The Bangalore-based Biocon Ltd will be the first Indian biotech company to be listed on a stock exchange when its initial public offering 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 in Mumbai on Monday.

The listings will be on, both, the Bombay Stock Exchange and the national Stock Exchange.

The IPO comprises fresh issue of 10 million equity shares of the face value of Rs 5 each in a price band of Rs 270 to Rs 315 per share.

The offer will constitute 10 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.