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Syngene International IPO : To Buy or Ignore - A Technical Analysis

Syngene International (Syngene) is coming out with an initial public offering (IPO) of 2.2 crore equity shares of face value of Rs10 each. Post-issue, the promoters’ shareholding in the company will fall to 74.5% from the current holding of 85.5%. The issue is priced at Rs240-250 per share and the company intends to raise Rs528-550 crore which comprises offer for sale from the promoter group, Biocon. The net proceeds will not come to Syngene, it will be used by the promoter (Biocon) to expand its manufacturing capacity and to fund research and development expenditure.

At the upper price of Rs250 (price band of Rs240-250 per share), the company is priced at an enterprise value/EBITDA of 17.2x its FY2015 earnings and at price-to-earnings multiple of 28.6x its FY2015 earnings which is in line with valuations attracted by large players in the segment.

Key Data

IPO opens: 27-Jul-2015
IPO closes: 29-Jul-2015
Face Value: Rs 10 per share
Issue Price Band : Rs 240 to Rs 250 per share
Issue size: Rs 528 to Rs 550 Crores.
Lead Managers: Axis Capital
Listing: BSE / NSE

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