Syngene International Limited which is tapping the capital markets with its offer for sale of 2.2 cr shares in a price band of Rs 240-250 completed its allocation to anchor investors. The allocation was made at the top end of the price band at Rs 250 to 13 entities. The list includes 14 entities comprising of 13 unique investors as Axis has subscribed in two different funds. A total of 60 lac shares were allotted. It may be mentioned that though the issue size is 2.2 cr shares there is a reservation of 20 lac shares for shareholders of Biocon, which reduces the size to 2 cr shares. Hence 60% of the QIB portion which can be allocated to anchors has been fully allotted. The full list is appended below: –

The issue is valued at 26.08 times at the lower band of Rs 240 to 27.17 times at the upper band of Rs 250. Considering the price performance of Biocon in its 10-11 years of listing history, investors are not too happy with the company. Considering all of that it would be a little tough getting the issue to get oversubscribed many times over even though there is so much of buzz in the pharma sector.