Upcoming IPO: Rare Enterprises-backed Concord Biotech information IPO papers with SEBI
New Delhi:
Rare Enterprises-backed Concord Biotech has filed draft papers with capital markets regulator SEBI to mop up budget via an preliminary public providing (IPO).
The IPO is totally an be offering on the market of (OFS) of two,09,25,652 fairness stocks by means of Helix Investment Holdings Pte Limited, which is sponsored by means of non-public fairness company Quadria Capital, in keeping with the draft pink herring prospectus (DRHP).
The be offering additionally features a reservation for subscriptions by means of eligible staff.
Concord is without doubt one of the main producers of fermentation-based biopharmaceutical APIs, concerned with area of interest segments equivalent to immunosuppressant, oncology, anti-fungal and anti-bacterial. It has 3 production amenities — Valthera, Dholka, and Limbasi — in Gujarat.
The corporate is sponsored by means of Quadria Capital Fund and Rare Enterprises, which used to be arrange by means of billionaire investor Rakesh Jhunjhunwala, in conjunction with his spouse Rekha. The veteran inventory marketplace investor gave up the ghost on Sunday.
Ahmedabad-based biopharma company’s income from operations rose to Rs 713 crore for the monetary 12 months 2022 from Rs 617 crore within the previous monetary 12 months. However, benefit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore within the earlier fiscal.
As of March 2022, it had a portfolio of 56 manufacturers and 65 merchandise, together with 22 APIs and 43 formulations. In addition, it has filed over 120 drug grasp information (DMFs) throughout a number of international locations.
Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the problem. The fairness stocks are proposed to be indexed on BSE and NSE.
Source Link: https://www.ndtv.com/business/rare-enterprises-backed-concord-biotech-files-ipo-papers-with-sebi-3258804