Concord Biotech IPO closes today: Latest GMP, subscription status, review, other details. Apply or not?
Concord Biotech IPO: The initial public offering (IPO) opened for bidding on 4th August 2023 and its subscription will end on 8th August 2023. This means, today is the last date to apply for the public offer of this Rekha Jhunjhunwala-backed company. However, after trend reversal on Dalal Street and strong Concord Biotech IPO subscription status, grey market has gone highly bullish on the public issue.
Accor4ding to market observers, shares of Concord Biotech are available at a premium of ₹202 in grey market today. Market observers said that Concord Biotech IPO grey market premium (GMP) today is ₹202, which is ₹49 higher from its GMP of ₹153 on Monday. They said that strong response by investors and trend reversal in Indian stock market are the major reason for this big jump in Concord Biotech IPO GMP today.
They said that the trend may further continue if the secondary market sentiments continue to remain positive. Market observers went on to add that Concord Biotech IPO GMP today is ₹202, which means grey market is expecting that Concord Biotech IPO listing price would be around ₹943 ( ₹740 + ₹202), which is around 27 per cent higher from Concord Biotech IPO price band fixed at ₹705 to ₹741 per equity share. By 10:51 AM on day 3 of bidding, the public issue has been subscribed 3.10 times whereas its retail portion has been subscribed 2.54 times.
The book build offer has been subscribed 6.22 times in NII category while its QIB portion has been subscribed 1.69 times. A Discount of ₹70 per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion. Speaking on Concord Biotech IPO, Reliance Securities research report said, "On FY23 financials, the IPO is valued at 32.3x P/E, 22.5x
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