Concord Biotech IPO to deliver a strong listing pop? Here's what grey market premium suggests – Business Today

Shares of Concord Biotech are likely to continue to extend the list of positive listings of mainboard IPOs. The company, which is scheduled to list on Friday, is likely to deliver a mild listing pop at the debut, if one goes by the signals from the grey market premium for the listing-bound company. Last heard, the company was commanding a premium of Rs 120-125 per share, about 17 per cent higher compared to its issue price of Rs 741 apiece. Despite a mild improvement in the current week, the grey market premium stays corrected sharply from its peak around Rs 185-190 per share in the last week. Concord Biotech is expected to be at a premium of around Rs 122 per share, based on the current signals. This would mean that the shares could list at a price of around Rs 863 per share. Concord Biotech is a leading API company with a proven track record. But its international operations expose it to various complex risks, said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart.
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