March 31, 2015 / 12:11 PM / 5 years ago

Biocon to file for Syngene unit's IPO in two months - sources

A broker monitors a screen displaying live stock quotes on the floor of a trading firm in Mumbai May 23, 2013. REUTERS/Vivek Prakash/Files

MUMBAI (Reuters) - Biotechnology firm Biocon Ltd(BION.NS) could file a prospectus for a share listing for its research services business arm Syngene International within the next two months, two sources directly involved in the process said.

The IPO could fetch up to 10 billion rupees ($159.8 million), said one of the sources. However, the sources did not specify how much was being sold in Syngene. Biocon had said in January it was looking to sell up to 15 percent of its stake via an IPO.

Biocon last year sold a 10 percent stake in Syngene to private equity fund Silver Leaf Oak, valuing Syngene at 38 billion rupees.

Biocon owns an 85.54 percent stake in Syngene, India’s largest provider of contract research services to the pharmaceutical industry.

The initial public offering (IPO) for Syngene will be managed by Credit Suisse, Axis Bank and Jefferies, according to the sources.

A Biocon spokeswoman did not immediately respond to a request for comment.

Biocon shares closed up 8 percent at 469.30 rupees in Mumbai on Tuesday, while the wider market closed down 0.02 percent.

($1 = 62.5800 rupees)

Reporting by Abhishek Vishnoi, Indulal PM and Zeba Siddiqui; Editing by Gopakumar Warrier

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