The Hindu Business Line : Biocon files red herring prospectus for IPO

BIOCON India has filed the red herring prospectus with SEBI for its forthcoming IPO. The offer is for a fresh issue of 10 million equity shares for a face value of Rs 5 each.

The Bangalore-based biotech major said the issue would be made fully through the book-building route and the listing would be on the BSE and NSE.

Ten per cent of enhanced equity would be offered in the IPO.

The draft was filed on January 23. Proceeds from the IPO are to be used for setting up new facilities to augment the company's fermentation capacity. Biocon CMD, Ms Kiran Mazumdar-Shaw, said: "We intend to utilise the proceeds of the public offering for Biocon's expansion programme, which encompasses a large-scale statins facility and a state-of-the-art R&D laboratory."

DSP Merrill Lynch Ltd and Kotak Mahindra Capital Company Ltd are the book running lead managers and HSBC Securities & Capital Markets (India), the co-book running lead manager. Karvy Consultants Ltd is the registrar to the issue.

Established in 1978, Biocon's consolidated revenues stood at of Rs 399 crore and net profits at of Rs 95 crore for the nine-month period ended December 31, 2003.

It has two subsidiaries, Syngene and Clinigene, and has a consolidated net worth of Rs 230 crore as on December 31, 2003.

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Biocon files red herring prospectus for IPO