Concord Biotech IPO: What GMP, subscription status signal as offer ends on Tuesday
Concord Biotech IPO: The initial public offering (IPO) of Concord Biotech Limited opened for subscription on 4th august 2023 and the public issue will remain open till 8th August 2023, i.e. on Tuesday next week. After day one of bidding, Concord Biotech IPO subscription status signals tepid response by investors as the issue failed to get fully subscribed after one full day of bidding.
As per the information available on BSE website, the initial offer has been subscribed 0.58 times. Meanwhile, grey market has gone bullish on the public issue after day one of Concord Biotech IPO subscription. According to market observers, shares of Concord Biotech Limited are available at a premium of ₹185 in grey market today.
Market observers said that Concord Biotech IPO grey market premium (GMP) today is ₹185, which is ₹35 higher from its Friday GMP of ₹150. They said that trend reversal on Dalal Street could be the possible reason for rise in unlisted stock market sentiments in regard to Concord Biotech IPO. They went on to add that the issue has failed to get fully subscribed after day one of bidding but there are two more days left for bidding and chances are high for improvement in response by the investors.
They said that despite tepid Concord Biotech IPO subscription status after day one of bidding, grey market is signaling near 25 per cent premium against the Concord Biotech IPO price band of ₹705 to ₹741 per equity share. However, stock market experts said that GMP should not be taken seriously as it is non-regulated and completely speculative. They said that grey market sentiments have no connect with the balance sheet of the company and hence, its better to scan financials of the company than to rely on GMP of the IPO.
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