Biocon IPO price band at Rs 270 to Rs 315

Bangalore-based biotech firm Biocon Ltd on Monday announced that it has fixed the price band at Rs 270 to Rs 315 per equity share of face va...

Bangalore-based biotech firm Biocon Ltd on Monday announced that it has fixed the price band at Rs 270 to Rs 315 per equity share of face value of Rs 5 for its initial public offering (IPO).

The company, which has opted for 100 percent book-building method, said the initial public offering would constitute 10 percent of the fully diluted post-issue paid-up capital of the company.

The post-issue paid-up capital of Biocon will be Rs 100 crore.

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‘‘We intend to utilise 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,’’ Kiran Mazumdar-Shaw, chairman and managing director of Biocon India, said in a statement here.

The shares would be listed on the National Stock Exchange and Bombay Stock Exchange.

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.

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