In the near term, the company intends to forward integrate into commercial scale manufacturing i.e. Contract Manufacturing Organization (CMO) of NMEs.  With a client base of over 221 globally, Syngene houses over 2000+ scientists working for 8 of top 10 global innovators. BMS, Abbott and Baxter are 3 major clients for Syngene comprising over 45% of its sales.

Commenting on the IPO, Reliance Securities said, "At a price band of Rs 240-250, Syngene is valued at 24.7x/21.1x FY17E EPS, which we feel is fairly valued given its operational scale. Further, Syngene's plan to foray into CMO of novel drugs will add significant upside over the next 3-4 years.

We have not factored in any upside from the CMO business. Entry into the CMO business will open up the large revenue source (like Divi's) and make Syngene a complete turnkey solution provider amongst the Indian bourses. We recommend a SUBSCRIBE to the issue.''