Biocon research arm Syngene International makes strong debut on bourses, up 26%

Shares of Syngene International, the research arm of biotechnology major Biocon, made a strong debut on the bourses, much similar to the stupendous response the company’s recently concluded public issue received last month. On NSE, Syngene stock got listed at Rs 295, up 18 percent over its issue price of Rs 250, even as the broad market sentiment remained sluggish. Advancing further, the stock surged ahead to touch a high of Rs 314.90, up nearly 26 percent over its issue price. [caption id=“attachment_2387320” align=“alignleft” width=“380”]  Reuters[/caption] At 11.05 am, the stock held on to its ground to trade at Rs 313.50, up 25 percent over its issue price. Over 1.18 crore shares changed on NSE so far. On BSE, the stock was quoted at Rs 311.15 on volumes of nearly 30 lakh shares. During the public issue held between July 27 and July 29, the company’s IPO was subscribed 32.03 times, enabling it to raise around Rs 550 crore. The company had raised Rs 150 crore from anchor investors. Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.