Rare Enterprises-backed Concord Biotech has filed draft papers with capital markets regulator Sebi to mop up funds through an initial public offering (IPO).
The IPO is entirely an offer for sale of (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Limited, which is backed by private equity firm Quadria Capital, according to the draft red herring prospectus (DRHP).
The offer also includes a reservation for subscriptions by eligible employees.
Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities — Valthera, Dholka, and Limbasi — in Gujarat.
The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala, along with his wife Rekha. The veteran stock market investor passed away on Sunday.
Ahmedabad-based biopharma firm’s revenue from operations rose to Rs 713 crore for the financial year 2022 from Rs 617 crore in the preceding financial year. However, profit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore in the previous fiscal.
As of March 2022, it had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed over 120 drug master files (DMFs) across several countries.
Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
