Concord Biotech IPO subscribed two-times on Day 2
The Rs 1,550.59-crore public offering received bids for 2,34,03,680 shares against 1,15,13,609 shares on offer
Representational image.
New Delhi: The initial public offer of Concord Biotech was subscribed 2.03 times on the second day on Monday.
The Rs 1,550.59-crore public offering received bids for 2,34,03,680 shares against 1,15,13,609 shares on offer, according to NSE data. The portion for non-institutional investors was subscribed 5.21 times while the category for Retail Individual Investors (RIIs) got 2.25 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.61 times.
The Initial Public Offer (IPO) of 2,09,25,652 equity shares is in a price range of Rs 705-741 a share. The IPO of the Ahmedabad-based company is 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 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 are the managers to the offer.
