Concord Biotech IPO oversubscribed two-times on Day 2

The Initial Public Offering (IPO) of Concord Biotech was subscribed to 2.03 times on the second day on Monday.

The public offering worth Rs 1,550.59 crore received bids for 2,34,03,680 shares against 1,15,13,609 shares on offer, as per data from NSE.

Reservations 

The category for non-institutional investors was subscribed to 5.21 times, while the portion for Retail Individual Investors garnered 2.25 times the subscription. The quota for Qualified Institutional Buyers was subscribed to 1.61 times.

The IPO of 2,09,25,652 shares was offered at a price range of Rs 705-741 per share. The IPO is entirely an Offer For Sale (OFS).

Concord Biotech, backed by Rare Enterprises, said on Thursday that it had collected Rs 465 crore from anchor investors.

About the company 

The Ahmedabad-based company is among the leading manufacturers of fermentation-based biopharmaceutical active pharmaceutical ingredients (API), focussing on niche segments such as immunosuppressant, oncology, anti-fungal, and anti-bacterial.

The company has three manufacturing facilities at Valthera, Dholka, and Limbasi, in Gujarat. It currently has 23 API products.

Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India are the managers of the offer.

(With Reuters inputs)