Kiran Mazumdar Shaw, Chairperson and MD, Biocon also said that Syngene has good growth prospects and sound business plan and has a baseline valuation of Rs 3,800 crore.
Reports suggest that Biocon is going to file for Syngene initial public offering (IPO) within next two months. Syngene is the research services arm of the company. Board approved listing of Syngene in Q3FY15.
Speaking to CNBC-TV18, Kiran Mazumdar Shaw, Chairperson and MD, Biocon said the company is committed on getting Syngene listed in FY16. The company will file the DRHP or Draft Red Herring Prospectus in the first quarter of FY16.
Shaw further said that Syngene has good growth prospects and sound business plan and has a baseline valuation of Rs 3,800 crore. Biocon acquired 40 acres of land in Mangalore's special economic zone (SEZ) for Syngene's contract manufacturing facility.
Below is verbatim transcript of the interview:
Q: There are certain reports indicating that the company is possibly going to file for the Syngene IPO within the next two months itself. Can you confirm or deny this and just take us through the plans on Syngene as a total for the IPO?
A: You will recall that we had been talking about taking Syngene to the market in fiscal year FY16 and I think we remain committed to that. In terms of whether it is two months or first half of coming fiscal, it is very difficult for me to give you too much clarity on that but all I can say is we do wish to file for this IPO in the first quarter of this fiscal.
Q: You will file the DRHP in the first quarter and overall it should get listed in FY16?
A: Yes.
Q: Have you appointed bankers for the same?
A: Yes, we are in the process of appointing them. Bankers have been appointed.
Q: How much would you be looking to offload? The last time there were indications of around 10-15 percent?
A: We remain in that same ballpark.
Q: Are bankers working with the valuation of may be Rs 3,800 crore that was the latest transaction that took place for Syngene, which was 10 percent which you have sold to your private equity firm for Rs 380 crore?
A: Obviously that is the baseline valuation and when we go to the market obviously we expect it to be higher than this.
Biocon stock price
On April 01, 2015, at 14:10 hrs Biocon was quoting at Rs 468.05, down Rs 1.45, or 0.31 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 402.45.
The company's trailing 12-month (TTM) EPS was at Rs 20.01 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 23.39. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.87.
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