Concord Biotech IPO subscribed 25% in first three hours;

Concord Biotech, a 1984-founded biopharma company focused on R&D, is one of the world’s leading producers and developers of a limited number of fermentation-based APIs.

Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the booking running lead managers to the issue, while Link Intime India has been appointed as the registrar to the issue. — *The issue consists of an offer to sell up to 2.09 crore equity shares, and Hellix Investment Holdings, the selling shareholder, is the sole offeror.*

INTRODUCTION

Investor demand for Concord Biotech’s Rs 1,551-crore initial public offering (IPO) was favorable throughout the first few hours of the day one bidding procedure.

Investors can submit a bid for a minimum of 20 equity shares and subsequent multiples during the three-day bidding process. Concord Biotech is selling its shares for between Rs 705-741 per share.

Data shows that as of 1.10 pm on Friday, August 4, 2023, investors had submitted bids for 36,68,000 equity shares, or 25%, of the 1,46,50,957 equity shares available for the subscription.

Retail investors’ quota was filled to a booking percentage of 36%, non-institutional bidders’ quota to a booking percentage of 22%, and employees’ quota to a booking percentage of 3.38.

The company, which has operations in more than 70 nations, including India, Japan, the US, and Europe, is recognized as one of the top creators and producers of specific fermentation-based APIs for immunosuppressants and oncology.