Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> reported robust performance in Q2FY24. Revenue grew 65% YoY to INR2.6 billion, while EBITDA and PAT jumped more than 3x compared to year-ago quarter.</li>
<li>The company has increased capacity utilization at all the three manufacturing facilities. Operational efficiencies have helped the bottom line to achieve faster growth than the top line.</li>
<li>With a high runway for growth and improving market scenario, especially for Indian pharma companies, the company remains highly optimistic to surpass its historical 18% revenue CAGR this year.</li>
</ul>



Concord Biotech Ltd (658823Z IN) reported robust performance in Q2FY24. Revenue grew 65% YoY to INR2.6 billion, while EBITDA and PAT jumped more than 3x compared to year-ago quarter.
The company has increased capacity utilization at all the three manufacturing facilities. Operational efficiencies have helped the bottom line to achieve faster growth than the top line.
With a high runway for growth and improving market scenario, especially for Indian pharma companies, the company remains highly optimistic to surpass its historical 18% revenue CAGR this year.


Concord Biotech Ltd (658823Z IN): Q2 EBITDA and PAT Triples on Operational Efficiencies

Equity Capital Markets

Blue Jet Healthcare / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a> is a CDMO focusing on specialty pharmaceutical and healthcare ingredients and intermediates. The company targets to raise $100M from its upcoming India IPO.</li>
<li>The IPO, which will open for subscription on October 25, consists of OFS of 24.3M shares by two of the promoters. The price range has been fixed at INR329–346/share.</li>
<li>Blue Jet enjoys a competitive advantage in the global contrast media market through established customer relationships with the top contrast media manufacturers. The company is on a capacity expansion spree.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN) is a CDMO focusing on specialty pharmaceutical and healthcare ingredients and intermediates. The company targets to raise $100M from its upcoming India IPO.
The IPO, which will open for subscription on October 25, consists of OFS of 24.3M shares by two of the promoters. The price range has been fixed at INR329–346/share.
Blue Jet enjoys a competitive advantage in the global contrast media market through established customer relationships with the top contrast media manufacturers. The company is on a capacity expansion spree.


Blue Jet Healthcare IPO: Niche Offering and Long-Standing Customer Relationship Are Key Positives

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> raised US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will talk about the trading dynamics.


Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will undertake a peer comparison, and share our thoughts on valuation.


Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.</li>
<li>Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.</li>
<li>Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.
Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.
Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.


Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth

India

Divi's Laboratories Ltd. manufactures pharmaceutical products which include generic drugs and their intermediates. The Company also undertakes contract research activities for other pharmaceutical companies.

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Divi's Laboratories (DIVI IN)

Concord Biotech Ltd (658823Z IN): Q2 EBITDA and PAT Triples on Operational Efficiencies

In Q2FY24, Concord’s EBITDA and PAT grew to INR1,160M and INR810M from INR370M and INR220M, respectively in Q2FY23. With new capacities coming on...

Tina Banerjee

Blue Jet Healthcare IPO: Niche Offering and Long-Standing Customer Relationship Are Key Positives

Blue Jet Healthcare is looking to raise $100M from its upcoming India IPO. The IPO consists of OFS of 24.3M shares by two of the promoters. The...

Tina Banerjee

Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO. In this note, we will undertake a peer comparison, and share...

Clarence Chu

Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth

The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share. Through this IPO, Concord seeks...

Tina Banerjee

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