Rakesh Jhunjhunwala’s firm Rare Enterprises-backed Concorde Biotech has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities Exchange Board of India (SEBI) to raise funds through initial public offering (IPO).
As per the draft Red Herring Prospectus (DRHP), the IPO is solely an offer for sale (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Ltd, backed by private equity firm Quadria Capital.
The offer also includes reservation for membership by eligible employees.
Concorde is one of the leading manufacturers of fermentation-based biopharmaceutical APIs, focusing on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities in Gujarat – Valthera, Dholka and Limbasi.
The company is backed by Quadria Capital Fund and Rare Enterprises, which was founded by billionaire investor Rakesh Jhunjhunwala along with his wife Rekha. The veteran investor in the stock market passed away on Sunday.
Operations boosted Ahmedabad-based biopharma firm’s revenue 713 crore for the financial year 2022 from 617 crore in the last financial year. However, profit after tax fell 175 crore in FY22 from 235 crore in the last financial year.
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 more than 120 Drug Master Files (DMFs) in 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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