Bicon Files Draft Prospectus For IPO

Bangalore, Jan 28: | Updated: Jan 29 2004, 05:30am hrs
Biocon Ltd has filed its Draft Red Herring Prospectus for its forthcoming initial public offer (IPO) with the Securities and Exchange Board of India (Sebi). The offer is for a fresh issue of 10 million equity shares of Rs 5 each. The issue is proposed through a 100 per cent book-building scheme, a company press release said.

The offer would constitute 10 per cent of the fully diluted post-issue paid-up capital of the company. Biocon will list the equity shares on The Stock Exchange, Mumbai (BSE) and National Stock Exchange of India Ltd.

Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press statement, We intend to utilise the proceeds of the public offering for Biocons expansion programme, which encompasses a large-scale facility and a state-of-the-art R&D laboratory.

DSP Merrill Lynch and Kotak Mahindra Capital Company are the book running lead managers while HSBC Securities & Capital Markets (India) is the Co-Book Running Lead Manager. Karvy Consultants Ltd is the registrar to the issue.