Concord Biotech made a solid debut on the stock exchanges Friday as shares were listed with a premium of 21.46 per cent at Rs 900.05 per share on the BSE, as against the issue price of Rs 741 per share.
On the National Stock Exchange (NSE), Concord Biotech listed at Rs 900.05 per share, a premium of 21.46 to the issue price
Concord Biotech IPO has received a robust response from investors, as the public issue was subscribed by a strong 24.87 times during the IPO subscription period.
The Rekha Jhunjhunwala-backed biotech firm launched a Rs 1,551 crore public issue between 4 August and 8 August, 2023. The price band was fixed at Rs 705 to Rs 741 per equity share.
The public issue was completely an offer for sale (OFS) for 2.09 crore shares by Helix Investments Holdings, a part of Quadria Capital Fund LP.
Kotak Mahindra Capital, Citigroup Global, and Jefferies India are the book running lead managers for the issue. Link Intime India Pvt Ltd is the registrar for Concord Biotech's IPO.
The portion booked for retail investors’ was booked 3.78 times, the Non-Institutional Investors (NII) category was subscribed 16.99 times, and the Qualified Institutional Investors’ (QIIs) portion was booked 67.67 times.
Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd, said Concord Biotech is a leading API company with a proven track record. The company manufactures and exports APIs for a wide range of therapeutic areas. However, the company's international operations expose it to various complex risks.
"Additionally, this industry has been facing margin pressure recently. Overall, the listing of Concord Biotech was in line with expectations. The company's strong fundamentals and good subscription levels were positive factors in this. Investors who participated in the IPO should consider booking profits post-listing," she added.