Syngene tests investor appetite for IPO

Parent Biocon hopes the CRO's strong growth profile and expansion plans will mitigate recent downturn in the Indian equity market

Indian pharma company Biocon has begun pre-marketing an initial public offering of its clinical research arm, Syngene, with a target fundraising of $100 million to $150 million. 

The group hopes the unit's strong growth profile will overcome investors' negativity towards the Indian stock market, which has been on a downturn since late January. After an extremely strong rally following the election of Narendra Modi last spring, the BSE Sensex topped out on January 29 and has fallen 8% since then. 

However, Indian IPO's take time to wend their way to market, which means sentiment could be very different by the time Syngene finally...

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