Receives bids for 51.27 crore shares
The initial public offer (IPO) of Syngene International received bids for a total of 51.27 crore shares, compared with up to 1.6 crore equity shares on offer, as per data from the National Stock Exchange (NSE) website. The IPO was subscribed 32.05 times. The price band for the IPO was fixed at Rs 240 to Rs 250 per share. The company has finalized allocation of 60 lakh shares to a total of 13 anchor investors at the top end of the price band.
Category-wise subscription data showed that the Qualified Institutional Buyers (QIBs) portion of the IPO was subscribed 51.47 times. Non institutional investors (NII) category was subscribed 90.24 times. The retail investors portion of the IPO was subscribed 4.78 times.
Promoter Biocon is selling shares through the IPO and hence Syngene International will not get any funds from the IPO. Biocon is selling a total of 2.2 crore shares of Syngene International via the IPO. Post offer, Biocon will hold 74.5%.
Syngene International has raised Rs 150 crore from sale of shares to 13 anchor investors. The company had on Friday, 24 July 2015, finalized allocation of 60 lakh shares to a total of 13 anchor investors at Rs 250 per share which is the top end of the Rs 240-250 price band for the IPO. The company will issue 8 lakh shares each to Reliance Pharma Fund and BNP Paribas Arbitrage Fund. Government of Singapore will be allotted 6.59 lakh shares and the Monetary Authority of Singapore will be allotted 3.4 lakh shares. Blackrock India Equity Fund will be allotted 6 lakh shares. Goldman Sachs India Fund, ICICI Prudential Top 100 Fund, Tata Equity Opportunities Fund, Columbia Emerging Markets Fund and DB International (Asia) will be allotted 4 lakh shares each.
Biocon will use the proceeds to meet its capital expenditure requirements and to fund the ongoing research of its new biosimilar product portfolio that comprises several late-stage projects that need investment for global clinical trials.
For the three fiscal years ended 31 March 2015 (FY 2015), Syngene International's total revenue, net profit and EBITDA grew at a CAGR of 27.7%, 35.1% and 28.3%, respectively. The company registered a net profit of Rs 175 crore on total revenue of Rs 871.60 crore for FY 2015.
Promoted by Biocon, Syngene International is a leading India-based contract research organization (CRO) offering a suite of integrated and end-to-end discovery and development services for novel molecular entities (NMEs) across industrial sectors.
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