Concord Biotech’s Initial Public Offering (IPO) witnessed a robust subscription of 58% on the first day of the subscription. The IPO, backed by Rare Enterprises, consists of 2.09 crore equity shares and is being offered in the price range of Rs 705 to Rs 741 per share.
NII Segment Fully Subscribed, Retails Investors Show Strong Interest
On Friday, the non-institutional investors’ segment of Concord Biotech IPO was fully subscribed, while the retail individual investors (RIIs) category received a subscription of 72%. However, Qualified Institutional Buyers (QIBs) subscribed to only 1% of the IPO.
Anchor Investors Show Confidence in the IPO
Before the IPO opened for subscribers, Concord Biotech raised Rs 465 crore from anchor investors. The anchor investors included prominent entities such as 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.
Aims to Raise Rs 1,551 Crore
The IPO of the Ahmedabad-based company, entirely an Offer For Sale (OFS) of 2.09 crore equity shares, aims to raise Rs 1,551 crore. The offering includes a reservation for subscriptions by eligible employees.
Concord Biotech’s Expertise
Concord Biotech manufactures fermentation-based biopharmaceutical Active Pharmaceutical Ingredients (APIs) and specializes in niche segments like immunosuppressant, oncology, anti-fungal, and anti-bacterial. The company operates three manufacturing facilities in Gujarat and presently offers 23 different API products.
Rare Enterprises and Rakesh Jhunjhunwala’s Backing
The company is backed by Rare Enterprises, established by the late billionaire investor Rakesh Jhunjhunwala and his wife Rekha.
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