Biocon Rises 3% After Research Arm Gets Nod for IPO

 Sharemasterindia.com: Shares of Biocon rose like much as 3 per cent in c~tinuance Tuesday after the research arm of the biotechnology major received the capital markets regulator’s approval to dart an initial public offer (IPO).

Biocon owns every 85.54 per cent stake in Syngene, India’s largest provider of draw together research services to the pharmaceutical toil.

As per the draft papers, the fellowship plans to sell 22 million reasonableness shares, including reservation of up to 2 the public shares for Biocon shareholders, through ~y offer for sale.

In April, Biocon CMD Kiran Mazumdar-Shaw had declared that the listing could be ~ the agency of July if all the approvals come on time.

While the company did not remark on the amount to be raised from one side the IPO, Press Trust of India, citing sources said it could be around Rs 600 crore. Of the aggregate shares on offer, 50 per cent has been kept for qualified institutional buyers, 15 by means of cent for high net worth individuals and the rest since retail investors.

In January, Biocon concluded a market of 10 per cent stake in Syngene on account of Rs 380 crore to IVF Trustee Company. The deal had valued Syngene International at Rs 3,800 crore.

Syngene offers integrated remedy discovery and development services with capabilities in curative chemistry, biology, in vivo pharmacology and toxicology. Syngene has a research team of 2,300 scientists.

At 11:15 a.m., shares of Biocon were up pressingly 2 per cent to Rs 455.25 at the same time that compared to a 0.30 per cent decline in Sensex.

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