The initial public offering (IPO) of Concord Biotech, which is backed by late ace investor Rakesh Jhunjhunwala's Rare Enterprises, received healthy response from investors despite it is a complete offer for sale issue. The issue has subscribed 24.87 times as investors have bought 36.42 crore equity shares against offer size of 1.46 crore shares on August 8, the final day of bidding.
The Rs 1,551-crore IPO has witnessed huge investors' interest, especially in the retail investors and employee categories. The retail portion subscription was at 3.78 times, and employee portion at 24.48 times. Today is the final day of the offer.
The company has reserved 10,000 equity shares for its employees. These shares will be allotted to employees at a discount of Rs 70 per share to the final offer price.
The half of the part set aside for qualified institutional buyers was subscribed 67.67 times, while high networth individuals (non-institutional investors), who have 15 percent reservation in the issue, have bought 16.99 times.
The initial public offering by the India-based biopharma company was subscribed 2.72 times in last two days.
The price band for the public issue, which opened on August 4, is Rs 705-741 per share.
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The Ahmedabad-based biotechnology firm aims to mop up Rs 1,551 crore via public issue, at upper price band. The offer comprises only an offer for sale of 2.09 crore equity shares by Helix Investment Holdings, a part of Quadria Capital Fund LP.
The main objective of the issue is to give a exit to Helix Investment Holdings which has 20 percent stake in the company.
Promoters including Sudhir Vaid and Ankur Vaid holds 44.08 percent stake in Concord Biotech, and the rest is held by 55.92 percent stake in the company including Helix.
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Rakesh Jhunjhunwala, through his asset management firm RARE Enterprises (through RARE Trusts) hold 24.09 percent stake in Concord Biotech, one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology, in terms of volume-based market share in 2022.
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