Concord Biotech Limited, a Rekha Jhunjhunwala’s RaRe Enterprises-backed bio-pharmaceutical company, commenced its initial public offering (IPO) on Friday, allowing potential investors to subscribe to the issue until August 8. The IPO aims to raise ₹1,551 crore and is entirely an offer for sale (OFS) process, according to a regulatory filing.
Details on Concord Biotech IPO:
1. Concord Biotech IPO Price Band: The bio-pharma company has set the price band for its public issue at ₹705 to ₹741 per equity share.
2. Concord Biotech IPO subscription date: The IPO subscription has commenced today and will be open for investors to subscribe until August 8. The tentative allotment date is on August 11, Mint reported.
3. Concord Biotech IPO and Lot Size: Bidders can apply for shares in lots, with each lot comprising 20 company shares. The bio-pharma company aims to raise ₹1,551 crore through its initial public offering.
4. Concord Biotech IPO objective: The primary objective of this issue is to conduct an offer for the sale of 2.09 crore equity shares by Helix. According to the exchange filing, the company itself will not receive any proceeds from this share sale. Moreover, the offer includes a reservation for subscriptions by eligible employees.
5. Concord Biotech IPO Listing: The company intends to list its IPO on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange). The public issue is expected to be listed on August 18, as per the Mint report.
Backed by Rekha Jhunjhunwala
Rekha Jhunjhunwala now holds complete control of Concord Biotech’s shareholding after the demise of Rakesh Jhunjhunwala. The husband-wife duo invested in the company in 2004 and following the passing of the renowned ‘Big Bull’ of the Indian stock market, she became the sole owner of the entire 24.09 per cent stake in the company. It is held through RaRe Enterprise, a company owned by Rekha Jhunjhunwala.
Ahead of IPO, Concord Biotech garners ₹465 cr from anchor investors
Earlier on Thursday, Concord Biotech said it has collected ₹465 crore from anchor investors, in an exchange filing.
The government of Singapore, Abu Dhabi Investment Authority, Amundi Funds, Pinebridge Global Funds, Polar Capital Funds, Bajaj Allianz Life Insurance Company, Tata AIF Life Insurance Company, Max Life Insurance Co Ltd and Aditya Birla Sun Life Insurance Company are among the anchor investors.
Additionally, fund houses, including Nippon India Mutual Fund (MF), UTI MF, Edelweiss MF, have been allocated shares in the anchor round.
