Concord Biotech IPO Day 2: Issue fully subscribed on day 2; retail portion booked 1.58x

livemint.com:

IPO Subscription Status: The initial public offering (IPO) of Concord Biotech Limited has been fully subscribed on day 2 as it received strong demand from retail as well as non-institutional investors. The Concord Biotech IPO so far has been subscribed 1.48 times in total as the issue received bids for 2.16 crore equity shares as against 1.46 crore shares on the offer on August 7, the second day of the bidding process. The public issue received 1.58 times subscription in the retail category and 3.06 times in the Non-Institutional Investors (NII) category.

The quota for Qualified Institutional Investors was booked 8%, till 1:10 pm on Monday. Employees bid 11.30 times the allotted quota. The company has reserved 10,000 equity shares for its employees in the IPO and is offering them shares at a discount of ₹70 per share to the final offer price.

Also Read: SBFC Finance IPO versus Concord Biotech IPO: Which one should you choose? Concord Biotech IPO opened for subscription on August 4 and will remain open for bidders till August 8. The late ace investor Rakesh Jhunjhunwala’s RARE Trusts-backed biotechnology company aims to raise ₹1,551 crore for the public issue which is completely an offer for sale (OFS) of 2.09 crore shares by Helix Investment Holdings, a part of Quadria Capital Fund LP. Concord Biotech IPO price band has been at ₹705 to ₹741 per equity share.