and is supported by Quadria Capital Fund LP, an Asian private equity fund focused on healthcare.
Rakesh Jhunjhunwala had a 24.09 percent stake in the company through his asset management firm RARE Enterprises (through RARE Trusts), which is currently run by Rekha Jhunjhunwala. Concord Biotech was founded in 2004 by Rekha and Rakesh Jhunjhunwala.
In terms of market share, Concord is one of the major global inventors and producers of certain fermentation-based APIs in immunosuppressants and cancer in 2022.
The IPO lot size is 20 shares, and investors must spend a minimum of $14,820. The biopharma business expects to raise between Rs. 1,498 and Rs. 1,551 crore from the IPO.
The issue’s book-running lead managers are Kotak Mahindra Capital, Citigroup Global, and Jefferies India. The finalization of allocation is scheduled for August 11, with reimbursements beginning on August 14. On August 17, the shares will be credited to qualifying investors’ demat accounts.
The offer will be made through the book-building process, with no more than 50% available for allocation to qualified institutional buyers, no less than 15% available for allocation to non-institutional investors, and no less than 35% available for allocation to retail individual bidders.