The shares of India-based biopharma company Concord Biotech have performed better than anticipated since the market opened on August 18. This was true despite the several-week-long downturn in equity markets.
On the day of the listing, the stock increased 27.23% to settle at Rs 942.8 on the NSE, versus the issue price of Rs 741; 2.42 crore equity shares were traded.
The stock touched an intraday high of Rs 987.70 (up 33.3 per cent) in late morning trades after opening at Rs 900.05 on the exchange, which was also the day’s low.
With 15.42 lakh shares traded, the stock on the BSE closed at Rs 941.85, an increase of 27.11 per cent.
Analyst predictions were far exceeded by both the stock performance and the grey market premium, which was about 15% over the issue price.
The US FDA’s good inspection report for the company’s manufacturing Unit III in Kheda, Gujarat also helped the stock’s mood throughout the day.
The aforementioned manufacturing facility was the subject of an inspection by the US Food and Drug Administration (US FDA) from June 26 to 30.
The biotech pharma firm owned by the RARE Trusts, which was founded by the late Rakesh Jhunjhunwala, announced that it has just received the Establishment Inspection Report (EIR), which marks the facility as “no action indicated” (NAI) and indicates that the inspection has been completed.
This facility is in accordance with current good manufacturing practices (cGMP), according to this inspection and the USFDA NAI classification, it said.
Helix Investment Holdings, which was sponsored by Quadria Capital Fund LP and withdrew from the firm, offered to sell 2.09 crore equity shares as part of Concord Biotech’s Rs 1,551 crore public offering.
The offer’s price range was Rs. 705-741 per share.
