Investors reposed faith in our future growth prospects: Syngene

Readying to list its shares after a bumper 32-times over-subscribed IPO, biotechnology major Biocon's research arm Syngene on Thursday said the investors have reposed faith in its future growth prospects.

New Delhi: Readying to list its shares after a bumper 32-times over-subscribed IPO, biotechnology major Biocon's research arm Syngene on Thursday said the investors have reposed faith in its future growth prospects.

The Rs 550-crore IPO closed yesterday with shares reserved for qualified institutional investors getting subscribed over 51-times, while non-institutional investor subscription was at over 90 times and retail segment at about five times.

Commenting on the successful subscription to the IPO, Biocon chairperson Kiran Mazumdar Shaw said in a statement, "We are indeed overwhelmed with the response to the IPO and I would like to thank the public for reposing their confidence in the differentiated story of Syngene."

"I am confident that together we will deliver value for all stakeholders in times to come. This value unlocking will also augur well for Biocon's stakeholders," Shaw said.

The company's IPO received bids for 51,27,89,640 shares as against 1,60,00,000 shares on offer, according to data available with the NSE.

"We believe this reflects strong confidence in Syngene's differentiated strategy, capabilities to support its growing customer base and its future growth prospects," said Peter Bains, Chief Executive Officer, Syngene.

Syngene's public offer opened for subscription on Monday and closed yesterday.

The price band of the offer was fixed between Rs 240 and Rs 250 per share.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.

Axis Capital, Credit Suisse Securities (India) Private and Jefferies India Private were the book running lead managers to the issue.

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