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Syngene International to debut on stock market on Tuesday

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Monday, 10 August,New Delhi: Biotechnology major Biocon’s research arm Syngene International, which recently concluded its initial public offer, will make its debut on the stock market on Tuesday

The company’s IPO was subscribed 32.03 times last month, helping it raise an estimated Rs 550 crore. The company had raised Rs 150 crore from anchor investors.

The issue price for the public offer was Rs 250 per share. The IPO had opened on July 27 and closed on July 29.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.

In January, Biocon concluded a sale of 10% stake in Syngene for Rs 380 crore to IVF Trustee Company. The deal had put the entire valuation of Syngene International at Rs 3,800 crore.

PTI