Concord Biotech IPO subscribed 24.86 times on closing day
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
image for illustrative purpose
New Delhi: The Initial Public Offer (IPO) of Concord Biotech was subscribed 24.86 times on the closing 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.
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). Rare Enterprises-backed Concord Biotech on Thursday said it collected Rs 465 crore from anchor investors.
Concord is among the leading manufacturers of fermentation-based biopharmaceutical active pharmaceutical ingredient (API), focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial.
The company, which currently has 23 API products, has three manufacturing facilities at Valthera, Dholka, and Limbasi, in Gujarat. Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India were the managers to the offer.
