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Biocon Jumps on Filing Prospectus for Syngene IPO

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Shares of Biocon advanced over 3 per cent to hit intraday high of Rs 470 after the company on Wednesday filed prospectus for the initial public offer of its research arm Syngene.

The company filed for the draft red herring prospectus with Sebi. It plans to raise Rs 600 crore by selling 24 million equity shares.

Out of the total shares on offer, 50 per cent have been reserved for QIBs, 15 per cent for high net worth individuals and 35 per cent for retail investors.

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

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 has remained unexecuted since 2012 due to uncertainties in global and domestic economic environment. 

(With PTI inputs)


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