Concord Biotech IPO Subscribed 2.72 Times On Day 2
The IPO has been subscribed 2.72 times as of 5:00 p.m. on Monday.
Concord Biotech Ltd. launched its initial public offering on Aug. 4.
The India-based biopharma company’s IPO comprises 2.093 crore equity shares by Helix Investments through an offer for sale. This represents 20% of the pre-offer shareholding of the company. The IPO was subscribed 58% on day 1.
Out of the total IPO size, up to 50% of the net offer is reserved for qualified institutional buyers, while a minimum of 15% is set for non-institutional investors. At least 35% is to be allotted to retail individual investors. The business has set aside up to 10,000 equity shares under the IPO for subscription by eligible employees, with a discount of Rs 70 per equity share being offered to them. It has collected Rs 465 crore from anchor investors ahead of the IPO.
Issue Details
Issue opens: Aug. 4.
Issue closes: Aug. 8.
Face value: Re 1 per share.
Shares for OFS: 2,09,25,652 shares.
Price band: Rs 705 to Rs 741 per share.
Offer for sale: Rs 1550.6 crore.
Lot size: 20 shares.
Listing: BSE and NSE.
The company has not undertaken any pre-offer placements.
Use of Proceeds
Helix Investments, the selling shareholder, will be entitled to the entire proceeds of the offer after deducting expenses and relevant taxes thereon.
The company will benefit from listing equity shares on the stock exchanges.
Subscription Status: Day 2
The IPO has been subscribed 2.72 times as of 5:00 p.m. on Monday.
Institutional investors: 1.61 times
Non-institutional investors: 5.22 times
Retail investors: 2.26 times
Employee reserved: 15.68 times
