Opportunity for Investors! Biotech firm is coming up with IPO, Jhunjhunwala also has stake in the company of late

In the last financial year, the company made Rs. 616.94 crore as against Rs. 712.93 crore revenue earned. Whereas, the net profit was Rs. 175 crores which in the previous year was Rs. 234.89 crores.

Opportunity for Investors! Biotech firm is coming up with IPO, Jhunjhunwala also has stake in the company of late

The big bull of the stock market Rakesh Jhunjhunwala passed away on Sunday. Now Jhunjhunwala-backed Concorde Biotech Ltd has submitted a draft letter to SEBI for raising funds through initial public offering.

According to the draft papers submitted to the Securities Exchange Board of India (SEBI), the IPO saw a net offering and sale of 20.93 million shares, or 20 per cent stake held by its promoter Helix Investment Holdings Pte Ltd. It is backed by Quadria Capital Fund LP.

Let us inform you that Quadria Capital is a health focused private equity fund in Asia. Quadria Capital had bought 20 per cent stake in Concorde in 2016 for Rs. 475.30 crore was invested. Kotak Mahindra Capital, Citigroup Global Markets India and Jefferies India are the lead managers of the issue.

The company earned Rs. 712.93 crore in revenue as compared to Rs. 616.94 crores. Whereas, the net profit was Rs. 174.93 crore which is Rs. 234.89 crores. Its total borrowings for the period stood at Rs. 60.59 crores.

As for late investor Rakesh Jhunjhunwala, he holds over 24 per cent stake in the company through his investment arm Rare Enterprises.

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