Concord Biotech IPO floats on robust demand; Subscribed 22.36 times Overall

8 Aug 2023 , 03:39 PM

On August 8, the third day of bidding for the Concord Biotech initial public offering (IPO), bids for 32.76 crore equity shares were put against the IPO size of 1.46 crore shares, resulting in an aggregate subscription of 22.36 times by 3.34 PM.

High net worth individuals (HNIs) and retail investors responded positively to the IPO, subscribing 16.67 times and 3.56 times, respectively. Employees were especially enthusiastic, bidding 23.37 times their quota. A total of 59.53% share was subscribed by qualified institutional buyers.

Concord Biotech issued 10,000 equity shares in the IPO to its employees, providing them at a Rs 70 per share discount from the final offer price. Half of the offer size is allocated to qualified institutional buyers, 15% to high net worth individuals, and the remaining 35% to ordinary investors, according to the allocation structure.

The Concord Biotech IPO is priced between Rs 705 and Rs 741 per equity share.

Concord Biotech, funded by RARE Trusts, plans to raise Rs 1,551 crore via this IPO.