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MUMBAI, 7th AUGUST, 2023 (TGN): Initial public offering (IPO) of Ahmedabad-based Concord Biotech Limited a biotechnology company and one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2022 was subscribed 2.72 times on the second day of bidding.
The issue received bids of 3,97,88,140 shares against the offered 1,46,50,957 equity shares, at a price band of ₹705-741, according to the data available on the stock exchanges.
Non-Institutional Investors Portion was subscribed with 5.22 times; Retail Portion was subscribed 2.26 times. Qualified Institutional Buyer Portion was subscribed 1.61 times, whereas, Employee Portion was subscribed 15.68 times. The issue kicked off for subscription on Friday, August 4, 2023 and will close on Tuesday, August 8, 2023. A Discount of Rs 70/- per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
A day prior to the opening of the issue, Concord Biotech Ltd had raised Rs 465 crore from anchor investors. Foreign Investors and Domestic Institutions who participated in the anchor were The government of Singapore, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, HSBC Mutual Fund, WF Asian Reconnaissance Fund, Amundi Funds, The Prudential Assurance Company and Pinebridge Global Funds, Nippon Life, UTI Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, SBI Life Insurance, Motilal Oswal Mutual Fund, Edelweiss Trusteeship, Invesco India, Bandhan Mutual Fund, Aditya Birla Sun Life, Max Life Insurance and Tata AIA Life Insurance.
Broking houses like Motilal Oswal, SBI Securities, Ventura Securities, LKP Research, Reliance Securities, Choice Broking, Hensex Securities, Hem Securities, and SMC Capital have given a “SUBSCRIBE” rating to the issue.
The Brokerages have an unanimous consensus and it underscores Concord Biotech's potential to capitalize on industry momentum and establish a formidable market foothold. With a keen appreciation for its intricate product portfolio, robust market presence, and attractive valuation, these reputable experts wholeheartedly advocate for investors to subscribe. It also harness the ongoing industry growth but also to solidify its position as a key player. As investors weigh their options, the collective backing of these leading brokerages further enhances the anticipation surrounding the IPO, signaling a compelling opportunity in the biotechnology sector."
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and Jefferies India Private Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.
Company Information
Concord Biotech is country-based. It is a global supplier of bio-pharmaceutical APIs and formulations, serving more than 70 countries, including regulated markets like the United States, Europe, Japan, and India. According to the Frost & Sullivan Report, the company holds an impressive market share of over 20% by volume in 2022 for fermentation-based API products, including mupirocin, sirolimus, tacrolimus, mycophenolate sodium, and cyclosporine. Its substantial success can be attributed to its total installed fermentation capacity of 1,250 m3 as of March 31, 2023.
Furthermore, Concord Biotech expanded its reach by venturing into the formulation business in India and emerging markets such as Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore, and Paraguay. The company specializes in manufacturing bio-pharmaceutical APIs through fermentation and semi-synthetic processes, with a focus on therapeutic areas such as immunosuppressants, oncology, and anti-infectives. Additionally, they provide formulations for critical care in areas like immunosuppressants, nephrology drugs, and anti-infective drugs.
The table below shows subscription data for all the categories of investors:
CONCORD BIOTECH LIMITED Last updated on | ||||
Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 41,83,130 | 67,43,560 | 1.61 |
1(a) | Foreign Institutional Investors (FIIs) | - | 51,98,660 | - |
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | - | 7,760 | - |
1(c) | Mutual Funds | - | 13,49,820 | - |
1(D) | Others | - | 1,87,320 | - |
2 | Non Institutional Investors(NIIS) | 31,37,348 | 1,63,74,220 | 5.22 |
2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 20,91,565 | 1,07,07,660 | 5.12 |
2.1(a) | Corporates | - | 1,46,500 | - |
2.1(b) | Individuals (Other than RIIs) | - | 94,82,480 | - |
2.1(c) | Others | - | 10,78,680 | - |
2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 10,45,783 | 56,66,560 | 5.42 |
2.2(a) | Corporates | - | 25,000 | - |
2.2(b) | Individuals (Other than RIIs) | - | 48,46,180 | - |
2.2(c) | Others | - | 7,95,380 | - |
3 | Retail Individual Investors (RIIs) | 73,20,479 | 1,65,13,600 | 2.26 |
3(a) | Cut Off | - | 1,32,09,540 | - |
3(b) | Price Bids | - | 33,04,060 | - |
4 | Employee Reserved | 10,000 | 1,56,760 | 15.68 |
4(a) | Employee (Cut off) | - | 1,33,720 | - |
4(b) | Employee (Price) | - | 23,040 | - |
5 | Reservation PortionShareholder | - | - | - |
5(a) | RPS (Cut off) | - | - | - |
5(b) | RPS (Price) | - | - | - |
Total | 1,46,50,957 | 3,97,88,140 | 2.72 | |
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