India`s Concord Biotech up 23% in debut, valuing it at over $1 billion
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Shares of Indian biopharma company Concord Biotech climbed as much as 23.7% in their market debut on Friday, valuing it at 95.92 billion rupees ($1.15 billion).
The company, which makes active pharmaceutical ingredients, the key biologically active elements in a drug, opened at 900.05 rupees compared with its initial public offer (IPO) price of 741 rupees.
Indian benchmark indexes, the Nifty 50 and the S&P BSE Sensex, were down 0.5% each as of 10:02 a.m. IST.
($1 = 83.0800 Indian rupees)
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