Syngene's scrip subscribed 32.03 times; stock flies 18%

Biotechnology major Biocon's research arm Syngene International today made an impressive debut at bourses, surging 18%, over the issue price of Rs 250.

The stock debuted at Rs 295, a sharp gain of 18% against the issue price, on BSE even as the broader market remained lacklustre. 

Similarly, on NSE, the stock listed at Rs 295 and was later trading at Rs 311.90, up 24.76%.

The stock touched a high of Rs 318.20 and a low of Rs 295 on the BSE.

The company's IPO, which concluded last month, was subscribed 32.03 times, helping it raise an estimated Rs 550 crore. The company had raised Rs 150 crore from anchor investors. 

The IPO opened on July 27 and closed on July 29.

Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology. 

In January, Biocon concluded a sale of 10% stake in Syngene for Rs 380 crore to IVF Trustee Company, which had valued Syngene International at Rs 3,800 crore. 

The stock of Biocon was trading at Rs 462.50, down 0.58 per cent, on BSE at 1200 hours.