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Concord Biotech IPO booked 48% on debut

4 Aug 2023 , 04:39 PM

Concord Biotech’s initial public offering witnessed a 48% subscription rate on its first day of bidding, commencing on August 4. The received bids amounted to 70,75,940 equity shares, against an IPO size of 1.46 crore shares.

During this initial phase, all categories of investors actively participated, with retail investors securing 65% of the allotted quota. Employees, eligible for a reserved portion of 10,000 shares, exhibited substantial interest by bidding 5.28 times the reserved amount. These reserved employee shares will be obtainable at a discount of Rs 70 per share from the final offer price. The price band for the offering stands at Rs 705-741 per share.

Among other investor segments, high net-worth individuals (non-institutional investors) subscribed to 70% of the allocated portion, while qualified institutional buyers (QIB) secured nil shares yet.

Concord Biotech, a professionally managed biotechnology firm, aims to amass Rs 1,550.59 crore from its debut public offering, which exclusively consists of an offer-for-sale of 2.09 crore shares, equivalent to 20% of the paid-up equity. This offer-for-sale is conducted by Helix Investment Holdings Pte Limited, backed by Quadria Capital.

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