Concord Biotech IPO: GMP, subscription status, other details. Apply or not for this Rekha Jhunjhunwala-backed company | Mint – Mint

Concord Biotech IPO: The initial public offering (IPO) of Concord Biotech Limited has opened today for subscribers and it will remain open for bidders till 8th August 2023. The public issue aims to raise 1,551 crore and the book build issue is completely offer for sale (OFS) in nature. The bio-pharma company has fixed Concord Biotech IPO price band at 705 to 741 per equity share. According to market observers, Concord Biotech share price has started to trade in unlisted market. They said that shares of Concord Biotech area available at a premium of 150 per equity share in grey market today.

Concord Biotech IPO subscription status

By 12:36 PM on day one of bidding, the public issue has been subscribed 0.23 times whereas its retail portion has been subscribed 0.32 times.

Important Concord Biotech IPO details

1] Concord Biotech IPO GMP today: According to market observers, Concord Biotech IPO grey market premium (GMP) today is 150.
2] Concord Biotech IPO price band: The bio-pharma company has fixed price band of the public issue at 705 to 741 per equity share.
3] Concord Biotech IPO date: The public issue has opened for subscription today and it will remain open for subscribers till 8th August 2023.
4] Concord Biotech IPO lot size: A bidder will be able to apply in lots and one lot will comprise 20 company shares.
5] Concord Biotech IPO size: The bio-pharma company aims to raise 1,551 crore from its initial offer.
6] Concord Biotech IPO allotment date: The tentative date for share allocation is 11th August 2023.
7] Concord Biotech IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the public issue.
8] Concord Biotech IPO listing: The public issue has been proposed to list on BSE and NSE.
9] Concord Biotech IPO listing date: The public issue is most likely to list on 18th August 2023.

10] Concord Biotech IPO: Good or bad?

On Concord Biotech IPO review, Choice Broking report says, “At the higher price band, CBL is demanding a P/E multiple of 32.3x (to its FY23 earning), which is at discount to the peer average. Growth in the global market of fermentation-based APIs is expected to be driven by immunology, oncology and anti-infective therapeutic areas. CBL is focusing on these therapeutic areas with its wide range of niche & complex APIs. Moreover, considering its manufacturing capabilities and geographic presence CBL well placed to benefit from the expansion in the market. Thus, we assign a “SUBSCRIBE” rating for the issue.”
Giving ‘subscribe’ tag to the public issue, Reliance Securities report 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.”

Rekha Jhunjhunwala shareholding in Concord Biotech

In 2004, Rekha and Rakesh Jhunjhunwala made an investment in Concord Biotech. However, after the demise of ‘Big Bull’ of the Indian stock market, entire 24.09 per cent stake in the company came in control of Rekha Jhunjhunwala. She owns these shares in the bio-pharma through RaRe Enterprise, a company that belong to Rekha Jhunjhunwala after the death of her husband late Rakesh Jhunjhunwala.
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 decision.
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