Indian pharma company Biocon launched a Rs5.28 billion to Rs5.5 billion $82.2 million to $85.7 million initial public offering in its clinical research arm Syngene International on Monday.
The deal had seemed well-timed, taking advantage of a stock market rally, which began in mid-June. The company will now be hoping Monday's sharp fall does not presage a new downswing.
The Sensex suffered its biggest one-day drop in two months yesterday, closing down 1.96% as it took its cue from China's 8.5% slide. Over the past three trading days it has lost 3.6%.
Biocon is looking to divest an 11% stake in the Bengaluru-based group...