Shares of Syngene International Limited, a subsidiary of Biocon listed on the bourses yesterday. The offer of sale of 2.2 cr shares in a price band of 240-250 was oversubscribed 32 times. The discovered price was Rs 295, whioch also happened to be the low of the day. The share by and large traded in the range of Rs 305-315 and closed at Rs 310.40 on the BSE and Rs 310.55 on the NSE, marginally higher than the weighted average of Rs 308.34 and Rs 308.51 respectively.

Investors have made decent money no doubt and looking at the weighted average it is heartening. On the institutional side there is one trade reported where Columbia Pacific Asia Fund bought 17.5 lac shares on the NSE. The delivery percentage as a whole for the day compared to traded volume is a healthy 34.99% where 80.18 lac shares were delivered. If the same is compared to the issue size of 2.2 cr shares the delivery percentage is 36.45% and further increases to 50.11% if the allotment of shares to anchor investors who have a lock-in of 30 days is deducted.

All in all a good listing and with a little of the third of the shares sold changing hands it sets the stage for interesting days for the company going forward. It also sets the tone for the strong pipeline of shares and pricing.