Syngene IPO Subscribed 32 Times on Last Day

Mumbai: In a strong show, the Rs 550-crore initial public offer (IPO) of biotechnology major Biocon's research arm, Syngene International, was over-subscribed 32.03 times on its last day on Wednesday as both retail and institutional investors bid aggressively for the shares.

The company's IPO received bids for 51,24,24,840 shares as against 1,60,00,000 shares on offer, thus generating demand for shares worth over Rs 17,000 crore, data available with the NSE till 7:00 p.m. showed.

Syngene's public offer opened for subscription on Monday. The price band had been fixed between Rs 240 and Rs 250 per share.

The public issue is of 2.2 crore shares (including the anchor investor portion of 60 lakh). At the given issue size, the company would raise Rs 550 crore at the upper end of the price band.

The company has raised Rs 150 crore from anchor investors.

In January, Biocon concluded sale of a 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 approval of capital markets regulator Securities and Exchange Board of India to launch an IPO.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.

Axis Capital, Credit Suisse Securities (India) Private and Jefferies India Private are the book running lead managers to the issue.

In recent times, VRL Logistics' IPO was a top draw as the issue was subscribed over 74 times.