Concord Biotech secures Rs 465 Crore from anchor investors prior to IPO launch

3 Aug 2023 , 09:53 AM

The initial public offer of Ahmedabad-based biotech form Concord Biotech will be opening for subscription on August 4. Ahead of that, the company has mobilizes Rs 464.95 crore from anchor investors on August 3. 

The company has successfully concluded its anchor book allocation, with a total of 41 investors participating as part of qualified institutional buyers (QIBs), who enjoy a 50% reservation in the upcoming IPO. 

The company has allocated 62,74,695 equity shares to anchor investors at an upper price band of Rs 741 per share, as confirmed through its exchange filing.

Distinguished investors, including the Government of Singapore, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, HSBC Mutual Fund, WF Asian Reconnaissance Fund, Amundi Funds, The Prudential Assurance Company, and Pinebridge Global Funds, have prominently contributed to Concord Biotech’s anchor book. 

In addition, Nippon Life, UTI Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, SBI Life Insurance, Motilal Oswal Mutual Fund, Edelweiss Trusteeship, Invesco India, Bandhan Mutual Fund, Aditya Birla Sun Life, Max Life Insurance, and Tata AIA Life Insurance have also participated in the anchor book investments.

Concord Biotech said in its exchanges filing, “out of the total allocation of 62.74 lakh equity shares to the anchor investors, 24.74 lakh shares were allocated to 10 mutual funds through 20 schemes.”

The offer’s price range has been set at Rs 705-741 per share, and the subscription period will conclude on August 8.