Rare Enterprises-backed Concord Biotech and regional jewelry brand Vaibhav Gems N’ Jewelers have received the green light from capital markets regulator Sebi to raise funds through initial public offerings (IPOs).
The two companies filed their preliminary IPO papers with the capital markets regulator between August and September and received their observation letters from Nov. 28 to Dec. 2, an update from the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi’s language, his observations imply his approval of initial stock sales.
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According to the draft papers, Concord Biotech’s IPO is solely an offering for sale (OFS) of 2.09.25.652 shares by Helix Investment Holdings Pte Limited, backed by private equity firm Quadria Capital. Concord is one of the leading manufacturers of fermentation-based biopharmaceutical active ingredients, focusing on niche segments such as immunosuppressive, oncology, antifungal and antibacterial active ingredients. It has three manufacturing plants – Valthera, Dholka and Limbasi – in Gujarat.
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The company is backed by Quadria Capital Fund and Rare Enterprises, founded by billionaire Rakesh Jhunjhunwala along with his wife Rekha. The veteran stock market investor passed away in August of this year. The Ahmedabad-based biopharmaceutical company had a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations, as of March 2022. In addition, it has submitted over 120 Drug Master Files (DMFs) in several countries.
The public offering of Vaibhav Gems N’ Jewelers includes a new issue of shares totaling up to Rs 210 crore and OFS of 43 lakh shares by promoter Grandhi Bharata Mallika Ratna Kumari (HUF), pursuant to the draft Red Herring prospectus ( DRHP ).
Proceeds from the re-issuance will be used to fund the establishment of eight new showrooms costing Rs 12 crore and the purchase of inventory worth Rs 160 crore over FY23 and FY24, alongside general corporate purposes. Vaibhav Jewelers headquartered in Visakhapatnam offers a wide range of products made from gold, diamonds, precious stones, platinum and silver jewelry or items. Its Visesha sub-brand serves a premium segment of gold and diamond jewelry. The shares of both companies are listed on the BSE and NSE.
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