The initial public offering of biotechnology major Biocon's research arm Syngene International was subscribed 32 percent on the first day of offer on Monday. The IPO received bids for 51.66 lakh shares against 1.6 crore on offer, according to NSE data till 1600 hours. Syngene's public offer will close on July 29.
The price band has 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). The company has raised Rs 150 crore from anchor investors.
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 market regulator Sebi's approval to launch an initial public offer (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.
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