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 6 billion ($95 million).
In January, Biocon sold a 10% stake in Syngene for Rs 3.8 billion to IVF Trustee Company, valuing the group at Rs 38 billion, 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 = Rs 62.9100)