Biocon Ltd., India's largest biotechnology company, has received an overwhelming response to its 100% book built Initial Public Offering (IPO). There was a record demand in excess of Rs.10, 000 crores.

60% of the offering was reserved for Qualified Institutional Buyers (QIBs). 15% and 25% were reserved for High Networth Individuals (HNIs) and Retail Investors respectively. Over 90% of demand was received at the top end of the price band Rs.315 per share.

Commenting on the success of the IPO, Kiran Mazumdar Shaw, Chairman & Managing Director, Biocon Ltd. Said "We are delighted with this overwhelming response from the investor community. We are confident that we will deliver value to our investors and we thank them for the immense confidence in Biocon".

Mr.Nitin Deshmukh, Director General, ABLE - The Association of Biotech Led Enterprises - commented that the market clearly viewed Biocon as a quality offering. Biotech as a sector has vast potential. He cautioned investors against assuming that any stock with a Biotech label would represent value similar to that of the current offer. He encouraged potential investors to closely examine fundamentals and pedigree.

Amit Chandra, Managing Director, DSP Merill Lynch Limited said, "despite the flood of primary issues in the Indian capital markets, the unprecedented success of the Biocon IPO is a testimony to the strength of the Biocon story and the depth of its management team."

According to Ajay Sondhi, Vice Chairman and Managing Director, Kotak Mahindra Capital Company Ltd., "the huge success of the Biocon IPO demonstrates investor confidence in Biocon and its leadership in the sector. We are confident that Biocon's stock will become the benchmark for this sunrise sector."

According to Naina Lal-Kidwai, Vice Chairman, HSBC Securities and Capital Markets (India) Pvt Ltd, "despite market volatility during the period the issue was open, the extent to which it has been oversubscribed only highlights the fact that institutional and retail investors were able to see the quality of the Biocon IPO which they have supported in large numbers. This is one of the largest oversubscription for a book built issue in India."

ABOUT BIOCON

Established in 1978, Biocon Ltd. Is India's largest bio-technology company. Biocon together with its two subsidiary companies, Syngene and Clinigene is a fully integrated biotechnology enterprise. It is focussed on biopharmaceuticals and on custom and clinical research.

* As per the combined electronic book of NSE AND BSE