Jobaaj Stories
Concord Biotech, a pioneering biotech company backed by Rekha Jhunjhunwala, has witnessed an overwhelming response to its initial public offering (IPO), demonstrating investor confidence in its potential. The IPO subscription closed at a remarkable 10.96 times, reflecting strong demand from various investor categories.
Grey Market Premium and Strong Subscription Progress
Market observers have noted the striking rise in the Grey Market Premium (GMP) for Concord Biotech's IPO, which soared to ₹202, marking a significant increase from ₹153 just days earlier. The enthusiasm surrounding the IPO is evident, with the retail segment witnessing a 3.12 times subscription and the Non-Institutional Investors (NII) category oversubscribed by an impressive 11.28 times. Moreover, Qualified Institutional Buyers (QIB) showed tremendous interest, subscribing 24.42 times.
Rekha Jhunjhunwala's Continued Impact
Following the passing of Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala has taken the reins of Concord Biotech's shareholding. The couple's early investment in 2004 has blossomed, with Rekha Jhunjhunwala now holding the entirety of the company's 24.09% stake through RaRe Enterprise.
Anchor Investors Boost Confidence
Concord Biotech has garnered ₹465 crore from anchor investors, a testament to the company's robust potential. Esteemed entities such as the government of Singapore, the Abu Dhabi Investment Authority, insurance firms, and mutual funds have exhibited significant confidence in Concord Biotech's growth trajectory.
IPO Allotment and Listing Dates
The eagerly awaited IPO allotment is anticipated to occur on August 11, 2023. Concord Biotech is gearing up to list on both the BSE and NSE, setting the stage for its promising journey in the public markets.
In a landscape teeming with investor interest, Concord Biotech's IPO success showcases its transformative impact on the biotech sector and affirms investor belief in its visionary pursuits.
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