Syngene International, a subsidiary of Biocon engaged in contract research business, received overwhelming response to its initial public offering (IPO) from investors. The issue has subscribed 31.95 times on both the NSE and the BSE as per data available till 6 p.m.

The IPO which closed today received 511.16 million bids as against issue size of 16 million shares. A total of 30.98 million bids were received at cut off price. The company had priced its issue in the range of Rs 240 to Rs 250 a share.

Syngene is a contract research organization (CRO) in India offering integrated discovery and development services for New Molecular Entities (NMEs) across sectors including pharma, biotech, agrochemicals, etc. Apart from generic molecules, it also offers services in biologics. It supports innovators to conduct drug discovery, development and pilot manufacturing. These range from a Full Time Equivalent (FTE) to a Fee for Service (FFS) model.

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.