Concord Biotech IPO sees strong demand: Subscribed 1.91 times overall on day 2

7 Aug 2023 , 03:39 PM

Investors displayed keen interest in the Concord Biotech initial public offering (IPO) on August 7, the second day of bidding, as bids for 2.80 crore equity shares were placed against the IPO size of 1.46 crore shares, resulting in an overall subscription of 1.91 times.

The IPO garnered enthusiastic responses from high net worth individuals (HNIs) and retail investors, subscribing 3.85 times and 1.92 times, respectively. Notably, employees showed remarkable interest, bidding 12.96 times their allotted quota. Qualified institutional buyers secured a 43% reservation.

Concord Biotech allocated 10,000 equity shares for its employees in the IPO, offering them at a discount of Rs 70 per share from the final offer price. The allocation structure designates half of the offer size for qualified institutional buyers, 15% for high net worth individuals, and the remaining 35% for retail investors.

RARE Trusts-backed biotechnology firm Concord Biotech aims to raise Rs 1,551 crore through a completely offer-for-sale (OFS) route of 2.09 crore shares by Helix Investment Holdings, a part of Quadria Capital Fund LP.

The Concord Biotech IPO is priced within the range of Rs 705 to Rs 741 per equity share.

Ahead of the IPO launch, the company successfully raised Rs 465 crore by allocating 6,274,695 equity shares to anchor investors.