Concord Biotech IPO Basis of Allotment

AA DISCOUNT OF Rs. 70 PER EQUITY SHARE IVAS OFFERED TO EUGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION.

1. Market Risk: The Offer Price of our Equity Shares, our market capitalization to revenue from operations for FY 202. FY 2023, our price-to-earnings (P/E) ratio and our enterprise value to EBITDA ratio may not be indicative of the mart Particulars and our market capitalization to total income for the market price of our Equity Shares after the Offer.

Notes:

• Market capitalization has been computed as the product of number of shares outstanding as on the date of Prospectus with the Offer price, as applicable

• Enterprise value refers to the sum of Market Capitalization (as defined above) and Net Debt (Borrowings - Long term & Short term - Cash and Cash Equivalents - Bank Balances (Net of amount lodged as margin money against Bank Guarantees and other Commitments)) for the company as on March 31,2023.

• Revenue from Operations, Total Income and EBITDA are for the Financial Year, 2023

• PIE Ratio has been computed based on the Offer price, as applicable, divided by the Diluted EPS for the financial year ended 2023

2. Dependency on raw material suppliers: We depend on third-party suppliers for certain of our raw materials. Our raw material purchases from our top three suppliers and our top ten suppliers, for last 3 financial years are as below:

* % of total raw material costs

3. Dependency on import from China: We are highly dependent on our imports of raw materials from China The table below sets forth the amount of raw materials we imported for last 3 financial years are as below:

*% of total cost of materials consumed

4. Customer concentration risk: We derive, and may continue to derive, a significant portion of our revenue from a limited number of customers. The details of contribution by our five and ten largest customers by revenue to our revenue from operations for last 3 financial years are as below:

* % of revenue from operations

5. Concentration Risk: We have three manufacturing facilities and two dedicated research and development ("R&D") units, which are all located in Gujarat, India. Our facilities are subject to risks outside our control, such as failure of equipment or industrial accidents, disruption in electrical power or water resources, severe weather conditions, natural disasters, infectious diseases (such as COVID19) and political instability could adversely affect our business, financial condition and results of operations.

6. Regulatory Risk: We operate in a highly regulatod industry and various aspects of our operations are subject to extensive laws and regulations in India and internationally. We are required to obtain and maintain certain statutory and regulatory permits and approvals in India and in the international markets where we sell our products.

7. Exchange Rate Risk: For the Financial Years 2021,2022 and 2023, we generated 59.05%, 52.67% and 49.35% of our revenue from operations from exports. We are therefore exposed to exchange rate fluctuations. We do not hedge the foreign exchange fluctuation risks entirely, and we cannot assure you that we will be able to sufficiently hedge against all future foreign exchange fluctuations in the future.

8. Following are the details of last five primary and secondary transactions not older than three years prior to the date of the RHP:

Weighted average cost of acquisition of above mentioned shares allotted through bonus issue is Nil.

9. The three Book Running Lead Managers associated with the Offer have handled 33 public issues in the past three Financial Years preceding the date of Prospectus, out of which 10 issues closed below the issue price on the listing date:

'Issues handled where there were no common BRLMs

10. The average cost of acquisition of Equity Shares for the selling shareholder i.e. Helix Investment Holdings Pte. Limited is Rs. 227.14 per Equity Share and Offer Price is Rs. 741 per Equity Share.

This Offer was made in terms of Rule 19(2){b) of (he Securities Contracts (Regulation) Rules, 1957, as amended ('SCRR') read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made in accordance with Regulation 6(1) of the SEBI ICDR Regulations and through the Book Building Process wherein not more than 50% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") and such portion, the ("QIB Portion'). Our Company and the Setting Shareholder, in consultation with the Book Running Lead Managers, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis m accordance with the SEBI ICDR Regulations ('Anchor Investor Portion'), out of which at least one-third was available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares was added to the Net QIB Portion. Further, 5% of the Net QIB Portion was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIB Bidders other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation to Non-institutional Bidders such that: (a) one-third of the portion available to Non- institutional Investors, was reserved for applicants with application size of more than Rs. 0.2 million and up to Rs. 1 million and (b) two-thirds of the portion available to Non-institutional Investors, was reserved for applicants with application size of more than Rs. 1 million. provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non- institutional Investors, subject to valid Bids being received at or above the Offer Price and not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders f("RIBs") m accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders, other than Anchor Investors, were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective bank account (including UPI ID in case of UPI Bidders) which were blocked by the SCSBs or the Sponsor Banks as applicable, to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "offer Procedure" on page 326 of the Prospectus.

