SBFC IPO subscribed 6.3x on day 2, Concord Biotech IPO over half covered

SBFC offer subscribed 6.3x on second day of issue

SBFC Finance’s IPO was subscribed 6.32 times on Thursday, the second day of the issue. The institutional investor portion of the IPO was subscribed 4.5 times, high networth individual portion 12.6 times and retail portion nearly 5 times. On Wednesday, SBFC had allotted shares worth Rs 304 crore to anchor investors at Rs 57 per share, the upper end of the IPO price band. SBFC is looking to issue new shares worth Rs 600 crore and sell existing shares worth Rs 425 crore belonging to Arpwood Partners and Eight45 Services. At the top end, SBFC will be valued at Rs 6,066 crore on a post-dilution basis. Analysts said at the top-end of the price band, SBFC is valued at 3.6 times its book value, given the growth opportunities and strong fundamentals of the company. BS reporter

Concord Biotech sees 57% bids on opening day

Concord Biotech’s IPO was subscribed 57 per cent on Friday, with most of the bids on the first day coming from individual investors. A day earlier, Concord had allotted shares worth Rs 465 crore to anchor investors at Rs 741 per share, the top-end of the price band. Concord Biotech’s IPO is an offer for sale by Helix Investment. At the top-end of the price band, the issue size works out to Rs 1,551 crore and the company’s market cap would be Rs 7,752 crore. Based in Ahmedabad, Concord Biotech is a maker of fermentation-based bulk drugs. Late Rakesh Jhunjhunwala’s investment arm Rare Enterprises owns a 24.1 per cent in the company. The firm’s IPO closes on Tuesday. BS reporter