Concord Biotech IPO: GMP indicates strong investors' interest ahead of issue opening
IPO) of Concord Biotech will open for public subscription on August 4 and close on August8. Ahead of the issue opening, the company's shares commanded a premium of Rs Rs 325 in the unlisted market. The company is one of the leading global manufacturers of select fermentation-based APIs (F-APIs) across immunosuppressants and oncology with market share of over 20% by volume in 2022.
It is present across the fermentation value chain, and supplies to over 70 countries, including regulated markets such as the US, Europe and Japan, and India. As of FY23, the company had 23 APIs (89% of revenue), which it aims to increase further especially in anti-infective/oncology segments. The IPO is completely an offer for sale of 2.09 crore equity shares, aggregating up to Rs 1,551 crore.
There is no fresh equity issue in the IPO. Under the OFS, Helix Investment Holdings, backed by private equity firm Quadria Capital, will offload 2.09 crore equity shares. The company has fixed the price band at Rs 705-741 per unit for its public offer.
Investors can bid for a minimum of 20 shares and in multiples thereafter. About 50% of the offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the rest 35% for retail investors. The company will not receive any proceeds from the offer and the entire sum will go to the selling shareholder.
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