Symbiotec Pharmalab IPO Receives 80% Subscription On First Day Of Issue

New Delhi, Aug 24: The initial share sale of pharma and biotech company Symbiotec Pharmalab Ltd received 80 per cent subscription on the first day of bidding on Monday.

IPO receives investor interest

The initial public offering (IPO) received bids for 1,05,37,575 shares against 1,31,24,929 shares on offer, as per details available with the NSE.

The portion for non-institutional investors was subscribed 1.04 times. The category for retail investors received 95 per cent subscription and the quota for Qualified Institutional Buyers (QIBs) was subscribed 35 per cent.

Symbiotec Pharmalab Ltd on Friday raised Rs 526 crore from anchor investors.

Details of share sale

The IPO is a combination of a fresh issue of shares worth up to Rs 150 crore and an offer-for-sale (OFS) component amounting to Rs 1,607 crore.

The IPO price band has been fixed at Rs 938-988 per equity share, valuing the company at around Rs 6,350 crore at the upper limit.

As a part of the OFS, promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund III are set to offload shares.

Proceeds of the fresh issue will be used for debt payment and general corporate purposes.

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Company profile and listing

The Indore-based Symbiotec is a research and development-driven pharmaceutical and biotechnology company with capabilities across three platforms – organic chemistry, biotechnology and complex injectables.

It's a global leader in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs).

The company’s shares are proposed to be listed on both the BSE and NSE on September 1.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)