Biocon Limited has filed its draft red herring prospectus for its forthcoming public issue with SEBI on January 23, 2004. The offer is for a fresh issue of 10 million equity shares of Rs. 5 each.
The issue is proposed through a 100 per cent book-building scheme. The offer would constitute 10 per cent of the fully diluted post issue paid up capital of the company. Biocon will list the equity shares on the Stock Exchange, Mumbai and National Stock Exchange of India Limited.
Biocon's consolidated revenues of Rs. 399 crore and net profits of Rs. 95 crore for the 9-month period ended December 31 2003, reflected a 41 per cent and 119 per cent increase respectively, over full year results for fiscal 2003. Upto 2002-03, Biocon's net profits, including that of its subsidiaries Syngene and Clinigene, has grown at a 3-year CAGR of 85 per cent. Consolidated Net Worth as at December 31, 2003 was Rs. 230 crore.
Commenting on the IPO, Kiran Mazumdar-Shaw, chairman and managing director, Biocon said, "We intend to utilize the proceeds of the public offering for Biocon's expansion program, which encompasses a large-scale statins facility and a state-of-the-art R&D laboratory." The proceeds from IPO will be used to set-up new facilities to augment Fermentation capacity.
DSP Merrill Lynch Ltd and Kotak Mahindra Capital Company Ltd are the Book Running Lead Managers while HSBC Securities & Capital Markets (India) Pvt Ltd is the Co-Book Running Lead Manager. Karvy Consultants Ltd is the registrar to the issue.
Securities of Biocon Limited may not be offered or sold in the US. Any securities to be offered in Biocon's IPO have not been and will not be registered under the US. Securities Act of 1933.
Biocon has two subsidiary companies, Syngene International Pvt Ltd and Clinigene International Pvt Ltd specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bio-processing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries.