Indian biotechnology company Biocon Ltd. made a sparkling debut on Mumbai’s bourse Wednesday, April 7, signaling a continued surge of investor interest in one of the world’s fastest-growing economies. Biocon, founded in 1978 and 9% owned by American International Group Inc., became the first company in India’s budding biotech industry to go public, selling 10 million shares, or 10% of its equity, and raising 3.15 billion rupees ($72 million) in its initial public offering. Biocon’s shares opened at Rs435, 38% above their Rs315 offering price last month, and rose to a high of Rs507. The company’s shares closed at Rs484.35 apiece.
