Biocon Limited has successfully concluded its Qualified Institutions Placement (QIP), raising ₹4,150.00 crores (~USD 460.00 million) through strong institutional investor participation. The biopharmaceutical company issued 112,664,585 equity shares at ₹368.35 per share, including a premium of ₹363.35 per share over the face value of ₹5.00.

QIP Transaction Details

The fundraising exercise, which opened on January 12, 2026, and closed on January 14, 2026, demonstrated robust market confidence in Biocon's growth prospects. The company witnessed participation from a diverse investor base across multiple categories.

Strong Institutional Participation

The QIP attracted healthy interest from all investor categories, with 39 investors participating and receiving allocations. The investor base included prominent domestic mutual funds, insurance companies, and foreign institutional investors, reflecting confidence in Biocon's differentiated business model.

Key participating institutions included:

• SBI Mutual Fund
• ICICI Prudential Mutual Fund
• Mirae Asset Mutual Fund
• Birla Mutual Fund
• HDFC Life Insurance
• ICICI Prudential Life Insurance
• JPMorgan Asset Management

Strategic Use of Proceeds

The net proceeds from the QIP will be utilized for specific strategic objectives aimed at consolidating Biocon's biologics business. The primary use of funds includes payment of cash consideration to Mylan Inc. (Viatris) for acquiring their shareholding in Biocon Biologics Limited, including debt repayment related to this acquisition.

Biocon Biologics Integration

This fundraise supports Biocon's strategic corporate action to acquire all remaining minority shareholdings in Biocon Biologics Limited, making it a wholly owned subsidiary. The integration marks a pivotal step in Biocon's journey to lead in therapeutic areas of diabetes, oncology, and immunology through a differentiated portfolio of biosimilars, insulins, generics and peptides including GLP-1s. The integration process is expected to be completed no later than March 31, 2026.

Transaction Advisors

The QIP was managed by leading financial institutions, with 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 serving as Book Running Lead Managers. Shardul Amarchand Mangaldas & Co. acted as Legal Counsel to the Company, while Linklaters Singapore Pte. Ltd. and JSA Advocates & Solicitors served as Legal Counsels to the Book Running Lead Managers. The company had received shareholders' approval for the fundraise at the Extra-Ordinary General Meeting held on December 31, 2025.

Biocon Limited has successfully completed its Qualified Institutions Placement (QIP) issue, raising ₹41,500.00 million through the allotment of equity shares to qualified institutional buyers. The pharmaceutical company's Fund Raising Committee approved the issue and allotment on January 14, 2026, marking the completion of a significant capital raising exercise.

QIP Issue Details

The QIP issue involved the allotment of 11,26,64,585 equity shares of face value ₹5.00 each at an issue price of ₹368.35 per share. The pricing included a premium of ₹363.35 per equity share over the face value.

Impact on Share Capital

Following the successful allotment, Biocon's paid-up equity share capital has increased substantially. The company's total equity base expanded from 1,50,82,43,188 shares to 1,62,09,07,773 shares.

Major Allottees

The QIP witnessed significant participation from prominent mutual fund houses, with several funds receiving substantial allocations. Three major fund groups dominated the allotment, each receiving approximately 29.52% of the total shares offered.

SBI Mutual Fund Group:

• SBI Contra Fund: 1,12,66,460 shares (10.00% of issue)
• SBI Multicap Fund: 97,73,314 shares (8.67% of issue)
• SBI ELSS Tax Saver Fund: 40,72,215 shares (3.61% of issue)
• Other SBI funds received smaller allocations

ICICI Prudential Group:

• ICICI Prudential Value Fund: 1,39,81,271 shares (12.41% of issue)
• ICICI Prudential Pharma Healthcare Fund: 1,05,87,759 shares (9.40% of issue)
• ICICI Prudential Innovation Fund: 32,57,772 shares (2.89% of issue)
• Additional ICICI Prudential funds participated with varying allocations

Mirae Asset Group:

• Mirae Asset Large & Midcap Fund: 38,07,987 shares (3.38% of issue)
• Mirae Asset Large Cap Fund: 26,65,591 shares (2.37% of issue)
• Other Mirae Asset funds received smaller portions

Regulatory Compliance

The QIP was conducted under Chapter VI of the SEBI ICDR Regulations and Sections 23(1)(b), 42 and 62(1)(c) of the Companies Act, 2013. The Fund Raising Committee meeting was held on January 14, 2026, commencing at 11:40 p.m. and concluding at 11:45 p.m.

The trading window for dealing in Biocon securities, which was closed for insiders during the QIP process, is scheduled to reopen on January 17, 2026. The company has submitted the required disclosures to both BSE Limited and National Stock Exchange of India Limited in compliance with SEBI Listing Regulations.