With the recent buzz around Concord Biotech’s IPO, I’m curious to know how well it has performed so far in terms of subscription rates. Who have been the major participants, and are there any special provisions for the employees of the company in the IPO?
Absolutely, the Concord Biotech IPO is indeed a topic of hot discussion in the financial circles right now. Here’s a detailed breakdown:
1. IPO Performance till Day 2:
The IPO was fully bought by investors on the second day of bidding.
In terms of numbers, there were bids for 2.81 crore equity shares against the IPO size of 1.46 crore shares, resulting in a subscription of 1.92 times.
2. Participation:
High Networth Individuals (HNIs): Subscribed 3.86 times of their portion.
Retail Investors: Subscribed 1.92 times.
Employees: Displayed significant interest, bidding a whopping 12.97 times their allotted quota.
Qualified Institutional Buyers (QIBs): Their reserved portion was booked 43 percent till Day 2.
3. Special Provisions for Employees:
The company reserved 10,000 equity shares exclusively for its employees as a part of the IPO.
Employees stand to gain shares at a discount of Rs 70 per share compared to the final offer price.
4. IPO Allocation:
50% of the offer size is for qualified institutional buyers.
15% is allocated for high networth individuals.
The remaining 35% is for retail investors.
In a nutshell, the overwhelming response from HNIs, retail investors, and especially the aggressive participation from employees showcases the confidence and expectations they have from this IPO. However, I would always recommend keeping an eye on the final day subscription rates.