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Ahmedabad-based Concord Biotech Ltd has filed draft papers with SEBI for its initial public offering (IPO).
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 offer-for-sale (OFS) of up to 20.93 million shares or 20 per cent stake by its selling shareholder Helix. The company will not receive any proceeds from the offer, it said.
The draft papers revealed that Helix had invested ₹475 crore for 20.93 million shares at an average cost of acquisition 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 to the issue. Link Intime India Private Ltd is the registrar to the offer.
ALSO READ: SEBI to mandate disclosure of logic behind IPO pricing
Financial performance
On a consolidated basis, the company posted revenues from operations at ₹713 crore for the fiscal ended March 31, 2022, with net profit of ₹175 crore. In the previous year, the company had posted net profit of ₹235 crore on ₹617 crore as revenues from operations. The company's total borrowings for FY22 stood at ₹60.5 crore, as against ₹86.3 crore in the previous year.
About the company
The company is a leading global developer and manufacturer of select fermentation-based APIs across immunosuppressants and oncology. The company had a market share of over 20 per cent by volume in 2021 across identified fermentation-based API products, including dactinomycin, sirolimus, tacrolimus, mycophenolate sodium and cyclosporine, it said in the draft papers.
The company has formulation business in India as well as emerging markets, including Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore and Paraguay, and in the US.
The company has three manufacturing facilities in Gujarat including API manufacturing facilities in Dholka and Limbasi, and a formulations plant in Valthera.
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