Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Markets
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IPOs Biocon IPO oversubscribed 33% Our Bureau
Bangalore , March 19 THE IPO of Biocon Ltd was oversubscribed by almost 33 per cent as the issue closed on Thursday. Nearly 99 per cent of the bids came at the top end of the issue, priced in the Rs 270-315 band, sources said. The IPO is the first by a biotechnology company. Biocon will be listed on BSE and NSE and start trading in the first week of April. The company is raising up to Rs 315 crore to fund the expansion of its plant that makes cholesterol-lowering statins. It is also foraying into human recombinant insulin, immunosuppressants used by organ transplant patients and cancer drugs. The issue of 10 crore shares will constitute 10 per cent of the fully diluted post-issue paid-up capital of the company. The promoters - Ms Kiran Mazumdar-Shaw who is Biocon CMD; her husband Mr John Shaw and Glentec International - currently hold 68.4 per cent of the shares.
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