Shares of research-focused biopharma firm Concord Biotech made a decent listing on the stock exchanges on Friday.
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The shares of the company were trading at Rs 900.05 on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), marking a premium of 21.46 per cent on the initial public offering (IPO) issue price of Rs 741.
The IPO of the company received a strong reception, as the subscription demand surged to nearly 25 times the available shares by the end of the bidding period.
Ahead of its market listing, the grey market premium suggested a moderate debut on the stock exchanges for Concord Biotech, with a roughly 16 per cent premium. However, the company’s stocks have listed at a 22 per cent premium over its IPO issue price, despite the gloomy mood on Dalal Street.
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Several brokerages, including Motilal Oswal, SBI Securities, Ventura Securities, LKP Research, Reliance Securities, Choice Broking, Hensex Securities, Hem Securities, and SMC Capital, had backed the Concord Biotech public offering.
