InvestorQ : When is the Jhunjhunwala backed Concord Biotech is planning its IPO in India?
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When is the Jhunjhunwala backed Concord Biotech is planning its IPO in India?

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sarah Leo answered.
2 months ago
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Concord Biotech, is backed by RARE Enterprises, the investment vehicle of the Rakesh Jhunjhunwala family. On Monday, Concord Biotech had reported that it had filed the draft red herring prospectus (DRHP) with SEBI for its proposed IPO. The IPO has bene structured entirely as an offer for sale of (OFS). As per the terms mentioned in the DRHP, Helix Investment Holdings, one of the promoters of Concord Biotech, will offer a total of 2.09 crore equity shares in the OFS. However, value of the issue will be known after price band.

The company also plans to reserve a portion of the issue for subscriptions by the employees of the company. Concord is a major manufacturer of fermentation-based biopharmaceutical APIs. APIs or active pharma ingredients were formerly known as bulk drugs and go into the manufacture of formulations. Concord Biotech focuses on immunosuppressants, oncology, anti-fungal and anti-bacterial segments. For the financial year FY22 total sales of the company stood at Rs722 crore while there net profits were at Rs175 crore.

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