Latest news with #SiddharthMittal
Business Standard
14 hours ago
- Business
- Business Standard
Biocon raises Rs 4,500 crore via QIP
First equity fundraise since 2004 IPO sees strong institutional demand. Biocon has successfully concluded a Qualified Institutions Placement (QIP), raising Rs 4,500 crore (approximately $523 million), marking its first equity fundraise since its IPO in 2004. The company issued 13.63 crore equity shares at Rs 330 per share. The QIP opened on June 16 and closed on June 19, attracting participation from a mix of domestic and foreign institutional investors. Major names in the final orderbook included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life, Nippon India Mutual Fund, Mirae Asset, Franklin Templeton, SBI General Insurance, Government Pension Fund Global, and BlackRock. The proceeds from the fundraise will be used for multiple strategic objectives, including purchasing optionally convertible debentures of Biocon Biologics from Goldman Sachs-managed funds, repaying certain borrowings, and meeting other financial and corporate needs. Following the issue, the combined stake of the promoter and promoter group stands at 54.45%, down from 60.64% as of March 2025. Siddharth Mittal, CEO and managing director, Biocon, said, "The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide." Biocon is a global biopharma company dedicated to improving affordable access to therapies for chronic conditions like diabetes, cancer, and autoimmune diseases. The companys consolidated net profit surged 154.2% to Rs 344.50 crore on a 12.8% jump in net sales to Rs 4,358.10 crore in Q4 FY25 over Q4 FY24. The scrip rose 0.86% to settle at Rs 351.60 on Friday, 20 June 2025.
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Business Standard
a day ago
- Business
- Business Standard
Biocon closes ₹4,500 crore QIP to boost innovation, expand global access
Biocon Ltd announced on Friday that it has successfully raised ₹4,500 crore through a qualified institutions placement (QIP), marking its first equity fundraising since its initial public offering in 2004. In a regulatory filing, the company stated it had issued over 136.3 million equity shares, each with a face value of ₹5, to eligible institutional investors. The shares were priced at ₹330 per unit, which includes a premium of ₹325. The QIP was open from June 16 to 19, 2025, and received strong interest from both Indian and global investors. Biocon said this response reflects growing confidence in the company's long-term strategic vision. Capital to support innovation and access to affordable healthcare 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution,' said Siddharth Mittal, CEO and Managing Director of Biocon Ltd. 'This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide,' Mittal added. Proceeds allocated for strategic and financial needs Biocon stated that part of the capital raised will be used to purchase outstanding optionally convertible debentures of its subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2. Additionally, the funds will be used to repay, pre-pay, or redeem certain borrowings and financial instruments, and meet other financial requirements, including general corporate expenses.
The Hindu
a day ago
- Business
- The Hindu
Biocon raises ₹4,500 crore through QIP
Biocon said it completed its Qualified Institutions Placement (QIP) and raised ₹4,500 crore through the issuance of 13,63,63,635 equity shares of face value ₹5 each to eligible qualified institutional buyers at the issue price of ₹330 per equity share (including a premium of ₹325 per equity share). The QIP, which opened on June 16 and closed on June 19, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon's growth prospects, said the company on Friday. Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide.' According to the company, this fundraise, the first equity fundraise done by Biocon since its IPO in 2004, demonstrates the company's access to a diversified equity pool of capital. The final order book was well diversified in terms of investor type across domestic mutual funds, insurance companies and foreign institutional investors. Some of the leading names who participated in the issue included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Mirae Asset Mutual Fund, Aditya Birla Mutual Fund, Franklin Templeton, SBI General Insurance, Government Pension Fund Global and Blackrock, the biotech firm further said. The proceeds from the QIP would be utilised towards purchase of outstanding optionally convertible debentures issued by Biocon Subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2. Also, proceeds would be used for repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued and/or borrowings availed by the company, and/or meeting other financial commitments of the company; and for general corporate purposes, as per the company.
Mint
5 days ago
- Business
- Mint
Biocon launches QIP to raise ₹4,500 crore
Indian biopharmaceutical firm Biocon Ltd is looking to raise $523 million ( ₹4,500 crore) by selling 11.6% stake through a qualified institutional placement (QIP) issue, showed a term sheet. The company has set a floor price of ₹340.20 per equity share, and an indicative floor price of ₹323.20 per equity share, according to the term sheet reviewed by Mint. The funds will be used to purchase outstanding optionally convertible debentures issued by the company's subsidiary Biocon Biologics from Goldman Sachs AIF schemes, and to repay the company's debts. Biocon has a net debt of about $1.2 billion, excluding structured instruments. BofA Securities India Ltd, Kotak Mahindra Capital, and Goldman Sachs (India) Securities Private Ltd are acting as lead managers to advise Biocon on the fundraise. Also read | Biocon to evaluate merger with subsidiary Biologics The company launched the QIP after market hours on Monday. Biocon's shares closed at ₹356.95 on the NSE on Monday, up 0.44%. The company's market cap is at ₹428.13 billion. Biocon did not immediately respond to a query emailed by Mint. On 23 April, the company's board had approved raising ₹4,500 crore by issuing securities via QIPs, rights issue, or other permissible routes, in one or more tranches. The company had sought shareholder approval for the fundraise via a postal ballot dated 2 May 2025. It had earlier said that it plans to complete the first tranche of equity sale by mid-June 2025. 'These funds will be used to meet financial commitments related to Biocon and its subsidiaries," the company's managing director and chief executive officer Siddharth Mittal had told Mint in an earlier interview. Read this | Biocon Biologicals' IPO only after integrating Viatris: CEO Biocon's board has a committee to evaluate strategic restructuring options, including a merger of its biosimilars arm Biocon Biologics Ltd with Biocon Ltd. The company had previously expressed plans to list the subsidiary on the stock exchanges. '…given the market volatility that we are seeing on the IPO front, the board was of the opinion that we should look at other strategic options, which also includes evaluating a merger," Kiran Mazumdar-Shaw, chairperson, Biocon Group, told investors in a post-earnings earnings call last month. The company's consolidated revenue for FY25 was ₹16,470 crore, up 5% from the previous year, while it reported an Ebitda of ₹4,374 crore and a net profit of ₹1,013 crore. And read | Serum arm to double investment in Biocon unit
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Business Standard
5 days ago
- Business
- Business Standard
Biocon launches Rs 4,500-crore QIP; to issue 11.6% of equity base
Bengaluru-based biopharmaceutical firm Biocon on Monday launched a qualified institutions placement (QIP) to raise Rs 4,500 crore. As part of the offering, the firm will issue up to 139 million new shares — 11.6 per cent of its current outstanding equity base. The floor price for the QIP has been set at Rs 323.2. Shares of Biocon last closed at Rs 357.3, valuing the firm at Rs 42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday. This comes after the company's board had approved the raising of funds by way of QIPs for an aggregate amount of up to Rs 4,500 crore on 23 April. The move received shareholder approval on 4 June through postal ballot. Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. In the same call, Biocon Chief Executive Officer (CEO) and Managing Director Siddharth Mittal added that the first tranche was expected to be completed by mid-June. 'The proceeds of the fund will primarily be used to meet financial obligations towards the commitments and the put options from the structured debt that we had from the investments in Biocon Biologics,' he said. In an interview last month, Biocon Executive Chairperson Kiran Mazumdar-Shaw had also stated that their goal was to complete the fundraising within three to four months. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale, according to the company's regulatory filing. The company's announcement came after market hours. On Monday, Biocon's shares went up marginally by 0.52 per cent, closing the day's trade at Rs 357.30.
