Financial Daily from THE HINDU group of publications
Friday, Mar 12, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 12, 2004 |
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IPOs Markets - IPOs Biocon issue oversubscribed 10.6 times on day 1 Our Bureau
Bangalore , March 11 THE IPO of Biocon Ltd was oversubscribed 10.6 times on Thursday, when it opened, according to its bankers. Strong demand by institutional investors saw the issue get an unprecedented four times the response for one crore shares of face value Rs 5 each within five minutes of opening. The issue closes on March 18. Biocon is raising up to Rs 315 crore, fully through the book-built route, to finance the expansion plans of its statins facility here. The issue is priced at Rs 270-315. This is the first issue by a biotechnology company; the company plans to list on the BSE and NSE. Biocon is engaged in creating enzymes and biopharmaceuticals. Post-bidding, the paid-up capital of the company will be Rs 100 crore.
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