Concord Biotech files IPO papers with SEBI
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New Delhi: Rare Enterprises-backed Concord Biotech has filed draft papers with capital markets regulator Sebi to mop up funds through an initial public offering (IPO).
Concord is among the leading manufacturers of fermentation-based biopharmaceutical APIs, focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities — Valthera, Dholka, and Limbasi — in Gujarat.
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The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala, along with his wife Rekha. The veteran stock market investor passed away on Sunday.
Ahmedabad-based biopharma firm's revenue from operations rose to Rs 713 crore for the financial year 2022 from Rs 617 crore in the preceding financial year. However, profit after tax dropped to Rs 175 crore in FY22 from Rs 235 crore in the previous fiscal.
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As of March 2022, it had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations. In addition, it has filed over 120 drug master files (DMFs) across several countries. Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies
India are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
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