Concord Biotech IPO subscribed 2.72 times on Day 2
The IPO opened on August 4, 2023, and will close on August 8, 2023. Its price band was set at Rs 705 to Rs 741 per share.
In Short
- Concord Biotech IPO subscribed 2.72 times on day 2
- Non-institutional investors' portion oversubscribed 5.22 times
- IPO price band set at Rs 705 to Rs 741
By India Today Business Desk: The initial public offering (IPO) of Ahmedabad-based biotechnology company Concord Biotech was subscribed 2.72 times on day 2, receiving bids for 3,97,88,140 shares against the offered 1,46,50,957 shares, according to data available on the stock exchanges.
The non-institutional investors' portion was subscribed 5.22 times; the retail portion was subscribed 2.26 times. The qualified institutional buyer portion was subscribed 1.61 times, whereas the employee portion was subscribed 15.68 times.
The IPO opened on August 4, 2023, and will close on August 8, 2023. Its price band was set at Rs 705 to Rs 741 per share.
Just a day before the IPO opened for subscription, the company raised Rs 465 crore from anchor investors, including prominent foreign and domestic institutions.
Several brokerages such as Motilal Oswal, SBI Securities, Ventura Securities, LKP Research, Reliance Securities, Choice Broking, Hensex Securities, Hem Securities, and SMC Capital gave a "subscribe" rating, citing Concord Biotech's growth potential and strong market presence in the biotechnology sector.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and Jefferies India Private Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.
Concord Biotech's shares are expected to be listed on the stock markets on August 18.
