Biocon issue oversubscribed

12 March 2004

Bangalore: The of Biocon Ltd was oversubscribed 10.6 times on the opening day yesterday. Institutional investors showed strong interest in the scrip and the issue got an unprecedented four times the response for one crore shares of face value Rs 5 each within five minutes of opening.

Biocon is raising up to Rs 315 crore, fully through the book-built route, to finance the expansion plans of its statins facility here. The issue is priced at Rs 270-315.

This is the first issue by a biotechnology company; the company plans to list on the BSE and NSE. The issue closes on March 18