Concord Biotech up 24% in debut, nets over $1 billion in valuation

The Ahmedabad, Gujarat-based company opened at 900.05 rupees, compared with its initial public offer (IPO) price of 741 rupees.
The IPO comprised 20.9 million shares on offer from existing stakeholders, according to its prospectus, implying the proceeds would go to the selling shareholders alone and not the company.

Its 15.51 billion rupees offering, was subscribed 24.87 times at the end of the final day of the bidding process on August 8, according to data with the National Stock Exchange.
The stock was up 22.8% as of 10:30am IST. India’s benchmark indexes, the Nifty 50 and the S&P BSE Sensex , were down 0.4% each.
Founded in 2000, Concord Biotech makes active pharmaceutical ingredients – the key biologically active elements in a drug – as well as finished dosages.
The surge in trading debut comes when Indian benchmarks have retreated from record highs hit in the first half of the year due to moderating fund inflows from foreign investors, worries over interest rate hikes by the US Federal Reserve and growth concerns in China.