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  • Syngene International lists at Rs 295 on BSE; NSE; closes at a premium of 24% at Rs 310.55 on Listing day

    Published on August 12, 2015

    Mumbai : Syngene International Limited (“Syngene”), listed today on the Indian capital markets at Rs. 295 on BSE & NSE. The stock has recorded a high of Rs 318.50 and a low of Rs 295 on the listing day on NSE, while its touched a high of Rs 318.20 and a low of Rs 295 on BSE. The stock ended the first day of listing at Rs 310.40 on BSE and Rs 310.55 on NSE. The closing price on the listing day of Rs 311 was at premium of 24.22% compared to the issue price which was fixed at Rs. 250/- per equity share.

    On the first day of listing of Syngene International, a total of 1.85 crore of shares worth of Rs 568.91 crore were traded on NSE while a total of 44.75 lakh shares worth of 137.99 crore traded on BSE.

    The Rs 550 crore Initial Public Offering (IPO) through offer for sale from its parent Biocon Ltd., has received an excellent response from investors and was subscribed 32.05 times with the application of 512789640 equity shares The Qualified Institutional Bidders (“QIBs”) subscription was subscribed 51.47 times with the application of 205860420 equity shares while the non-institutional investor subscription was at 90.24 times with the application of 270723720 equity shares. The retail subscription was 4.78 times with the application of 33465000 equity shares and Biocon Shareholders portion was subscribed 1.37 times with application of 2740500 equity shares.

    The issue opened for subscription on 27th July and closed on 29th July 2015.

    Commenting on the successful listing to the IPO, Ms Kiran Mazumdar Shaw, Chairperson Biocon, said, “We are indeed overwhelmed with the response of the investors for reposing their confidence in the differentiated story of Syngene and the trust in the management. Am confident that together we will deliver value for all stakeholders in the times to come. This also augur well for the Biocon’s stakeholders as it’s helped in value unlocking for the company’s subsidiary. We believe that Syngene has earned a global reputation in the area of integrated discovery and development services for novel small molecules and biologics and are confident of the value proposition that the company offers.”

    Commenting on the development, Mr Peter Bains, Chief Executive Officer, Syngene said, “We are delighted with the favourable response of investors to Syngene’s story which can be seen through their response to IPO and the listing. We believe this reflects strong confidence in Syngene’s differentiated strategy, capabilities to support its growing customer base and its future growth prospects. We, an experienced CRO with a proven track record of providing quality discovery, development and manufacturing services for new molecular entities to biopharma and life science companies around the world, are very well-positioned to benefit from the growth in the global CRAM’s market and see this listing a natural next step in our evolution”

    Axis Capital Limited, Credit Suisse Securities (India) Private Limited and Jefferies India Private Limited are the book running lead managers to the Issue and Karvy Computer share Private Limited is the registrar to the issue.

    Source :  Sachin Murdeshwar

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