Shares of Syngene International soared by double digit figures. Know why

Syngene International Ltd., the newly listed pharmaceutical company, soared xx percent on its market debut as a strong over subscription of its 22 million share offering ensured heavy demand on the first day.

Syngene, majority controlled by listed pharma giant Biocon, gained 18.20 rupees, or 6.2 percent, to 313.20 rupees on the National Stock Exchange, where 1.246 crore shares were traded in the first two hours of trade. The issue was over subscribed 32 times with the retail part seeing a demand of more than 5 times the shares on offer.

Syngene is the only company in the CRAMS-bio pharmaceuticals space. It has a single molecule in the Contract Research And Manufacturing Space for which the New Drug Application has been filed by the innovator.

The proceeds of the sale will go to Biocon since it was an offer for sale.

Image credit: Indiatimes