Symbiotec Pharmalab IPO gets subscribed more than 71 times

New Delhi, Aug 27 (PTI) The initial public offering of pharma and biotech company Symbiotec Pharmalab Ltd was subscribed 71.26 times on the last day of bidding on Thursday.

The IPO received bids for 93,52,49,700 shares against 1,31,24,929 shares on offer, according to data available with the NSE.

The category for qualified institutional buyers (QIBs) received 172.03 times subscription. The portion meant for non-institutional investors was subscribed 73.63 times, and that of retail investors received 12.96 times subscription.

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

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

company’s IPO price band is Rs 938-988 per equity share, valuing the company around Rs 6,350 crore at the upper limit.

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

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

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 the NSE on September 1. PTI SUM SUM BAL BAL