New Delhi: Symbiotec Pharmalab shares made a subdued stock market debut on Tuesday, September 1, but quickly recovered from early weakness as buying interest picked up after listing.
The pharmaceutical and biotechnology company's shares listed at ₹978.20 on the BSE, a discount of 0.99% to the IPO issue price of ₹988.
However, the stock reversed its initial losses and later climbed to ₹1,074.05, marking a gain of 8.70% over the issue price.
NSE Listing at Issue Price
On the NSE, Symbiotec Pharmalab shares listed at ₹988, exactly in line with the IPO price. The stock subsequently gained momentum and rose 9.65% to ₹1,083.40.
Following its stock market debut, the company's market capitalisation stood at ₹6,965.36 crore.
The recovery came after Symbiotec's initial public offering received strong investor demand during the bidding period.
IPO Subscribed Over 71 Times
The Symbiotec Pharmalab IPO was subscribed 71.26 times on the final day of bidding on Thursday.
The public issue comprised a fresh issue of shares worth up to ₹150 crore and an offer for sale (OFS) component of ₹1,607 crore, taking the overall issue size to ₹1,757 crore.
The company had fixed the IPO price band at ₹938–₹988 per equity share.
Proceeds from the fresh issue will primarily be used to repay debt and meet general corporate requirements.
About Symbiotec Pharmalab
Indore-based Symbiotec is a research and development-driven pharmaceutical and biotechnology company.
Its operations span three major platforms — organic chemistry, biotechnology and complex injectables.
The company is also a global player in corticosteroid and steroidal hormone active pharmaceutical ingredients (APIs).
