Syngene International Limited (SIL) which had tapped the capital market with its offer for sale of 2.2 cr shares received excellent response and was oversubscribed 32 times. The price band was Rs 240-250 and the company had earlier allotted shares to 13 anchor investors and 14 entities 60 lac shares at the top end of the price band. The response from all categories was good and the details of the same are appended below: –
| Bucket Size | Shares Applied for | Times oversubscribed | |
| QIB | 4000000 | 205860420 | 51.47 |
| HNI | 3000000 | 270723720 | 90.24 |
| Retail | 7000000 | 33465000 | 4.78 |
| Shareholders | 2000000 | 2740500 | 1.37 |
| Total | 16000000 | 512789640 | 32.05 |
The interesting part of this issue was that unlike the time when Biocon issue came and the whole market was agog with it, this time around Syngene was a fairly low key affair. There were no indications that the issue would be so well received. Further the grey market which is a fair indicator of market activity and interest has been moving in fits and starts. The subscription received on the last day is indeed overwhelming and if one could add came as a surprise.
The success of this IPO should embolden others in the cue to tap the markets going forward.
