Concord Biotech IPO Opening Date and Price Band
On Friday, August 4, Concord Biotech, a locally based biopharmaceutical firm focused on research and development (R&D), will begin its initial public offering (IPO). Investors will have until Tuesday, August 8 to subscribe to the IPO. A lot size of 20 equity shares or multiples thereof is being offered by the firm, with prices per share ranging from Rs 705 to Rs 741.
Since its founding in 1984, Concord Biotech has made great progress to establish itself as a premier international developer and producer of a limited group of fermentation-based APIs in the fields of immunosuppressants and cancer.
The IPO consists of an up to 2.09 crore equity share offer for sale that was made solely by the selling shareholder, Hellix Investment Holdings. The IPO is valued at Rs 1,551 crore in the price band’s top range. On Thursday, August 3, the anchor book for the IPO is scheduled to go live.
Concord Biotech will not receive any net profits from the IPO because it is an exclusive offer-for-sale. However, the corporation has allotted 10,000 equity shares at a reduced price of Rs 70 per share for its employees.
With over 70 nations receiving its goods, including the USA, India, Europe, and Japan, Concord Biotech boasts a global reach. Its product line includes final formulations as well as active pharmaceutical ingredients (API) produced using semi-synthetic and fermentation techniques. After starting off with just one product, the firm has subsequently grown into a comprehensive solution supplier.
Concord Biotech recorded a net profit of Rs 240.08 crore and sales of Rs 888.48 crore for the fiscal year that ended on March 31, 2023. This was a huge improvement over the previous year when the net profit was Rs 174.93 crore and operating revenue was Rs 736.35 crore.
The IPO allocation is set up such that qualified institutional bidders (QIBs) can only receive up to 50% of the net issue, while non-institutional investors can only receive 15% of the shares. Retail investors are only permitted to purchase the remaining 35% of the equity shares.
The book running lead managers for the IPO have been named as Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India. Link Intime India will act as the issue’s registrar. The anticipated listing date is Friday, August 18. Concord Biotech shares will be tradable after the listing on both the BSE and NSE.
About Concord Biotech:
Concord Biotech Limited, headquartered in Ahmedabad, India, is a prominent biotechnology company. It specializes in the production of fermentation-based biopharmaceutical active pharmaceutical ingredients that are distributed globally. The visionary behind its establishment in the year 2000 was Sudhir Vaid.
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