QIB Portion Was The Most Subscribed With 67.67 Times

Concord Biotech is a global supplier of bio-pharmaceutical APIs and formulations, serving more than 70 countries

MUMBAI, Aug 9 (The CONNECT) – The Initial Public Offering (IPO) of Ahmedabad-based Concord Biotech Limited, was subscribed by 24.86 times on the last day of subscription, yesterday.

The issue that opened at a price band of ₹705-741 received bids of 36,42,82,880 shares against the offered 1,46,50,957 equity shares, , according to the data available on the stock exchanges. 

Qualified Institutional buyer portion was the most subscribed with 67.67 times; followed by employee portion was subscribed 24.47 times. Non-institutional investors portion was subscribed 16.99 times, whereas, retail portion was subscribed 3.78 times. A Discount of Rs 70/- per equity share was offered to Eligible Employees bidding in the Employee Reservation Portion.

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.

Concord Biotech 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.

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.