Concord Biotech IPO Bidding Nears Conclusion:
The countdown is on for the Concord Biotech Initial Public Offering (IPO), as the subscription window is set to close today, August 8th, 2023. This marks the final opportunity for investors to participate in the public offering of the company backed by Rekha Jhunjhunwala. The IPO opened for bidding on August 4th, 2023, and has garnered significant attention due to a noteworthy surge in subscription figures and a surprising turn of events on Dalal Street.
Concord Biotech IPO GMP:
Market sentiment for the Concord Biotech IPO has turned considerably bullish in the grey market, where shares are now commanding a premium of ₹202. This upswing in the grey market premium (GMP) is a remarkable shift from the GMP of ₹153 recorded just a few days ago. The surge is attributed to heightened investor interest and a noticeable market trend reversal. Financial analysts suggest that this positive momentum could be sustained if the broader secondary market conditions remain favorable.
Anticipation of Concord Biotech IPO Listing Price:
The grey market’s current premium of ₹202 has fueled speculations about the listing price of the Concord Biotech IPO. Analysts predict that the listing price might hover around ₹943 (₹740 + ₹202), showcasing a substantial increase of approximately 27%. This projection is based on the price band for the Concord Biotech IPO, set between ₹705 and ₹741 per equity share.
Concord Biotech IPO Subscription Status:
As of 11:39 AM on the third day of the bidding process, the public issue has witnessed a robust subscription rate of 3.73 times. The retail segment’s subscription stands at an impressive 2.68 times, highlighting strong interest from individual investors. The Non-Institutional Investor (NII) category has displayed even greater enthusiasm, with a subscription rate of 7.23 times. Meanwhile, the Qualified Institutional Buyer (QIB) portion has also attracted healthy participation, recording a subscription rate of 2.92 times.
Special Incentive for Eligible Employees:
Employees eligible for the Employee Reservation Portion have the opportunity to secure a discount of ₹70 per equity share, adding an extra layer of appeal to the IPO.
Reliance Securities Research Report and Expert Recommendations:
In its research report, Reliance Securities lauds Concord Biotech’s value proposition. The report states, “Based on FY23 financials, the IPO’s valuation stands at 32.3x P/E, 22.5x EV/EBITDA, and 9.1x EV/Sales on the upper price band. Concord’s strong presence in therapeutic sectors positions them to capitalize on industry growth. The immunosuppressant API portfolio is poised to be a key growth driver, with ongoing R&D efforts aimed at new formulations and future USFDA approvals.”
Also Read: Concord Biotech IPO Details | GMP, Date, Price, Review
Analysts from Various Quarters:
- Reliance Securities: “Given the global footprint, diversified product portfolio, robust R&D capabilities, and experienced management, we recommend a SUBSCRIBE to the issue.”
- Ventura: “Considering the company’s strong fundamentals and growth potential, we maintain a ‘subscribe’ rating.”
Concord Biotech IPO Allotment and Listing:
Concord Biotech IPO allotment is projected for August 11th, 2023. The company’s shares are anticipated to be listed on both the NSE and BSE exchanges by August 18th, 2023.
About Concord Biotech:
Concord Biotech Limited, headquartered in Ahmedabad, India, is a biotechnology firm. It specializes in the production of biopharmaceutical active pharmaceutical ingredients using fermentation techniques, which are then distributed globally. The company’s inception in the year 2000 can be attributed to Sudhir Vaid.
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