Ahmedabad-based Concord Biotech, supported by Rare Enterprises, has announced the price band of Rs 705-741 per share for its upcoming Initial Public Offering (IPO) worth Rs 1,550 crore. The IPO, set to open for subscription during August 4-8, is an Offer-For-Sale (OFS) of 2.09 crore equity shares or a 20% stake in the company The tentative listing date for the issue is 18 August 2023. The tentative listing date for the issue is 18 August, 2023. by Helix Investment, backed by Quadria Capital. None of the proceeds will be allocated to the company.
50% of the IPO portion is reserved for QIBs, while NIIs and retail investors are allocated 15% and 35% respectively. The offer includes a reserved allocation for subscriptions by eligible employees. The IPO is expected to raise Rs 1,475.26 crore and Rs 1,550.59 crore at the lower and upper end of the price band, respectively. Investors can bid for a minimum of 20 equity shares and in multiples of 20 shares thereafter. The tentative listing date for the issue is 18 August, 2023.
In the financial year 2023, Concord Biotech recorded a 20% surge in revenue from operations, reaching Rs 853.17 crore, compared to Rs 713 crore in the previous year. Furthermore, its profit after tax witnessed a remarkable increase of 37%, standing at Rs 240 crore, as compared to Rs 175 crore in the preceding year.
Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India have been appointed as the book-running lead managers to handle the IPO.
(With agency inputs.)