At Rs 310.40 on BSE
Shares of Syngene International settled at Rs 310.40 on BSE, a premium of 24.16% over the initial public offer price of Rs 250.
Meanwhile, the S&P BSE Sensex fell 235.63 points or 0.84% at 27,866.09.
The stock debuted at Rs 295 on BSE, a premium of 18% over its initial public offer (IPO) price. The stock hit a high of Rs 318.20 and a low of Rs 295 in intraday trade. On BSE, 44.75 lakh shares were traded on the counter.
The IPO of Syngene International had received strong response from investors. The IPO was subscribed 32.05 times. The bidding for the IPO started on 27 July 2015 and concluded on 29 July 2015.
Promoter Biocon sold shares through the IPO and hence Syngene International did not get any funds from the IPO. Biocon sold a total of 2.2 crore shares of Syngene International via the IPO. Biocon will use the proceeds of the share sale 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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