Concord Biotech IPO: Rekha Jhunjhunwala-backed IPO mobilises ₹465 crore from anchor investors ahead of subscription
Concord Biotech IPO: Rare Enterprises-backed Concord Biotech said in an exchange filing that it has raised ₹465 crore from anchor investors, a day ahead of its initial public offer (IPO) opening for bidding. Concord Biotech IPO will open for subscription on Friday, August 4 and close on Tuesday, August 8. The company had fixed the price band at ₹705 to ₹741 per equity share for the proposed initial public offer.
The anchor investor list includes 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.
Nippon Life, UTI Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, SBI Life Insurance, Motilal Oswal Mutual Fund, Edelweiss Trusteeship, Invesco India, Bandhan Mutual Fund, Aditya Birla Sun Life, Max Life Insurance and Tata AIA Life Insurance also participated via anchor book.
Out of the total allocation of 6,274,695 equity shares to the anchor investors, 2,474,835 equity shares were allocated to 10 domestic mutual funds through a total of 20 schemes amounting to ₹183.39 crore i.e. 39.44 per cent of the total anchor book size.
Concord Biotech IPO Details
Rekha Jhunjhunwala-backed Concord Biotech IPO consists of a pure offer-for-sale by Helix Investment Holdings Pte Ltd. of up to 20.93 million shares. The issue offer is priced at ₹1,550 crore on the upper band, and the firm is worth ₹7,752 crore. 20 per cent of the company is owned by Helix Investment Holdings Pte Ltd, which is backed by Quadria Capital Fund LP, an Asian private equity fund with a focus on healthcare.
Rakesh Jhunjhunwala owned 24.09 per cent of the company through his asset management company RARE Enterprises (via RARE Trusts), which is now in the name of Rekha Jhunjhunwala. In 2004, Rekha and Rakesh Jhunjhunwala made an investment in Concord Biotech.
The Concord Biotech IPO lot size is 20 shares and the minimum investment amount required by investors is ₹14,820. The company plans to raise anywhere between ₹1,498- ₹1,551 crore from the IPO.
The offer is being made through the book building process, wherein not more than 50 per cent will be available for allocation to the qualified institutional buyers, not less than 15 per cent will be available for allocation to the non-institutional investors and not less than 35 per cent will be available for allocation to the retail individual bidders.
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Updated: 03 Aug 2023, 10:42 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.