Rakesh Jhunjhunwala-backed Concord Biotech has filed preliminary papers with markets regulator Sebi to issue its initial public offering (IPO). It will be entirely an offer for sale of (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Ltd, which is backed by private equity firm Quadria Capital.
The IPO also includes a reservation for subscriptions by eligible employees. Ahmedabad-based Concord Biotech will not get any proceeds from the offer. The company’s objective of the offer are to achieve the benefits of listing the equity shares on the stock exchanges; and carry out the offer for sale of up to 20,925,652 equity shares by the selling shareholder.
About Concord Biotech
Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities — Valthera, Dholka, and Limbasi — in Gujarat.
The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala along with his wife Rekha. The ace investor passed away on Sunday.
The biopharma company’s revenue from operations rose to Rs 713 crore for the financial year 2022 from Rs 617 crore in the preceding financial year. However, its profit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore in the previous fiscal.
As of March 2022, it had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed over 120 drug master files (DMFs) across several countries. Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Go Digit General Insurance IPO
On Tuesday, Go Digit General Insurance Ltd also filed draft papers with markets regulator Sebi for its IPO. The company, which is backed by Canada-based Fairfax Group, plans to issue an IPO comprising a fresh issuance of equity shares worth Rs 1,250 crore and an offer-for-sale (OFS) of 10,94,45,561 equity shares by a promoter and existing shareholders.
The proceeds from the IPO will be utilised to augment the company’s capital base and maintenance of solvency levels and general corporate purposes. According to a Reuters report, the overall IPO is likely to be worth Rs 3,500 crore ($440 million). However, Digit Insurance has not commented on the IPO’s size.
Under the offer for sale, Go Digit Infoworks Services Pvt Ltd will sell 10,94,34,783 equity shares. Also, the company may consider a pre-IPO placement of equity shares aggregating up to Rs 250 crore. If such placement is completed, the fresh issue size will be reduced.
Go Digit offers travel insurance, health insurance, motor insurance, property insurance, liability insurance and marine insurance, among other insurance products. Cricketer Virat Kohli and his wife Anushka Sharma among its investors.
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