The price range for the Concord Biotech IPO is set at Rs. 705-741 per share

On Monday, Concord Biotech, a company backed by Rare Enterprises, said that it has set a price range of Rs. 705-741 per share for its Rs. 1,550 crore initial public offering (IPO).

The Ahmedabad-based firm stated that the maiden share sale would be available for public subscription from August 4 to 8.

Helix Investment Holdings Pte Limited, which is supported by private equity company Quadria Capital, is the only offeror in the initial public offering (IPO), offering 2.09 crore equity shares for sale.

The deal comes with a reserve for subscriptions from qualified workers.

 

At the low and high ends of the pricing range, the business will raise Rs 1,475.26 crore and Rs 1,550.59 crore, respectively.

 

Investors may make a minimum bid of 20 equity shares and a maximum bid in multiples of 20 equity shares.

 

Concord is one of the top producers of fermentation-based biopharmaceutical APIs, with a focus on specialized markets including anti-fungal, anti-bacterial, anti-oncology, and immunosuppressant. at Gujarat, it has three production sites at Limbasi, Dholka, and Valthera.

 

The business sells 23 different active pharmaceutical ingredients (API) items. It is supported by the Quadria Capital Fund and Rare Enterprises, which were founded by the late billionaire investor Rakesh Jhunjhunwala and his wife Rekha. Rakesh Jhunjhunwala died away last year.

 

The operational income of Concord Biotech increased by 20% to Rs 853.17 crore in the financial year 2023 from Rs 713 crore the year before.

 

Additionally, its earnings after tax increased 37% to Rs 240 crore in the fiscal year 2023 from Rs 175 crore the previous year.

 

The issue’s book-running lead managers are Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India. It is suggested that the equity shares list on both the BSE and NSE.