Will offload 2.2 cr shares to give partial exit to PE fund Silver Leaf Oak (Mauritius)
Drug research and development company, Syngene International has set a price band of Rs 240-250 per share for its initial public offering (IPO) that will open on July 27 and close on July 29. The pre-IPO placement will be held on July 24.
The subsidiary entity of Biocon will offload 2.2 crore shares, or 11% of the post offer paid-up capital. The company will raise at least R528 crore at the lower end of the price band.Of the total shares on offer, 50% is reserved for qualified institutional buyers (QIBs), 15% for high net worth individuals and the remaining quantum for for retail investors.
Biocon had sought approval from Sebi in April 2015 and received its nod in June. Axis Capital, Credit Suisse, and Jefferies India are financial advisors to the offer.
Syngene provides contract drug discovery, research and manufacturing services to 17 of the world’s top 20 pharmaceutical companies, including Bristol Myers Squibb and Abbott Laboratories. Its revenue rose 25% in the last three years.
Biocon, which owns about 85% of Syngene, will reduce its stake to about 74% post the IPO, and will consider monetising more of its stake, founder Kiran Mazumdar Shaw said at a press conference on Thursday.