Biocon rose 1.07% to Rs 492.25 at 9:42 IST on BSE after the company said that its subsidiary, Syngene International's initial public offer will open on 27 July 2015.
The announcement was made after trading hours yesterday, 15 July 2015.
Meanwhile, the BSE Sensex was up 95.16 points, or 0.34%, to 28,293.45.
On BSE, so far 56,000 shares were traded in the counter, compared with an average volume of 90,515 shares in the past one quarter.
The stock hit a high of Rs 494.35 and a low of Rs 490.25 so far during the day. The stock hit a 52-week high of Rs 523.85 on 23 July 2014. The stock hit a 52-week low of Rs 402.45 on 7 January 2015.
The stock had outperformed the market over the past one month till 15 July 2015, rising 8.98% compared with 6.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 1.89% as against Sensex's 2.09% fall.
The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon announced that the red herring prospectus filed by its subsidiary, Syngene International, with the registrar of companies, Bangalore, was approved yesterday, 15 July 2015. Accordingly, the initial public offer (IPO) of Syngene International shall open for subscription to public on Monday, 27 July 2015 and shall close on 29 July 2015. The price band has been fixed between Rs 240 to Rs 250 per equity share.
As per the draft papers, Syngene plans to sell 2.2 crore equity shares, including reservation of up to 20 lakh shares for Biocon shareholders, through an offer for sale. The offer would constitute 11% of the post offer paid-up equity capital of the company.
Biocon along with its subsidiary Biocon Research (BRL) holds 84.5% equity stake in Syngene.
On a consolidated basis, net profit of Biocon rose 78.23% to Rs 201.54 crore on 14.92% rise in net sales to Rs 830.38 crore in Q4 March 2015 over Q4 March 2014.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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