Concord Biotech shares rally over 27% in debut

New Delhi: Shares of Concord Biotech ended with a premium of over 27 per cent against the issue price of Rs 741 in its debut trade 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. During the day, it zoomed 33.20 per cent to Rs 987.05. Shares of the company ended at Rs 941.85, up 27.10 per cent.

At the NSE, it listed at Rs 900.05 and further rallied 33.29 per cent to Rs 987.70. The stock ended at Rs 943.50, a gain of 27.32 per cent.

The company commanded a market valuation of Rs 9,853.28 crore.

In traded volume terms, 15.45 lakh shares of the firm were traded on the BSE and over 2.42 crore shares on the NSE during the day.

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.