The bidding for Anchor Investor opened and closed on Thursday, August 03, 2023. The Company received 41 applications from 25 Anchor Investors for 6,274,700 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 741 per Equity Share. A total of 62,74,695 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 4,64,95,48,995,00/-.

The Offer received 1,193,778 applications for 371,106,540 Equity Shares resulting in 17.73 times subscription as disclosed in the Prospectus. The details of the applications received in the Offer from Retail Individual Bidders, Non-institutional Bidders and QIBs are as under (before rejections):

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date at different Bid prices is as under

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on August 11, 2023.

A. Allotment to Retail Individual Bidders (After Rejections) (Including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of Rs. 741 per Equity, was finalized in consultation with NSE. This category has been subscribed to the extent of 3.70 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 7,320.479 Equity Shares to 366.023 successful applicants. The category-wise details of the Basts of Allotment are as under:

B. Allotment to Non-lnstitutional Bidders (more than Rs. 2 lakhs and upto 10 lakhs) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than Rs. 2 lakhs and upto Rs. 10 lakhs), who have bid at the Offer Price of Rs. 741 per Equity Share or above, was finalized in consultation with NSE. This category has been subscnbed to the extent of 12.34 times The total number of Equity Shares allotted in this category s 1,045,783 Equity Shares to 3.734 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

C. Allotment to Non-lnstitutional Bidders (more than Rs. 10 lakhs) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-institutional Bidders (more than Rs. 10 lakhs), who have bid at the Offer Price of Rs. 741 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 19.24 times. The total number of Equity Shares allotted in this category is 2,091,565 Equity Shares to 7,469 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

D. Allotment to Eligible Employees (After Rejections)

The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price of Rs. 741 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 3.31 times. The total number of Equity Shares allotted in this category is 10,000 Equity Shares to 208 successful applicants. The category-wise details of the Basis of Allotment are as under.

Allocation to Eligible Employees (uptoRs. 2,00,000)

Allocation to Eligible Employees (Rs. 2,00,000 Upto 7 5,00,000)

E. Allotment to QIBs (After Rejections)

Allotment to QIBs, who have bid at the Offer Price of 7 741 per Equity Share or above, has been done on a proportionate basis in consultation with NSE This category has been subscribed to the extent of 71.05 times of Net QIB portion. As per the SEBI Regulations. Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. 2.09.157 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 41.83,130 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 28,25,74,140 Equity Shares, which were allotted to 127 successful Applicants.

F. Allotment to Anchor Investors (After Rejections)

The Company, the Investor Selling Shareholders in consultation with the BRLMs. have allocated 62,74,695 Equity Shares to 41 Anchor Investors (through 25 Anchor Investor Application Forms) (including 10 domestic Mutual Funds through 20 schemes) at an Anchor Investor Offer Price at 7 741 per Equity Share in accordance with SE8IICDR Regulations. This represents 60% of the QIB portion

The IPO Committee of our Company at its meeting held on August 14, 2023 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on August 11, 2023 and the payments to non-syndicate brokers have been issued on August 14, 2023. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on August 14, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company had filed the Listing application with NSE and BSE on August 14, 2023. The Company has received the listing and trading approval from NSE & BSE, and trading will commence on August 18, 2023.

Note: Ail capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in.

All future correspondence m this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant, Serial number of the Bid cum Application form number. Bidders DP ID, Client ID, PAN. date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

	Link Intime India Private Limited
	C 101, 247 Park. L.B.S Marg. Vikhroli (West). Mumba. 400 083 Maharashtra. India. Tel: +91 810 811 4949
	E-mail: concordbiotech.ipo@linkintime.co.in; Website: www.linkintime.com.in; Investor Grievance ID: concordbiotech.ipo@linkintime.co.in
	Contact Person: Shanti Gopalkrishnan; SEBI Registration Number: INR000004058

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF CONCORD BIOTECH LIMITED.

CONCORD BIOTECH LIMITED has filed a Prospectus dated August 9, 2023 (the "Prospectus") with SEBI and the RoC. The Prospectus is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e.. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com; Citigroup Global Markets India Private Limited at https://online.citibank.co.in/rhtm/citigroupglobalscreen1.html and Jefferies India Private Limited at " www.jefferies.com " and the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see ‘Risk Factors" beginning on page 26 of the RHP. Potential investors should not rely on the DRHP for any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the' Securities Act') or any state securities laws in the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be 'qualified institutional buyers' (as defined in Rule 144 A under the Securities Act) in transactions exempt from or not subject to the registration requirements of the Securities Act, and (ii) outside the United States m offshore transactions as defined in and in reliance upon Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.