In a strong show, the Rs 550 crore IPO of biotechnology major Biocon's research arm Syngene International was over-subscribed 32.03 times on the last day of the offer on Wednesday as both retail and institutional investors bid aggressively for the shares.
The company's IPO received bids for 51,24,24,840 shares as against 1,60,00,000 shares on offer, according to data available with the NSE till 1900 hrs, thus generating demand for shares worth over Rs 17,000 crore. Syngene's public offer opened for subscription on Monday. The price band has been fixed between Rs 240 and Rs 250 per share.
The public issue is of 2.2 crore shares (including the anchor investor portion of 60 lakh). At the given issue size, the company would raise Rs 550 crore at the upper end of the price band. 10:30 am Result poll: Cigarette-hotel-to-FMCG major ITC 's first quarter earnings are expected to be muted on decline in cigarette volumes (the major contributor to revenue) and subdued performances from other segments.
consolidated net profit is seen rising 6 percent year-on-year to Rs 2,320 crore and revenue is likely to increase 0.6 percent to Rs 9,300 crore during the quarter. Operating profit (earnings before interest, tax, depreciation and amortisation) may rise 3 percent to Rs 3,381 crore and margin may expand 100 basis points to 36.4 percent. The full impact of price hikes on cigarette volumes will be seen in June quarter. ITC hiked cigarette prices on blended basis amount to around 30 percent in July 2014 and March 2015.
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