Rakesh Jhunjhunwala-backed Concord Biotech files draft papers to float IPO

Concord Biotech Ltd has filed draft papers with the Securities Exchange Board of India to raise funds through an initial public offering.

The IPO consists of a pure offer-for-sale of up to 20.93 million shares or the entire 20 percent stake by its promoter Helix Investment Holdings Pte Ltd, which is backed by Quadria Capital Fund LP, a healthcare-focused private equity fund in Asia. According to the draft papers, Quadria Capital had invested Rs 475.30 crore in 2016 for a 20 percent stake in Concord.

Legendary stock investor Rakesh Jhunjhunwalal, who passed away on Sunday, held over 24 percent stake in the active pharmaceutical ingredients (API) maker through his investment arm Rare Enterprises.