Concord Biotech IPO: The initial public offering (IPO) of Concord Biotech Limited opened for subscription on 4th august 2023 and the public issue will remain open till 8th August 2023, i.e. on Tuesday next week. After day one of bidding, Concord Biotech IPO subscription status signals that the book build issue has been subscribed over 50 per cent. As per the information available on BSE website, the initial offer has been subscribed 0.58 times.
Meanwhile, grey market has gone bullish on the public issue after day one of Concord Biotech IPO subscription. According to market observers, shares of Concord Biotech Limited are available at a premium of ₹185 in grey market today.
Concord Biotech IPO GMP today
Market observers said that Concord Biotech IPO grey market premium (GMP) today is ₹185, which is ₹35 higher from its Friday GMP of ₹150. They said that trend reversal on Dalal Street could be the possible reason for rise in unlisted stock market sentiments in regard to Concord Biotech IPO. They went on to add that the issue has failed to get fully subscribed after day one of bidding but there are two more days left for bidding and chances are high for improvement in response by the investors. They said that grey market is signaling near 25 per cent premium against the Concord Biotech IPO price band of ₹705 to ₹741 per equity share.
However, stock market experts said that GMP should not be taken seriously as it is non-regulated and completely speculative. They said that grey market sentiments have no connect with the balance sheet of the company and hence, its better to scan financials of the company than to rely on GMP of the IPO.
Concord Biotech IPO subscription status
As per the information available on BSE website, the public issue has been subscribed 0.58 times after day one of bidding. Its retail portion got subscribed 0.72 times whereas it got subscribed 1.01 times in NII category. So, after day one of bidding, the public issue got fully subscribed in NII category.
Concord Biotech IPO details
Giving ‘subscribe’ tag to Concord Biotech IPO, Motilal Oswal research report says, “We like CBL given its complex product portfolio, presence in niche space, strong client relationship and high entry barriers. The issue is valued at 32x P/E in line with peer group’s avg: ~32x. We believe CBL could benefit from the industry tailwinds given its PLI approval in place. Hence we recommend Subscribe.”
Recommending to apply for the public issue, LKP Securities says, “Concord Biotech is a leading player in fermentation-based complex APIs with presence across major markets commanding a market share of over 20% by volume in 2022. With increasing prevalence of chronic diseases, growth in generic drugs & export formulations segment and increasing adoption of innovator drugs coupled with China + One strategy for expanding India’s export potential will continue to drive the API market.
Concord Biotech IPO allotment date is most likely on 11th August 2023 whereas possible Concord Biotech IPO listing date 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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp
Leave a Reply