Concord Biotech to announce IPO allotment today; here’s how to check

11 Aug 2023 , 09:40 AM

Concord Biotech, backed by Rekha Jhunjhunwala, is expected to disclose the allotment of shares from its initial public offering (IPO) today, August 11, following the IPO’s tentative timeline. 

Those who participated in the Concord IPO can access their application’s allotment status online through the BSE website or the registrar’s site, Link Intime India Private Limited.

According to BSE data, Concord Biotech’s Rs 1551 crore IPO was oversubscribed by 25 times on the final day of the offering. The qualified institutional buyers (QIB) segment was oversubscribed by 68 times, the non-institutional investors’ segment by 17 times, and retail investors bid for 3.78 times the allocated shares.

The biopharma company, specializing in the production of active pharmaceutical ingredients (API), initiated its public offering for subscription on Friday. The pricing for the offering ranged from Rs 705 to Rs 741 per share. The entire public issue comprises the sale of up to 2.09 crore shares by existing shareholders. Notably, three trusts affiliated with the Jhunjhunwala family – Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, and Nishtha Jhunjhunwala Discretionary Trust – collectively hold an 8.03% stake each in the company.

Before the commencement of its initial public offering, the company secured a substantial amount of Rs 464.95 crore from anchor investors. This was achieved by allocating a total of 62.75 lakh shares to these investors. The prominent bankers overseeing the issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, and Jefferies India.