 "Syngene International lists at 18% premium to issue price")
Shares of Syngene International were listed at Rs 295, an 18% premium against its issue price of Rs 250 per share on the Bombay Stock Exchange (BSE) as well as on the National Stock Exchange (NSE). Post listings, the stock hit a high of Rs 308 so far.
Syngene, a research arm of biotechnology major Biocon, had raised Rs 550 crore through initial public offer (IPO) last month.
The company had fixed issue price at upper band of Rs 240-250 per share. The issue was subscribed 23.66 times.
The entire proceeds of the offer will go to the selling shareholders since it is an offer for sale. Biocon is selling part of its stake.
Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.
At 10:02, the shares were trading at Rs 305 on the NSE.
Syngene, a research arm of biotechnology major Biocon, had raised Rs 550 crore through initial public offer (IPO) last month.
The company had fixed issue price at upper band of Rs 240-250 per share. The issue was subscribed 23.66 times.
The entire proceeds of the offer will go to the selling shareholders since it is an offer for sale. Biocon is selling part of its stake.
Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.
At 10:02, the shares were trading at Rs 305 on the NSE.