Home Business Concorde Biotech, Vaibhav Gems get approval to launch IPO (Public Issue)

Concorde Biotech, Vaibhav Gems get approval to launch IPO (Public Issue)

Visakhapatnam headquartered Vaibhav Jewelers offers a wide range of products in Gold and Diamonds. (File)

New Delhi:

Rare Enterprises-backed Concord Biotech and regional jewelery brand Vaibhav Gems N’ Jewelers have received capital markets regulator Sebi’s go-ahead to raise funds through an initial public offering (IPO).

Both the companies filed their initial IPO documents with the capital markets regulator between August and September and received their observation papers during November 28-December 2, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.

In SEBI parlance, its observations lead to float the initial share sale. According to the draft papers, Concorde Biotech’s IPO is an offer for sale (OFS) of 2,09,25,652 equity shares entirely by Helix Investment Holdings Pte Ltd, backed by private equity firm Quadria Capital.

Concorde is one of the leading manufacturers of fermentation-based biopharmaceutical APIs focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial. It has three manufacturing facilities in Gujarat – Walthera, Dholka and Limbasi.

The company is backed by Quadria Capital Fund and Rare Enterprises, which was founded by billionaire investor Rakesh Jhunjhunwala along with his wife Rekha. The veteran stock market investor passed away in August this year.

The Ahmedabad-based biopharma firm had a portfolio of 56 brands and 65 products, comprising 22 APIs and 43 formulations, by March 2022. In addition, it has filed more than 120 Drug Master Files (DMFs) in several countries.

According to the Draft Red Herring Prospectus (DRHP), the public issue of Vaibhav Gems N Jewelers comprises a fresh issue of equity shares of up to Rs 210 crore and an OFS of 43 lakh equity shares by the promoter entity Grandi Bharata Mallika Ratna Kumari (HUF). ,

The proceeds of the fresh issue will be used for setting up eight new showrooms, costing Rs 12 crore each, and purchase of inventory worth Rs 160 crore in FY23 and FY24, apart from general corporate purposes.

Visakhapatnam headquartered Vaibhav Jewelers offers a wide range of products in gold, diamond, gemstone, platinum and silver jewelery or articles. Its sub-brand caters to a premium segment of exclusive gold and diamond jewellery.

The shares of both the companies will be listed on BSE and NSE.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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