The Hindu : Biocon sets price band for IPO

Online edition of India's National Newspaper
Wednesday, Feb 25, 2004

Business

Business

Biocon sets price band for IPO

By Our Staff Reporter

BANGALORE, FEB. 24. Biocon Limited, the Bangalore-based enzymes and bulk drug maker, has set the price band for its initial public offering between Rs. 270 and Rs. 315, for an equity share of the face value Rs. 5 each, a company release said here on Monday. Biocon would issue one crore shares through the 100 per cent book-building route. 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 and the Bombay stock exchanges, the release said. The post-issue paid-up capital will be Rs. 100 crores.

DSP Merrill Lynch and Kotak Mahindra Capital Company were the book running lead managers to the issue while HSBC Securities & Capital Markets (India) was the co-book running lead manager. The proceeds from the IPO would be used to `augment submerged fermentation and chemical synthesis capacity,' the release said.

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