Syngene Enjoys Successful IPO

Syngene, India’s largest contract research organization (CRO), has raised $85 million from an initial public offering (IPO) on India’s National Stock Exchange. Demand was strong for the stock, which went up 23% on its first day of trading. Based in Bangalore, Syngene is a subsidiary of Biocon, India’s largest biotechnology company. Outside India, public listings by CROs have had mixed success. China’s WuXi Apptec and ShangPharma also had successful IPOs. But ShangPharma opted to delist itself from the New York Stock Exchange in 2013, about two-and-a-half years after its IPO. WuXi, listed in New York since 2007, is currently considering an offer by its founder to go private again.