Concord Biotech share price extends gain after listing at 21% premium
Despite weak market sentiments, Concord Biotech share price opened at ₹900 apiece on both NSE and BSE, delivering over 21 per cent listing premium to the lucky allottees. The book build issue was offered at a price band of ₹705 to ₹741 per equity share and the issue had received strong response by investors as well. However, the newly listed stock surprised market observers further by extending its listing premium further.
On NSE, Concord Biotech share price opened at ₹900.05 apiece and went on to hit intraday high of ₹925.90 per share. Currently, Concord Biotech shares are quoting around ₹920 per share on NSE.
According to stock market experts, the stock is looking positive as there is nothing wrong with fundamentals of the stock. They said that allottees can hold the scrip for near term target of ₹1,000 maintaining stop loss at ₹860 whereas fresh entry is advised with same stop loss if the stock comes around ₹880 apiece levels.
Speaking on Concord Biotech IPO listing, Anubhuti Mishra, Equity Research Analyst at Swastika Investmart said, “Concord Biotech Limited made its debut on the stock markets by going public at ₹900 per share, 21.46% higher than its IPO price of ₹741. Concord Biotech share listing is in line with expectations. The company’s strong fundamentals and good subscription levels were positive factors for this.”
Concord Biotech share price target
On suggestion to allottees after positive debut, Vaibhav Kaushik, Research Analyst at GCL Broking said, “Concord Biotech IPO was a candidate for four digit listing but due to weak stock market sentiments, it has listed at ₹900 apiece levels. Allottees are advised to hold the scrip for ₹1,000 target in near term maintaining stop loss at ₹860 per share levels.”
On suggestion to those who missed to get company shares via allotment process, CL expert said, “Fresh entry is advised around ₹880 levels. However, in case it doesn’t come below ₹900 and becomes available around ₹880, then one should look at other IPO and shares available in the market.”
“In case Concord Biotech shares become available at ₹880, one should buy with stop loss at ₹860 levels for ₹1,000 apiece target,” concluded Vaibhav Kaushik.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 18 Aug 2023, 11:01 AM IST
