Biocon sets price band for Syngene's IPO

Our Bureau |Agencies | | Updated on: Dec 06, 2021


Biocon's subsidiary Syngene International has announced details of its open offer.

The company will offer shareholders the stock at a price of Rs 240 to Rs 250 per share and will open it to the public from July 27, the company said in a statement.

The offer will close on July 29, the statement said.

Biocon said in April that it planned to sell 22 million shares and provide an overallotment option.

While the company did not comment on amount to be raised through IPO, sources said it could be around Rs 600 crore.

The stake dilution will be 11 per cent of the post—issue diluted equity capital of Syngene.

Of the total shares on offer, 50 per cent has been reserved for qualified institutional buyers, 15 per cent for high net worth individuals and the rest for retail investors.

In January, Biocon concluded a sale of 10 per cent stake in Syngene for Rs 380 crore to IVF Trustee Company. The deal had put the entire valuation of Syngene International at Rs 3,800 crore.

Last month, Syngene International had received capital markets regulator Sebi’s approval to launch an initial public offer (IPO). The company had filed its draft proposal with Sebi through lead merchant banker Axis Capital in April.

The public listing of Syngene, which offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology, in vivo pharmacology and toxicology has been much—delayed.

The plan had remained in limbo since 2012 due to uncertainties in the global and domestic economic environment.

Syngene has a research team of 2,300 scientists.

Published on July 16, 2015
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