Global Supplier Of Bio-Pharmaceutical APIs And Formulations

Concord Biotech expanded its reach by venturing into the formulation business in India and emerging markets

MUMBAI, Aug 7 (The CONNECT) -The Initial public offering (IPO) of Ahmedabad-based Concord Biotech Limited was subscribed 2.72 times on the second day of bidding today

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, and will close tomorrow.

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.

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.

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.