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Visakhapatnam-headquartered Vaibhav Jewellers offers a wide range of products in gold and diamonds.(File)New Delhi: 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 — Valthera, Dholka, and Limbasi — in Gujarat.The company is backed by Quadria Capital Fund and Rare Enterprises, which was set up by billionaire investor Rakesh Jhunjhunwala, along with his wife Rekha. The veteran stock market investor passed away in August this year.Ahmedabad-based biopharma firm held a portfolio of 56 brands and 65 products, including 22 APIs and 43 formulations as of March 2022. In addition, it has filed over 120 drug master files (DMFs) across several countries.The public issue of Vaibhav Gems N’ Jewellers comprises a fresh issue of equity shares aggregating up to Rs 210 crore and OFS of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP).Proceeds of the fresh issue will be utilised to finance the establishment of eight new showrooms, costing Rs 12 crore, and the purchase of inventory worth Rs 160 crore over FY23 and FY24, besides general corporate purposes.Visakhapatnam-headquartered Vaibhav Jewellers offers a wide range of products in gold, diamonds, gems, platinum and silver jewellery or articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery.Shares of both companies will be listed on the BSE and NSE.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)Featured Video Of The DaySensex Surges Over 1,150 Points As Global Risk Sentiment Improves

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