After the massive success of its Initial Public Offering (IPO), Biocon Ltd., India’s largest biotechnology company, tasted grand success when the stock was listed on the bourses with a bang.
The Biocon share listed at Rs 400 on the BSE yesterday, registering a premium of 27 per cent. Similarly it opened at Rs 425 on the National Stock Exchange, a premium of 35 per cent. Biocon closed yesterday on BSE at Rs 484.35 attracting volumes of over four lakh shares. The share reached at its highest level at Rs 581 in the first hour of trading today.
Biocon had opted for the 100 per cent book building method for efficient price discovery. The price band was fixed at Rs 270 - Rs 315 per equity share of face value of Rs 5 during March 2002. The issue received overwhelming response and was oversubscribed by over 33 times. The post-issue paid-up capital of Biocon will be Rs 10 crore.