Biocon issue will sail through : Kiran Mazumdar

3 March 2004

Mumbai: Speaking about the prospects of the Biocon IPO in the light of a deluge of IPOs that are hitting the markets, Ms Kiran Mazumdar-Shaw, Chairman and Managing Director of Biocon Ltd said, "Biocon is a differentiated story and we believe that there is enough interest, since it is a different kind of sector," Ms Shaw was in Mumbai as part of the pre-offer road show that was kicked off in Bangalore last week.

The Bangalore-based company will be offering 10 million fresh shares of face value Rs 5 each. The price band has been fixed at Rs 270 to Rs 315. The post-issue paid-up capital of Biocon will be Rs 100 crore.

Elaborating on some of the company''s projects, she said that the domestic launch of human insulin was expected in the first half of this year. Globally, she expected the Letter of Intent signed with Bristol-Myers Squibb to translate into a global supply arrangement for insulin. The company also expected to get active on the generic bio-pharma front.