Rare Enterprises-backed Concord Biotech and regional jewellery brand Vaibhav Gems N’ Jewellers have received capital markets regulator Sebi’s go-ahead to raise funds through initial public offerings (IPOs).
The two companies filed their preliminary IPO papers with the capital markets regulator between August and September and obtained their observation letters during November 28-December 2, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi’s parlance, its observations imply its go-ahead to float initial share sales.
According to the draft papers, Concord Biotech’s IPO is entirely an offer for sale of (OFS) of 2,09,25,652 equity shares by Helix Investment Holdings Pte Limited, backed by private equity firm Quadria Capital.
Concord is among 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
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