The initial public offering of the shares of Bangalore-based Biocon Ltd has received bids five times the one crore shares available for subscription within an hour of opening of the biding process on Thursday.
Biocon a good buy, but expensive: Analysts
The investors have placed bids for five crore shares of face value of Rs 5 each at Rs 315, the upper end of price band for 100 per cent book-built issue, according to the latest data available with the Bombay Stock Exchange.
The price band for bidding is set at Rs 270-315 per share.
The initial trend indicates that maximum response has come from institutional investors, investment banking sources said.
The offer would 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 bidding for the IPO closes on March 18.
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