Syngene makes impressive debut, shares zoom over 24%

Shares of Syngene International, the research arm of biotechnology major Biocon, made an impressive debut at the bourses today, surging more than 24 per cent over the issue price of Rs 250.
The stock ended the day at Rs 310.40, reflecting a sharp gain of 24.16 per cent as compared to the issue price on the BSE even as the broader market remained weak.
During the day, the scrip touched a high of Rs 318.20, up 27.28 per cent.
At the NSE, shares of the company zoomed 24.22 per cent to Rs 310.55 at close.
On the volume front, 44.75 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.

The company commands a market valuation of Rs 6,208 crore.

"NSE is happy to list the second company from the Biocon Group. A vibrant India is all about new age sectors, leaderships and entrepreneurship's," said Chitra Ramkrishna, MD & CEO, NSE.
The company's IPO, which concluded last month, was subscribed 32.03 times, helping it raise an estimated Rs 550 crore. The company had raised Rs 150 crore from anchor investors.
The IPO 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 per cent stake in Syngene for Rs 380 crore to IVF Trustee Company, which had valued Syngene International at Rs 3,800 crore.

Biocon shares ended 0.71 per cent down at Rs 461.90 apiece on the BSE.
In the broader market, the benchmark BSE Sensex ended 235.63 points down at 27,866.09.