Concord Biotech IPO GMP Jumps to Rs. 185

Concord Biotech IPO GMP Jumps to Rs. 185

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On August 4, 2023, Concord Biotech Limited's initial public offering (IPO) began accepting subscriptions. The public issue is going to stay open until August 8, 2023, or next Tuesday. The book build issue has been joined to more than 50% as of day one of the biddings, according to Concord Biotech IPO subscription status. According to data displayed on the BSE website, the first offer has received 0.58 times as many subscriptions as it was intended to.

 

Grey market premium jumped to Rs. 185, indicating strong demand for IPO

 

Following the initial day of Concord Biotech's IPO subscription, the grey market has changed its stance on the public offering. Shares of Concord Biotech Limited are currently trading on the black market for a premium of Rs. 185, according to finance news today India.

 

Market watchers reported that the grey market premium (GMP) for the Concord Biotech IPO is 185 rupees today, which is 35 rupees more than its GMP of 150 rupees on Friday. They suggested that a change in trend on Dalal Street might be the cause of the improved sentiment on the unlisted stock market regarding the IPO of Concord Biotech. 

 

They continued by saying that although day one of the bidding had not resulted in the issue being fully subscribed, there were still two days left, and there was a good chance that investors would improve their response. According to them, the grey market indicates a premium of close to 25% over the Concord Biotech IPO price range of Rs. 705 to Rs. 741 per equity share.

 

GMP, on the other hand, was dismissed as completely speculative and unregulated by stock market experts. They claimed that since grey sentiments in the market have no bearing on the company's balance sheet, it is preferable to review the company's financial statements rather than relying solely on the GMP of the IPO.

 

According to data on the BSE website, 0.58 times the public offering have been subscribed since the first day of bidding. Its retail portion received 0.72 times as many subscriptions as the NII category, which received 1.01 times as many. As a result, on the first day of bidding, the general issue in the NII category was fully subscribed, as per breaking business news.

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