Syngene International's initial public offer (IPO) of 2.2 crore shares will open for bidding on Monday, 27 July 2015 and will close on Wednesday, 29 July 2015. The company has fixed price band for the IPO at Rs 240 to Rs 250 per share.
The IPO of 2.2 crore shares of Syngene International is an offer for sale by Biocon, the selling shareholder and the promoter of the company. Upto 20 lakh shares of the offer has been reserved for the Biocon shareholders. The offer will constitute 11% of Syngene's post offer paid up share capital and net offer will constitute 10% of its post offer paid up share capital.
The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and for the sale of 2.2 crore shares by the selling shareholder. Further, the company expects that the listing of the shares will enhance visibility and brand image among existing and potential clients and provide liquidity to the existing shareholders. The company will not receive any proceeds of the offer and all the proceeds will go to the selling shareholder.
Biocon is the promoter of the company. The promoter currently holds 16.72 crore shares, equivalent to 83.6% of the pre-offer issued, subscribed and paid-up equity share capital of company. The promoter will continue to hold 72.6% of the post-offer paid-up equity share capital. The company was promoted by Kiran Mazumdar Shaw, a promoter of Biocon. On 30 March 2002, 99.9% of the equity shares of the company were transferred to Biocon and as a result, company became the subsidiary of Biocon. Biocon has since been the promoter of the company.
Syngene International's net profit rose 29.82% to Rs 175 crore on 23.15% rise in total revenues to Rs 871.60 crore for the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).
Syngene International is one of the leading India-based contract research organisations (CRO), offering a suite of integrated, end-to-end discovery and development services for novel molecular entities (NMEs) across industrial sectors including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health, cosmetic and nutrition companies. Its service offerings in discovery and development cover multiple domains across small molecules,large molecules, antibody-drug conjugates (ADC) and oligonucleotides.
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