Ahmedabad-based Concord Biotech Limited’s initial public offering (IPO) was subscribed 0.58 on the first day of bidding.
The issue received bids of 85,05,680 shares against the offered 1,46,50,957 equity shares, at a price band of ₹705-741, according to the data available on the stock exchanges.
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Employee Portion was the most subscribed with 5.73 times, followed by Non-Institutional Investors Portion with 1.01 times. Retail was subscribed 0.72 times, whereas, Qualified Institutional Buyer Portion was subscribed 0.01 times. The issue kicked off for subscription on Friday, August 4, 2023 and will close on Tuesday, August 8, 2023. A Discount of Rs 70/- per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
A day prior to the opening of the issue, Concord Biotech Ltd had raised Rs 465 crore from anchor investors. Foreign Investors and Domestic Institutions who participated in the anchor were The government of Singapore, Abu Dhabi Investment Authority, Government Pension Fund Global, Polar Capital Funds, HSBC Mutual Fund, WF Asian Reconnaissance Fund, Amundi Funds, The Prudential Assurance Company and Pinebridge Global Funds, Nippon Life, UTI Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, SBI Life Insurance, Motilal Oswal Mutual Fund, Edelweiss Trusteeship, Invesco India, Bandhan Mutual Fund, Aditya Birla Sun Life, Max Life Insurance and Tata AIA Life Insurance.\
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Broking houses like Motilal Oswal, LKP Research, Reliance Securities, Choice Broking, Hensex Securities, Hem Securities, and SMC Capital have given a “SUBSCRIBE” rating to the issue.
“Leading brokerages have united in their endorsement of Concord Biotech’s highly anticipated IPO. Recognizing its dynamic product portfolio, robust market presence, and strategic valuation, these experts concur on the company’s potential to thrive amid industry momentum. Their unanimous ‘SUBSCRIBE’ recommendation underscores their confidence in Concord Biotech’s trajectory, bolstered by its compelling growth prospects, strategic initiatives, and positive market sentiment. As investors weigh their options, the collective backing of these reputable brokerages further fuels excitement surrounding the IPO.”
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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.
