Ahmedabad-based Concord Biotech Limited, one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2021 gets SEBI's final observation to raise funds through an initial public offering (IPO).
The issue with a face value of Re 1 per equity share is a complete offer for sale (OFS) aggregating to 20,925,652 equity shares by Helix Investment Holdings Pte. Limited. The offer also includes a reservation for a subscription by eligible employees.
As per the F&S report stated in its DRHP, Concord Biotech commands a market share of over 20% by volume in 2021 across identified fermentation-based API products including dactinomycin, sirolimus, tacrolimus, mycophenolate sodium, and cyclosporine. It supplies to over 70 countries including regulated markets such as the United States, Europe, Japan, and India.
As of March 31, 2022, it had a portfolio of 56 brands and 65 products including 22 APIs and 43 formulations. In addition, it had 80 out-licensed formulations which they distributed in India under their brands. It has filed over 120 DMFs across several countries.
The company's revenue from operations increased by 15.56% to Rs 712.93 crore for the Financial Year 2022 from Rs 616.94 crore for the Financial Year 2021, primarily due to an increase in the sales volume of its products to existing customers; sales to its new customers; and increase in prices of some of the products, which was partially offset by the decrease in prices of certain products, while profit for the financial year 2022 stood at Rs 174.93 crore.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and Jefferies India Private Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.