Concord Biotech IPO subscribed 58% on first day

The initial share sale of Concord Biotech was subscribed 58 per cent on the first day of subscription on Friday.

The Initial Public Offering (IPO) got bids for 85,05,660 shares against 1,46,50,957 on offer, according to the National Stock Exchange (NSE) data.

The non-institutional investors part was fully subscribed while the category for retail individual investors (RIIs) received 72 per cent subscription and Qualified Institutional Buyers (QIBs) got 1 per cent.

The 2.09-crore equity share IPO is in the price range of Rs 705-741 per share.

The IPO of the Ahmedabad-based company is entirely an Offer For Sale (OFS).

Rare Enterprises-backed Concord Biotech had on Thursday said it collected Rs 465 crore from anchor investors.

The company through the IPO will fetch Rs 1,475.26 crore and Rs 1,550.59 crore at the lower and upper end of the price band, respectively.

Concord is among leading manufacturers of fermentation-based biopharmaceutical active pharmaceutical ingredient (API), focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial.

The company, which currently has 23 API products, has three manufacturing facilities at Valthera, Dholka, and Limbasi, in Gujarat.

Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the managers to the offer.