Mumbai: Shares of biotechnology major Biocon settled over one percent higher today after its research arm Syngene International received Sebi's approval to launch an initial public offer (IPO).
After surging 2.93 percent to Rs 460 in intraday trade, shares of Biocon ended at Rs 453.75, up 1.53 percent on the BSE.
At the NSE, the scrip settled with a gain of 1.52 percent at Rs 453.35.
The company had filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi through its lead merchant banker Axis Capital in April.
Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer documents on June 12, which is necessary for companies to launch any public offer.
As per the draft papers, the company plans to sell 22 million equity shares, including reservation of up to two million shares for Biocon shareholders, through an offer for sale.
While the company did not comment on the amount to be raised through the IPO, sources said it could be around Rs 600 crore.
Of the total shares on offer, 50 percent has been reserved for qualified institutional buyers, 15 percent for high net worth individuals and the rest for retail investors.
