Syngene gains 24% on debut
IPO was well-received by investors and was over-subscribed nearly 32 times
BS Reporter Mumbai Syngene International on Tuesday surged about 24 per cent on its first day of trading. Shares of the company closed at Rs 310.4 compared to the issue price of Rs 250. The company is Biocon’s contract research services arm and had launched a Rs 550-crore initial public offering (IPO) last month.
On Tuesday, Syngene's shares soared at the start of the trading session and opened at Rs 295, which was also the lowest value it touched during the day. It hit a high of Rs 318.30, a jump of over 27 per cent as investors rushed to buy the stock on its listing day.
The listing price was fixed at Rs 250, the upper end of the IPO price band.
Syngene’s IPO was well-received by investors and was over-subscribed nearly 32 times. The retail portion was subscribed nearly five times, while the institutional investors’ portion was subscribed more than 50 times.
Post-issue, Biocon continues to hold 74.5 per cent stake in Syngene.
 "Syngene gains 24% on debut")
