Syngene IPO over-subscribed on second day

Biotechnology major Biocon's research arm Syngene International's initial public offering was over-subscribed on the second day of the offer on Tuesday. The IPO got bids for 1,60,79,700 shares against 1,60,00,000 shares on offer, resulting in a subscription of 1.22 times, according to a NSE data till 1700 hrs. The qualified institutional buyers category was over-subscribed 1.22 times, while non-institutional investors portion saw 16 percent subscription.

Retail investors pie was over-subscribed 1.41 times. Syngene's public offer, which opened yesterday, will close tomorrow. The price band has been fixed between Rs 240 and Rs 250 per share.

The company plans to raise Rs 550 crore at the upper end of the price band. The public issue is of 2.2 crore shares (including the anchor investor portion of 60 lakh). The company has raised Rs 150 crore from anchor investors."I am pleased that this is the second listing we have done [after Biocon] and it has been very successful," Kiran Mazumdar Shaw said. "We have got a very good anchor book of very quality investors. We have also got huge demand from high net worth individual (HNI) and other qualified institutional placement (QIP)."

In January, Biocon concluded a sale of 10 percent 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).