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Biocon announces price band of Rs. 270 to Rs. 315 per share for its IPO
Our Bureau, Bangalore | Tuesday, February 24, 2004, 08:00 Hrs  [IST]

Biocon Ltd., India’s largest biotechnology company, filed its prospectus with the Registrar of Companies (RoC) Bangalore ahead of its forthcoming Initial Public Offering (IPO). The company has opted for the 100 per cent book building method for efficient price discovery. The price band has been fixed at Rs 270 to Rs 315 per equity share of face value of Rs 5/-.
The issue 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 National Stock Exchange of India Ltd. and The Stock Exchange, Mumbai. The post-issue paid-up capital of Biocon will be Rs 1 billion.

Commenting on the IPO, Kiran Mazumdar-Shaw, chairman and managing director, Biocon said, “We intend to utilize the proceeds of the public offering for enhancing our submerged fermentation and chemical synthesis capacity in order to effectively meet the growing demand for biopharmaceutical products such as statins. Currently, we supply our biopharmaceutical products to many of the leading pharmaceutical companies in the world including several of the largest generic formulators.”

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.

Biocon Ltd. and its two subsidiary companies, Syngene International Pvt. Ltd. and Clinigene International Pvt. Ltd. form a fully integrated biotechnology enterprise, specializing in biopharmaceuticals, custom research, clinical research and enzymes.

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