In today’s briefing:
- India: Free Float Changes & Passive Flows in February
- Concord Biotech’s US$650m Lock-Up Expiry – Some Could Be Tempted to Book Multi-Bagger Gains
- Apeejay Surrendra Park Hotels IPO – Has Bounced Back Strongly, at a Decent Discount
India: Free Float Changes & Passive Flows in February
- Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-December.
- The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
- There are 15 stocks that could have passive inflows from global trackers while 9 could see passive outflows in February.
Concord Biotech’s US$650m Lock-Up Expiry – Some Could Be Tempted to Book Multi-Bagger Gains
- Concord Biotech Ltd (658823Z IN) listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.
- Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
- Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.
Apeejay Surrendra Park Hotels IPO – Has Bounced Back Strongly, at a Decent Discount
- Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.
- ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.
- In this note, we talk about the past performance and our thoughts on valuations.
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