Concord Biotech Makes Healthy Debut On The Exchange; Shares Close 27% Premium Over The Issue Price

Concord Biotech Makes Healthy Debut On The Exchange; Shares Close 27% Premium Over The Issue Price

The scrip listed at Rs 900.05 per share on BSE & NSE, at a premium of 21.46%.

FPJ Web DeskUpdated: Saturday, August 19, 2023, 10:23 AM IST
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Ankur Vaid, Joint MD And CEO, Sudhi Vaid Chairman and MD and Lalit Sethi CFO, Concord Biotech Limited |

Ahmedabad-based Concord Biotech Limited a biotechnology company and 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 2022 makes a strong debut on the exchanges to close over XX% premium.

The scrip listed at Rs 900.05 per share on BSE & NSE, at a premium of 21.46%. The company's share price closed at Rs 941.85 per share on the BSE, a 27.11% premium, and at Rs 943.50 per share on the NSE, a 27.33% premium.

As per NSE, the total quantity traded stood at 242 lakh shares, on BSE the total Quantity stood at 15.45 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 2,38655 crore.

Ankur Vaid, Joint Managing Director and CEO – Concord Biotech Limited, said "Today marks a remarkable milestone in our journey as Concord Biotech takes its place on the exchange. Our vision of advancing healthcare through innovation has led us to this pivotal moment, and we are excited to share this achievement with our investors, partners, and dedicated team. As we embark on this new chapter, we remain committed to pushing the boundaries of biotechnology and delivering solutions that improve lives globally and has also played an important role in fulfilling the vision and making India an “Atmanirbhar” in the area of Fermentation APIs. We are determined to make every moment count and continue our pursuit of excellence in healthcare."

The Market Capitalization of the Company at today’s closing price stood at Rs. 9,853.28 Crore as per BSE and Rs. 9,870.54 Crore as per NSE.

Concord Biotech is a country-based, global supplier of bio-pharmaceutical APIs and formulations, serving more than 70 countries, including regulated markets like the United States, Europe, Japan, and India. According to the Frost & Sullivan Report, the company holds an impressive market share of over 20% by volume in 2022 for fermentation-based API products, including mupirocin, sirolimus, tacrolimus, mycophenolate sodium, and cyclosporine. Its substantial success can be attributed to its total installed fermentation capacity of 1,250 m3 as of March 31, 2023.

Furthermore, Concord Biotech expanded its reach by venturing into the formulation business in India and emerging markets such as Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore, and Paraguay. The company specializes in manufacturing bio-pharmaceutical APIs through fermentation and semi-synthetic processes, with a focus on therapeutic areas such as immunosuppressants, oncology, and anti-infectives. Additionally, they provide formulations for critical care in areas like immunosuppressants, nephrology drugs, and anti-infective drugs.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and Jefferies India Private Limited and are the book running lead managers, while Link Intime India Private Limited is the registrar to the offer.

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