Rare Enterprises-backed Concord Biotech shares rally over 21% in debut

New Delhi: Shares of Concord Biotech listed with a premium of over 21 per cent against the issue price of Rs 741 on Friday.

The stock began the trade at Rs 900.05, registering a jump of 21.46 per cent against the issue price on the BSE. Later, it zoomed 23.61 per cent to Rs 916.

At the NSE, it listed at Rs 900.05 and further rallied 23.73 per cent to Rs 916.90.

The company commanded a market valuation of Rs 9,447.89 crore.

The Initial Public Offer (IPO) of Concord Biotech was subscribed 24.86 times last week.

The Rs 1,550.59 crore initial share-sale had a price range of Rs 705-741 a share.

Rare Enterprises-backed Concord Biotech's IPO was entirely an Offer For Sale (OFS).

Concord is among leading manufacturers of fermentation-based biopharmaceutical active pharmaceutical ingredients (API), focused on niche segments such as immunosuppressant, oncology, anti-fungal and anti-bacterial.

The company, which has 23 API products, has three manufacturing facilities at Valthera, Dholka, and Limbasi, in Gujarat.