Concord Biotech, Vaibhav Gems receive SEBI approval to launch IPOs

6 Dec 2022 , 04:19 PM

Ahmedabad-based Concord Biotech Limited, backed by Rare Enterprises and regional jewelery brand Vaibhav Gems N’ Jewelers have received SEBI approval to launch an initial public offering to raise funds.

According to SEBI’s update, both the companies filed DRHPs in the months of August and September and received observation letters from SEBI between November 28 and December 2.

Concord Biotech

According to the DRHP, the Concord Biotech IPO is exclusively an offer for sale of 2,09,25,652 shares of Helix Investment Holdings Pte Limited, led by private equity firm Quadria Capital.

As of March 2022, the biopharmaceutical company had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed more than 120 drug master files (DMFs) in several countries.

The lead manager of the IPO is Kotak Mahindra Capital Company Limited. The company has appointed Link Intime India Pvt Ltd as the registrar for the IPO.

Manoj Vaibhav Gems N’ Jewelers

According to the DRHP, Manoj Vaibhav Gems N’ Jewelers includes a fresh issue of shares totaling up to ₹210 crore and an OFS of 43,00,000,000 shares in the promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF).

The proceeds from the new issue will be used by the company to set up 8 new showrooms and purchase inventory along with general corporate purposes.

The company offers a wide range of gold, diamond, gemstone, platinum and silver jewelry or items. Its sub-brand Visesha caters to the premium segment of gold and diamond jewellery.

The lead manager of the IPO is Bajaj Capital Limited. The company has appointed Bigshare Services Pvt Ltd as the registrar for the IPO.

Both companies will be listed on BSE and NSE.