Concord Biotech IPO subscribed 2.72 times on day 2; retail portion booked 2.26 times
2 min read 07 Aug 2023, 01:16 PM ISTThe Concord Biotech IPO has been subscribed 2.72 times in total as the issue received bids for 3.97 crore equity shares as against 1.46 crore shares on the offer on August 7, the second day of the bidding process.
PremiumConcord Biotech IPO Subscription Status: The initial public offering (IPO) of Concord Biotech Limited has been fully subscribed on day 2 as it received strong demand from retail as well as non-institutional investors.
The Concord Biotech IPO has been subscribed 2.72 times in total as the issue received bids for 3.97 crore equity shares as against 1.46 crore shares on the offer on August 7, the second day of the bidding process.
The public issue received 2.26 times subscription in the retail category and 5.22 times in the Non-Institutional Investors (NII) category. The quota for Qualified Institutional Investors was booked 1.61 times on Monday.
Employees bid 15.68 times the allotted quota. The company has reserved 10,000 equity shares for its employees in the IPO and is offering them shares at a discount of ₹70 per share to the final offer price.
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Concord Biotech IPO opened for subscription on August 4 and will remain open for bidders till August 8.
The late ace investor Rakesh Jhunjhunwala’s RARE Trusts-backed biotechnology company aims to raise ₹1,551 crore for the public issue which is completely an offer for sale (OFS) of 2.09 crore shares by Helix Investment Holdings, a part of Quadria Capital Fund LP.
Concord Biotech IPO price band has been at ₹705 to ₹741 per equity share.
The company has already raised ₹465 crore by allocating 6,274,695 equity shares to the anchor investors ahead of the IPO opening.
The anchor investor list included the government of Singapore, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, HSBC Mutual Fund, WF Asian Reconnaissance Fund, The Prudential Assurance Company, among others.
The minimum lot size of the IPO is 20 shares and the minimum investment amount required for retail investors is ₹14,820.
The book running lead manager for the issue are Kotak Mahindra Capital, Citigroup Global and Jefferies India. Link Intime India Private Ltd is the registrar Concord Biotech IPO.
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The finalisation of allotment is expected to take place on August 11, while refunds will be initiated on August 14. The shares will be credited to the demat accounts of eligible investors on August 17. Concord Biotech share listing is expected to take place on August 18, on BSE and NSE.
Concord Biotech is one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2022.
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