Rakesh Jhunjhunwala-backed Concord Biotech Ltd has set the price band for its much-anticipated initial public offering (IPO) at Rs 705 to Rs 741 per share. The IPO, which is entirely an offer-for-sale by Helix Investment Holdings Pte Ltd, will see the sale of up to 20.93 million shares. With the upper band pricing the issue at Rs 1,550 crore, the company’s total valuation is estimated at Rs 7,752 crore. Investors are eagerly awaiting the IPO, which is scheduled to open for bidding on August 4.
Key Highlights Of Concord Biotech IPO.
- Concord Biotech sets IPO price band at Rs 705-741 per share.
- The IPO consists of a pure offer-for-sale of up to 20.93 million shares.
- IPO opens for bidding on August 4 and closes on August 8.
- Rakesh Jhunjhunwala-backed Helix Investment Holdings owns 20% stake.
- Concord Biotech boasts over 20% market share in fermentation-based API products.
- Strong financials with 37.2% profit growth and 20% revenue increase for FY23.
Concord Biotech IPO Timeline and Listing Date
The Concord Biotech IPO bidding process will close on August 8, with the anchor book opening on August 3. After the bidding process concludes, the basis of IPO share allotment will be finalised by August 11. Successful investors can expect the equity shares to be credited to their demat accounts by August 17. The highly anticipated listing on the stock exchanges is scheduled for August 18, when investors will be able to trade Concord Biotech’s shares.
Concord Biotech IPO Price
Concord Biotech Ltd has announced the price band for its highly awaited initial public offering (IPO) as Rs 705 to Rs 741 per share. The IPO will comprise a pure offer-for-sale of up to 20.93 million shares by Helix Investment Holdings Pte Ltd. With the upper end of the price band set at Rs 741, the total issue size would amount to Rs 1,550 crore, valuing the company at approximately Rs 7,752 crore. Investors looking to participate in the IPO can do so by bidding within this price range, which offers an opportunity to own a stake in this promising biopharma company.
Concord Biotech IPO Date
Investors can mark their calendars as the Concord Biotech IPO is set to open for bidding on August 4. The bidding process will close on August 8, providing a brief window for potential investors to make their bids and secure a position in the company’s shares. Prior to the IPO bidding, the anchor book will open on August 3. The allotment of IPO shares will be finalized by August 11, and successful investors can expect their equity shares to be credited to their demat accounts by August 17. The eagerly anticipated listing on the stock exchanges is scheduled for August 18, when the shares will become available for public trading.
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Strong Backing and Shareholding
Helix Investment Holdings Pte Ltd, with the backing of Quadria Capital Fund LP, holds a significant 20 percent stake in Concord Biotech. Notably, the late Rakesh Jhunjhunwala, the renowned stock market investor, and his wife, Rekha Jhunjhunwala, invested in Concord Biotech in 2004, holding a substantial 24.09 percent share in the company. Such prominent backers have contributed to the IPO’s buzz and investor interest.
Concord Biotech’s Impressive Market Presence
Concord Biotech commands an impressive market share of over 20 percent by volume in the identified fermentation-based API products. These include immunosuppressants and oncology products, supplied to more than 70 countries, including regulated markets. The company’s portfolio includes 23 active pharmaceutical ingredients (APIs), making it a key player in the biopharma industry.
An Overview of Concord Biotech’s Financial Performance
Concord Biotech has showcased strong financial performance, recording a healthy profit growth of 37.2 percent, amounting to Rs 240 crore for the fiscal year ending in March FY23. Furthermore, the company achieved a revenue increase of 20 percent, reaching Rs 853.2 crore compared to the previous year. The impressive financial figures demonstrate Concord Biotech’s robust position in the market.
Concord Biotech IPO Managers and Registrar
Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India will act as the merchant bankers for the Concord Biotech IPO. Meanwhile, Link Intime India will serve as the registrar of the offer, facilitating a smooth and efficient IPO process.
In conclusion, the much-anticipated Concord Biotech IPO has garnered significant attention and interest from investors and stock market enthusiasts alike. With Rakesh Jhunjhunwala’s firm backing the IPO, the excitement surrounding this biopharma breakthrough is palpable.
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.