Biocon to File for Syngene Unit's IPO in 2 Months: Report

Biotechnology firm Biocon Ltd could file a prospectus for a share listing for its research services business arm Syngene International within the next two months, two sources directly involved in the process said.

The IPO could fetch up to Rs 1000 crore ($159.8 million), said one of the sources. However, the sources did not specify how much was being sold in Syngene. Biocon had said in January it was looking to sell up to 15 percent of its stake via an IPO.

Biocon last year sold a 10 percent stake in Syngene to private equity fund Silver Leaf Oak, valuing Syngene at Rs 3800 crore.

Biocon owns an 85.54 percent stake in Syngene, India's largest provider of contract research services to the pharmaceutical industry.

The initial public offering (IPO) for Syngene will be managed by Credit Suisse, Axis Bank and Jefferies, according to the sources.

A Biocon spokeswoman did not immediately respond to a request for comment.

Biocon shares closed up 8 percent at Rs 469.30 in Mumbai on Tuesday, while the wider market closed down 0.02 per cent.