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Business EconomyPosted at: Aug 16 2022 11:50PM


Concord Biotech files DRHP for IPO

Mumbai, Aug 16 (UNI) Concord Biotech one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The issue with a face value of Re 1 per equity share is a complete offer for sale (OFS) aggregating to 20,925,652 equity shares by Helix Investment Holdings Pte. Limited. The offer also includes a reservation for a subscription by eligible employees.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.
As per the F&S report stated in its DRHP, Concord Biotech commands a market share of over 20% by volume in 2021 across identified fermentation-based API products including dactinomycin, sirolimus, tacrolimus, mycophenolate sodium, and cyclosporine. It supplies to over 70 countries including regulated markets such as the United States, Europe, Japan, and India.
The DRHP additionally states that Fermentation is a challenging process as it involves working with microbial strains and culture, controlling multiple process parameters, and performing various purification steps.
As of March 31, 2022, it had a portfolio of 56 brands and 65 products including 22 APIs and 43 formulations. In addition, it had 80 out-licensed formulations which they distributed in India under their brands. It has filed over 120 DMFs across several countries.
The Ahmedabad-based biopharma firm is amongst the few globally that has successfully and sustainably established and scaled up its fermentation-based API manufacturing capabilities. It has three production sites in the state of Gujarat located out of Valthera, Dholka, and Limbasi having a total installed fermentation capacity of 1,250 m3 .
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 to the offer. The equity shares are proposed to be listed on BSE and NSE.
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Tags: #Concord Biotech files DRHP for IPO
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