 "Biocon files IPO prospectus for R&D arm Syngene")
Biotech firm Biocon Ltd has filed a prospectus for the initial public offering of its $600 million research and development arm, Syngene, it said on Thursday.
The company plans to sell 22 million shares, including an overallotment, it said in a statement, after the prospectus was filed with India's market regulator.
It gave no value for the stock offering, but local newspaper reports said the company could raise as much as Rs 600 crore ($95 million).
In January, Biocon sold 10% stake in Syngene for Rs 380 crore to IVF Trustee Company, valuing the group at Rs 3,800 crore, or just over $600 million.
Biocon had also said in January it would list Syngene by selling up to 15% of the unit through an initial public offer, but it had given no specific timeline.
The listing is expected to take place by July.
($1 = 62.9100 rupees)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app