Concord Biotech IPO Grey Market Premium (GMP) update

Market observers have noted that Concord Biotech IPO’s grey market premium (GMP) is ₹202 today. This reflects a ₹49 increase from its GMP of ₹153 on Monday, as reported by Mint.

Subscription Progress

As of 2:00 PM on the third day of bidding, the public issue has been subscribed 10.96 times overall, with the retail portion witnessing a subscription of 3.12 times. The book build offering has seen strong demand, with the Non-Institutional Investors (NII) category subscribed 11.28 times and the Qualified Institutional Buyers (QIB) portion subscribed 24.42 times, Mint added.

Concord Biotech IPO’s Day 2 performance

During the second day of bidding on Monday, the IPO of Concord Biotech was subscribed 2.03 times. The public offering of ₹1,550.59 crore received bids for 2,34,03,680 shares against the offered 1,15,13,609 shares, according to NSE data.

Rekha Jhunjhunwala’s backed firm

Following the passing of Rakesh Jhunjhunwala, wife Rekha Jhunjhunwala has assumed full control of Concord Biotech’s shareholding. The couple initially invested in the company in 2004. Now, with Rakesh Jhunjhunwala’s demise, Rekha Jhunjhunwala holds the entire 24.09 per cent stake in the company through RaRe Enterprise.

Anchor investors show confidence

Concord Biotech on Thursday raised ₹465 crore from anchor investors. Prominent names, including the government of Singapore, the Abu Dhabi Investment Authority, and several insurance and mutual fund companies, have shown strong interest in the company.

IPO allotment and listing Dates

Concord Biotech IPO allotment is likely to take place on August 11, 2023. The company plans to list its IPO on both the BSE and NSE. The anticipated listing date is August 18, as reported by Mint.