Indian pharma company Biocon has begun pre-marketing an initial public offering of its clinical research arm, Syngene, with a target fundraising of $100 million to $150 million.
The group hopes the unit's strong growth profile will overcome investors' negativity towards the Indian stock market, which has been on a downturn since late January. After an extremely strong rally following the election of Narendra Modi last spring, the BSE Sensex topped out on January 29 and has fallen 8% since then.
However, Indian IPO's take time to wend their way to market, which means sentiment could be very different by the time Syngene finally...
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