On course to become India's first biotech company to be listed on a stock exchange, Bangalore-based Biocon Ltd on Thursday kicked off a roadshow for its initial public offering that opens on March 11.
The IPO, which closes on March 18, is through 100 per cent book building method and its proceeds would be used for setting up new facilities to augment submerged fermentation and chemical synthesis capacity, Biocon chairman and managing director Kiran Mazumdar-Shaw said at a press conference.
The IPO comprises fresh issue of an aggregate of 10 million equity shares of the face value of Rs 5 each in a price band of Rs 270-Rs 315 per share. The offer would constitute ten per cent of the fully diluted post issue paid up capital of the company. The post-issue paid-up capital of Biocon would be Rs 100 crore (Rs 1 billion).
The country's largest biotech company clocked a revenue of Rs 372.45 crore (Rs 3.72 billion) and a net profit of Rs 86.11 crore (Rs 861 million) for nine months ended December 31, 2003, compared with the 2002-03 (12 months) figure of Rs 255.22 crore (Rs 2.55 billion) and Rs 35.31 crore (Rs 353 million).
Besides key Indian cities such as Mumbai and Ahmedabad, the company has organised roadshows in London, Singapore and Hong Kong, it was stated.
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