Concord Biotech share price extends gain after listing at 21% premium. Buy, sell or hold?
₹900 apiece on both NSE and BSE, delivering over 21 per cent listing premium to the lucky allottees. The book build issue was offered at a price band of ₹705 to ₹741 per equity share and the issue had received strong response by investors as well. However, the newly listed stock surprised market observers further by extending its listing premium further.
On NSE, Concord Biotech share price opened at ₹900.05 apiece and went on to hit intraday high of ₹925.90 per share. Currently, Concord Biotech shares are quoting around ₹920 per share on NSE. According to stock market experts, the stock is looking positive as there is nothing wrong with fundamentals of the stock.
They said that allottees can hold the scrip for near term target of ₹1,000 maintaining stop loss at ₹860 whereas fresh entry is advised with same stop loss if the stock comes around ₹880 apiece levels. Speaking on Concord Biotech IPO listing, Anubhuti Mishra, Equity Research Analyst at Swastika Investmart said, “Concord Biotech Limited made its debut on the stock markets by going public at ₹900 per share, 21.46% higher than its IPO price of ₹741. Concord Biotech share listing is in line with expectations.
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