Secondary Market Update:

  • Indian Indices corrected marginally by Nifty 50 losing -2.53% and Sensex losing by -2.55% at 19,253.80 and 64,831.41 respectively.
  • Our markets witnessed a consolidation phase for most of the August as Nifty traded within a broad range. The momentum continued and the midcap index continued to clock new record highs.
  • FPIs bought Indian equities worth Rs 12,262 Crore in August. However, the quantum of fund inflow had slowed. So far in 2023, foreign investors have cumulatively put in Rs 135,287 Crore in the Indian equities markets.
  • The correction in Oil and Gas was due to increase in the prices of Natural Gas by government to USD 8.60 per metric million British thermal unit (mmBtu) for September, from USD 7.85 in August. However, the price of the gas from the nominated gas fields of ONGC and Oil India remained unchanged at the price cap of $6.5 per mmBtu.

Primary Market Update:

There were 6 main board IPO in August, 2023 of Aeroflex Industries Limited, Pyramid Technoplast Limited, TVS Supply Chain Solutions Limited, Concord Biotech Limited, SBFC Finance Limited, and Yatharth Hospital and Trauma Care Services Limited against 6 IPO in July, 2023. There were 5 SME IPOs in August, 2023 as against 6 SME IPOs in July.

Concord Biotech Limited:


Incorporated in 1984, Concord Biotech Limited is an Ahmedabad-based R&D-driven bio-pharma company. The company manufactures Active Pharmaceutical Ingredients (API) through fermentation & semi-synthetic process and finished formulations. The company is backed by Rakesh Jhunjhunwala’s and Quadria Capital Fund.

Funds Utilization

The IPO is issued to achieve the benefits of listing the Equity Shares on the Stock Exchanges and Carry out the Offer for Sale of Equity Shares by the Selling Shareholders.

IPO Performance

The IPO total issue size is Rs 1,551.00 Cr and had a fixed band price of Rs. 705 to 741 per share at a PE multiple of 32.29, which is at discount to the peer average. Concord was subscribed by 24.86 times, and delivered a strong listing of 22% over its issue price.


Funds Mobilization by Corporates (Rs. In Crore)




I. Equity Issues



a. IPOs (i+ii)



  i. Main Board



  ii. SME Platform



b. FPOs



c. Equity Rights Issues



d. QIPs/IPPs



e. Preferential Allotments



II. Debt Issues



a. Debt Public Issues



b. Private Placement of Debt



Total Funds Mobilized (I+II)





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This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

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