Concord Biotech settles on debut day with 27% gains despite market correction

Concord Biotech, a biopharmaceutical firm established in India, saw its shares perform better than predicted since the start of trading on August 18. Despite the fact that stock markets had been falling for weeks, this held true.

On the NSE, the stock rose by 27.23 percent to a closing price of Rs 942.8 from its issue price of Rs 741, with 2.42 crore equity shares changing hands.

 The stock commenced trading at Rs 900.05 on the exchange, which would prove to be its day's low. However, by late morning, it had risen 33.3 percent, reaching a high of Rs 987.70.

 The stock finally closed at Rs 941.85 on the BSE, up 27.11 percent, with 15.42 lakh shares trading hands. 

The stock's performance far beyond both analysts' forecasts and the grey market premium of almost 15% over the issue price.

 The US Food and Drug Administration's (FDA) favourable inspection report for the company's manufacturing Unit III in Kheda, Gujarat also helped lift the stock price today.

 On June 26-30, inspectors from the US Food and Drug Administration (FDA) examined the plant in question.

 RARE Trusts, the biopharmaceutical firm founded by the late Rakesh Jhunjhunwala, announced today that it has received the Establishment Inspection Report (EIR) marking the end of the inspection and labelling the facility as "no action indicated" (NAI). 

According to the findings of this audit and the USFDA's NAI classification, the facility meets all requirements for cGMP. 

The offer for sale of 2.09 crore equity shares by Quadria Capital Fund LP-backed Helix Investment Holdings, which is leaving the company, accounts for the entirety of the Rs 1,551 crore raised by public issuance by Concord Biotech.

The range of the offer price per share was Rs 705-741.

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