Concord Biotech makes a strong debut on Dalal Street; what should investors do?
Ahmedabad-based Concord Biotech, an R&D-driven biopharma company, made a strong debut in the secondary market on August 18, listing at a premium of 21.5 per cent over the upper end of its IPO price band.
Concord Biotech — an Ahmedabad-based research and development-driven biopharmaceuticals company — made a strong entry in the listed space on Friday, August 18. Concord Biotech shares began their journey in the secondary market at Rs 900.1 apiece on BSE and NSE each, a premium of Rs 159.1 or 21.5 per cent over the upper end of the price range of its IPO.
The listing of Concord Biotech shares, traded with the symbol CONCORDBIO, was better than Zee Business Managing Editor Anil Singhvi's expectations. The stock finished the listing day at Rs 941.9 and Rs 943.5 on BSE and NSE respectively — a premium of around 27 per cent.
The Concord Biotech IPO concluded last week with an overall subscription of almost 25 times the equity on offer.
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