Concord Biotech IPO Day 3: Issue subscribed over 24 times on last day; QIB portion booked 68x

Concord Biotech IPO Subscription Status: The initial public offering (IPO) of Concord Biotech Limited has been subscribed 24.87 times in total on August 8, the third and final day of the bidding process. 

The public issue of late ace investor Rakesh Jhunjhunwala’s RARE Trusts-backed biotechnology company received bids for 36.42 crore equity shares as against 1.46 crore shares on the offer.

Concord Biotech IPO’s retail category was booked 3.78 times, while the Non-Institutional Investors (NII) category was subscribed 16.99 times. The quota for Qualified Institutional Investors was booked 67.67 times on Tuesday.

Employees bid 24.48 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.

Also Read: Concord Biotech IPO closes today: Latest GMP, subscription status, review, other details. Apply or not?

Concord Biotech IPO opened for subscription on August 4 and will remain open for bidders till August 8. The price band for the IPO has been at ₹705 to ₹741 per equity share. 

The 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.

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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 investors 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.

Read here: Concord Biotech IPO: Rekha Jhunjhunwala-backed IPO mobilises ₹465 crore from anchor investors ahead of subscription

The minimum lot size of Concord Biotech 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.

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.