Concord Biotech is likely to finalize the basis of allotment of its shares on Friday. The primary offering from the API manufacturer had received a strong response from the investors during the three-day bidding process, thanks to a robust bidding from the institutional investors.
The Rs 1,551 crore primary offering had received a strong response from the investors during the three-day bidding process, which opened between August 4-8
The IPO of Concord Biotech was sold in the range of Rs 705-741 apiece between August 4-8. The Rs 1,551 crore IPO was overall subscribed 24.87 times. The portion for qualified institutional bidders was booked 67.67 times, while the quota for non-institutional investors, retail investors and employees were booked 16.99 times, 3.78 times and 24.48 times, respectively.
Grey market premium (GMP) of Concord Biotech has corrected slightly in the last 24 hours. Last heard, Concord Biotech was commanding a premium of Rs 140-145 in the grey market, which was around Rs 155-160 a day ago. The current grey market signal suggests a listing of 18-20 per cent for the investors receiving the allotment.
Incorporated in 1984, Concord Biotech is a homegrown research and development (R&D) driven biopharma company. The company is ranked among the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology, marking its presence in more than 70 countries including India, Japan, US and Europe.
A majority of the brokerage firms are positive on the issue and have suggested subscribing to the issue citing its strong business model, global presence and in-line valuations. However, a few analysts have suggested avoiding the issue citing its limited upside potential, complete OFS nature and dependency of large clients.
Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is https://www.bseindia.com/investors/appli_check.aspx. They can check Equity as issue type and select the company name to proceed. One needs to only add application numbers and the PAN card ID before checking 'I am not a Robot' and hitting submit.
Investors can also check the allotment status on the online portal of Link Intime India Private Limited. (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue. Select the company name from all options, if the allotment is finalized. Fill either application number, Demat Account number, or PAN ID and the captcha accurately, before hitting submit.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
Bidders who could not get allotment in the IPO may see the initialisation of refunds on Monday, August 14. Others, who would be allotted shares may see the credit of shares, in the Demat accounts by Thursday, August 17. The listing of the IPO is likely on Friday, August 18.
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