Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit

Rakesh Jhunjhunwala’s Company, Which Concord Biotech Funded, Applies for an IPO

Rakesh Jhunjhunwala_eq

Rakesh Jhunjhunwala, a late billionaire investor, was funded by Rare Enterprises. To earn money through an initial public offering (IPO), Concord Biotech has submitted its draught red herring prospectus (DRHP) with the capital markets regulator Securities Exchange Board of India (Sebi) (IPO).
According to its draught papers, Helix Investment Holdings Pte Limited, which private equity company Quadria Capital supports, is offering Rs 2,09,25,652 equity shares as part of the Concord Biotech IPO.
The corporation won’t get any proceeds from the Offer because it’s a pure OFS.
According to the corporation, the offer’s goals are to reap the rewards of listing the equity shares on stock exchanges and implement the selling shareholder’s offer to sell up to Rs 20,925,652 equity shares.
Concord is one of the industry’s top fermentation-based biopharmaceutical APIs, concentrating on specialised markets like anti-fungal, anti-bacterial, oncology, and immunosuppressant. Gujarat is home to three of its production sites.
The company is supported by the Quadria Capital Fund and Rare Enterprises, which was founded by Rakesh Jhunjhunwala, a millionaire investor, and his wife, Rekha. On Sunday, the seasoned stock market investor passed away.
The revenue from operations for the biopharmaceutical company with its headquarters in Ahmedabad increased from Rs 617 crore to Rs 713 crores for the fiscal year 2022. But from Rs 235 crore the year before, profit after tax fell to Rs 175 crores in FY22.
Its portfolio included 65 products and 56 brands as of March 2022, along with 22 APIs and 43 formulations. Additionally, it has submitted over 120 drug master files (DMFs) in several nations.

Get Daily Prediction & Stocks Tips On Your Mobile