Biocon affiliate Syngene sets price for IPO

17 July 2015

Indian contract research company Syngene International has obtained the approval of the Registrar of Companies (RoC) for its Red Herring Prospectus, for an Initial Public Offering. The IPO is an offer for sale by Biocon of a part of its shareholding in Syngene.

Research-based Biocon along with its subsidiary, Biocon Research, currently holds an 84.5% equity stake in Syngene. The company has already obtained necessary approvals from SEBI and FIPB.

The offer will open for subscription on July 27, and will close on July 29, 2015. The price band for the offer has been fixed between 240 rupees and 250 rupees per equity share of 10 rupees each.

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