Concord Biotech IPO subscribed 24.87 times on Day 3

Concord Biotech IPO, Concord Biotech IPO subscription status: The Initial Public Offer (IPO) of Concord Biotech was subscribed 24.87 times on the final day of subscription on Tuesday. The Rs 1,550.59 crore initial share sale received bids for 36,42,83,240 shares against 1,46,50,957 shares on offer, according to NSE data. The category for Qualified Institutional Buyers (QIBs) received 67.67 times subscription, the portion for non-institutional investors was subscribed 16.99 times and Retail Individual Investors (RIIs) part 3.78 times.

Here are some of the important details to know about Concord Biotech:

Issue price

The company has set a price band of Rs 705-741 apiece for the IPO.

Concord Biotech IPO allotment date, Concord Biotech IPO listing date

The IPO will be open for subscription, from 10 am to 5 pm, for three trading days till August 8. The basis of the allotment of shares under the IPO is likely to be finalised on August 11. Successful bidders will likely get shares credited into their demat accounts on August 17, whereas other participants will have refunds initiated on August 14. The Concord Biotech stock is likely to be listed on NSE and BSE on August 18.

Book-running lead managers

Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the issue.

What does Concord Biotech do?

Concord Biotech is a manufacturer of fermentation-based biopharmaceutical APIs focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities, at Valthera, Dholka, and Limbasi in Gujarat. At present, the company has 23 API products. The company is backed by Quadria Capital Fund and Rare Enterprises. Rare Enterprises was set up by legendary investor Rakesh Jhunjhunwala along with his wife, Rekha Jhunjhunwala. He died in August last year.

Financials

Concord Biotech's revenue from operations rose 20 per cent to Rs 853.2 crore in the financial year 2022-23 compared with a corresponding period a year ago, according to the red herring prospectus. The company registered a 37 per cent increase in profit after tax to Rs 240 crore for the year ended March 2023. 

The IPO of 20,925,652 equity shares had a price range of Rs 705-741 a share. The IPO of the Ahmedabad-based company was entirely an Offer For Sale (OFS).

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