Concord Biotech IPO: The initial public offering (IPO) opened for bidding on 4th August 2023 and its subscription will end on 8th August 2023. This means, today is the last date to apply for the public offer of this Rekha Jhunjhunwala-backed company. However, after trend reversal on Dalal Street and strong Concord Biotech IPO subscription status, grey market has gone highly bullish on the public issue. According to market observers, shares of Concord Biotech are available at a premium of ₹202 in grey market today.
Concord Biotech IPO GMP today
Market observers said that Concord Biotech IPO grey market premium (GMP) today is ₹202, which is ₹49 higher from its GMP of ₹153 on Monday. They said that strong response by investors and trend reversal in Indian stock market are the major reason for this big jump in Concord Biotech IPO GMP today. They said that the trend may further continue if the secondary market sentiments continue to remain positive.
Market observers went on to add that Concord Biotech IPO GMP today is ₹202, which means grey market is expecting that Concord Biotech IPO listing price would be around ₹943 ( ₹740 + ₹202), which is around 27 per cent higher from Concord Biotech IPO price band fixed at ₹705 to ₹741 per equity share.
Concord Biotech IPO subscription status
On day 3 of bidding, the public issue has been subscribed 24.87 times whereas its retail portion has been subscribed 3.78 times. The book build offer has been subscribed 16.99 times in NII category while its QIB portion has been subscribed 67.67 times.
A Discount of ₹70 per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
Concord Biotech IPO review
Speaking on Concord Biotech IPO, Reliance Securities research report said, “On FY23 financials, the IPO is valued at 32.3x P/E, 22.5x EV/EBITDA and 9.1x EV/Sales, on the upper price band. Concord has an established presence in the therapeutic areas and are well poised to benefit from the industry growth tailwinds. The immunosuppressant API portfolio is expected to remain one of the key contributors to the API business in the near future. Moreover, the R&D team is working on developing new formulations for which they expect to apply for ANDA approvals from the USFDA.”
On whether one should apply for the IPO or not, the brokerage said, “In view of strong global footprint, diversified products portfolio, robust in-house R&D capabilities and experienced management team, we recommend a SUBSCRIBE to the issue.”
Ventura has also given ‘subscribe’ tag to this IPO citing, “At the IPO price of ₹741 (upper price band), CBL is valued at P/E of 32.3x. Considering the growth opportunities in the company and strong fundamentals, we recommend a SUBSCRIBE rating.”
Concord Biotech IPO details
Concord Biotech IPO allotment date is most likely on 11th August 2023. The public issue is proposed for listing on NSE and BSE and likely date for share listing is 18th August 2023.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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