Concord Biotech IPO: What does GMP signal about the listing?

livemint.com:

IPO listing date has been fixed as August 18. The initial public offering (IPO) of Rekha Jhunjhunwala-backed Concord Biotech received strong interest from investors as the public issue was subscribed by a robust 24.87 times in total during the IPO subscription period of August 4 to August 8. The Concord Biotech IPO allotment was finalised on August 11 and the shares are being credited to eligible investors’ demat account today, August 17.

The focus of market participants now shifts to the Concord Biotech IPO listing. Concord Biotech share listing will take place on Indian stock exchanges BSE and NSE on August 18, Friday. Ahead of the listing, let us take a look at what the Concord Biotech IPO GMP, or grey market premium indicates.

Also Read: Sangani Hospitals IPO Listing: SME shares list with 10% premium at ₹44 apiece on NSE Emerge Concord Biotech IPO GMP today is ₹122 per share, as per topsharebrokers.com. According to market observers, Concord Biotech shares are trading ₹121 higher than its issue price in the grey market today. Market observers said that Concord Biotech IPO GMP today is ₹122, which means grey market is expecting that Concord Biotech IPO listing price would be around ₹863, considering the IPO issue price of ₹741 and GMP of ₹122, which is around 16.46% higher from Concord Biotech IPO price band fixed at ₹705 to ₹741 per equity share.

Also Read: Yudiz Solutions IPO listing: NSE SME share lists at 12% premium. Details here Concord Biotech IPO was opened from August 4 to August 8 and the IPO price band was set at ₹705 to ₹741 per equity share. The company raised ₹1,551 crore for the public issue which was completely an offer for sale (OFS) of 2.09 crore shares by Helix Investment Holdings, a part of Quadria