The Hindu Business Line : Biocon issue won't drown in IPO deluge: Mazumdar-Shaw

Ms Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon Ltd, with Mr John Shaw, Vice-Chairman, at a press conference in Mumbai on Monday. — Shashi Ashiwal

Mumbai , March 1

IN a market that is already believed to be inundated with too many public issues, what lies ahead for biotech company Biocon Ltd, whose IPO process kicks off on March 11?

"Biocon is a differentiated story and we believe that there is enough interest, since it is a different kind of sector," said Ms Kiran Mazumdar-Shaw, Chairman and Managing Director of Biocon Ltd.

There has been much debate on the prospects of heavyweight IPOs following close on the heels of each other. Companies in the fray include IPCL, CMC, IBP, GAIL and ONGC. Responding to a query on the prospects of the Biocon IPO against the present backdrop, she said that she was confident because it was the first time an Indian biotech company was going public. 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.

Biocon is going ahead with its plans in the cholesterol-lowering statins market. Also on the anvil this year was the commencement of phase II clinical trials for a drug targeting head and neck cancer, being done along with a Cuban institute CIMAB, she said.

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