Biocon Limited has successfully completed a Qualified Institutions Placement (QIP), raising ₹4,150 crore (approximately USD 460 million). The fundraise involved the issuance of 112,664,585 equity shares at an issue price of ₹368.35 per share. The QIP opened on January 12, 2026, and closed on January 14, 2026.
The issue received participation from 39 institutional investors, including domestic mutual funds, insurance companies, and foreign institutional investors. Investors included SBI Mutual Fund, ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Birla Mutual Fund, HDFC Life Insurance, ICICI Prudential Life Insurance, and JPMorgan Asset Management, among others.
The proceeds will primarily be used to meet the cash consideration payable to Mylan Inc. (Viatris) for the acquisition of its remaining stake in Biocon Biologics Limited, including repayment of related debt. The company had earlier announced board approval for acquiring all minority shareholdings in Biocon Biologics, which will result in the subsidiary becoming wholly owned by Biocon Limited. The integration is expected to be completed by March 31, 2026. Additional uses of funds include repayment of debt related to compulsory convertible debentures of Biocon Biologics held by Edelweiss and general corporate purposes.
Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, and Morgan Stanley India Company Private Limited acted as Book Running Lead Managers to the QIP. Legal counsel to the company was Shardul Amarchand Mangaldas & Co, while Linklaters Singapore Pte Ltd and JSA Advocates & Solicitors advised the lead managers.
Biocon Limited is a publicly listed biopharmaceutical company with operations spanning biologics, biosimilars, generics, and complex APIs. Its subsidiary, Biocon Biologics Limited, operates a fully integrated biosimilars business serving patients in more than 120 countries, with a portfolio of commercialized products and an extensive development pipeline.
