Shares of Biocon-controlled Syngene International made a stellar listing at the bourses on Tuesday. Shares listed at Rs 295 against the issue price of Rs 250. The stock ended the day at Rs 310.40, up 24 per cent over its issue price.
The stock hit a high of Rs 318.20 during intra-day deals.
The company had raised Rs 550-crore through the initial public offering in July that was subscribed by almost 32 times. The company has fixed the issue price at Rs 250 - the upper price band of Rs 240-250 a share.
Ahead of the issue, the company had alloted 60 lakh shares to 13 anchor investors at Rs 250 per share. They include: Reliance Pharma Fund, BNP Paribas Arbitrage Fund, Government of Singapore, Monetary Authority of Singapore, Blackrock India Equity Fund, Goldman Sachs India Fund, ICICI Prudential Top 100 Fund, Tata Equity Opportunities Fund, Columbia Emerging Markets Fund and DB International (Asia).
Post-offer, Biocons’ stake would come down to 74.5 per cent from 85.5 per cent now.
However, the stock of Biocon ended down 0.71 per cent or Rs 3.30 at Rs 461.90.