Indian biotech Biocon Ltd. opened a block‑sale of shares to institutional investors last week, and demand surged to roughly four times the amount on offer. Local mutual funds scrambled for allocations, with SBI and ICICI Funds emerging as the leading bidders, according to sources familiar with the process. The oversubscription reflects investors’ appetite for exposure to India’s growing pharmaceutical export market and Biocon’s pipeline of biosimilars and novel therapies.

Earlier this year the company announced plans to fund new manufacturing capacity and expand its R&D footprint, prompting a need for fresh capital. By tapping domestic fund houses, Biocon avoids the dilution that a public offering would entail and signals confidence in its strategic direction. Analysts expect the proceeds to support upcoming clinical trials and potential acquisitions, positioning the firm to compete with global peers.

The strong response also underscores the broader trend of Indian asset managers increasing stakes in home‑grown health‑care champions.