In an exciting turn of events, Concord Biotech's share price has taken a thrilling leap of 21% upon its listing, defying weak market sentiments. Despite the challenging environment, the stock made an impressive debut, opening at ₹900 apiece on both the NSE and BSE, offering fortunate allottees a significant premium.
The IPO had captured investor attention, with the book build issue priced at ₹705 to ₹741 per equity share. This strong response was only a glimpse of the surprises Concord Biotech had in store, as it continued to extend its listing premium.
On the NSE, the Concord Biotech share price initiated at ₹900.05 and achieved an intraday high of ₹925.90 per share. As of now, the shares are trading at approximately ₹920 each on the NSE, demonstrating the company's positive momentum.
Stock market experts are optimistic about Concord Biotech's future, emphasizing that the fundamentals of the stock remain robust. Allottees are encouraged to retain the scrip for a near-term target of ₹1,000, keeping a stop loss at ₹860. For those considering a fresh entry, experts suggest a similar approach, advising a purchase if the stock reaches around ₹880 per share levels.
Commenting on the successful IPO listing, Anubhuti Mishra, Equity Research Analyst at Swastika Investmart, highlighted, "Concord Biotech Limited's debut on the stock markets at ₹900 per share, 21.46% higher than its IPO price of ₹741, is in line with expectations. The company's strong fundamentals and impressive subscription levels have contributed to this positive outcome."
Regarding future prospects, Vaibhav Kaushik, Research Analyst at GCL Broking, projected, "Concord Biotech IPO had the potential for a four-digit listing, yet the current weak stock market sentiment led to its listing at ₹900 apiece. Allottees are advised to hold the scrip for a ₹1,000 target in the near term, maintaining a stop loss at ₹860 per share."
For those who missed out on allotment, experts recommend a fresh entry around ₹880 levels. If the stock becomes available around ₹880 or below, it presents a strategic opportunity. In such a scenario, experts advocate purchasing with a stop loss at ₹860 and aiming for the ₹1,000 target.
It's important to note that the information provided here reflects individual analysts' or broking companies' perspectives and not that of Youblog.live. As with any investment decision, consulting certified experts is advisable.
Disclaimer: The views and recommendations provided above are those of individual analysts or broking companies and not of Youblog.live. Investors are advised to seek advice from certified experts before making investment decisions.