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Ahmedabad-based Concord Biotech Ltd has submitted initial public offering (IPO) proposals to SEBI.
The Company has investments from Rakesh Jhunjhunwala’s Rare Enterprises and Helix Investment Holdings Pte. Ltd, backed by healthcare-focused private equity fund Quadria Capital.
The IPO consists of an offer for sale (OFS) of up to 20.93 million shares or a 20 percent interest from selling shareholder Helix. The company will not receive any proceeds from the offer, it said.
The draft papers revealed Helix had invested £4.75m for 20.93m shares at an average cost per share of £227.
The Company has appointed Kotak Mahindra Capital Company, Citigroup Global Markets India and Jefferies India Pvt Ltd as book-running lead managers for the offering. Link Intime India Private Ltd is the registrar of the offer.
financial performance
On a consolidated basis, for the year ended March 31, 2022, the Company reported income from operations of ₹7.13 billion with a net income of ₹1.75 billion. In the previous year, the company had posted a net profit of ₹2.35 billion compared to ₹6.17 billion in operating income. The company’s total debt for FY22 was ₹60.5 billion compared to ₹86.3 billion a year earlier.
about the company
The company is a leading global developer and manufacturer of select fermentation-based APIs for immunosuppressants and oncology. The company had over 20% volume market share in identified fermentation-based API products including dactinomycin, sirolimus, tacrolimus, mycophenolate sodium and cyclosporine in 2021, the draft papers said.
The Company has formulation businesses in India as well as in emerging markets including Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore and Paraguay as well as in the United States.
The Company has three manufacturing facilities in Gujarat, including API manufacturing facilities in Dholka and Limbasi, and a formulation facility in Valthera.
Published on
August 16, 2022
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