Symbiotec Pharmalab IPO subscribed 25% so far on Day 1: Check price band, lot size and key dates

The initial public offering of pharma and biotech company Symbiotec Pharmalab Ltd opened for subscription on Monday, August 24. The issue will conclude on August 27. The price band has been fixed at ₹938 to ₹988 per share.

The ₹1,757 crore issue comprises a fresh issue of shares worth up to ₹150 crore and an offer for sale (OFS) component amounting to ₹1,607 crore by promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund-III.

Proceeds of the fresh issue will be utilised for debt clearance and general corporate purposes.

"In addition, our company expects to receive the benefits of listing of equity shares on the stock exchanges including enhancing our visibility and our brand image among our existing and potential customers and creating a public market for our equity shares in India," the company said in its red herring prospectus.

Symbiotec Pharmalab IPO Day 1: Subscription status

The issue has been subscribed 25% so far on Day 1, with bids for 33,41,835 shares compared to 1,31,24,929 shares on offer, according to the NSE data until 11:57 am.

Symbiotec Pharmalab IPO: Lot size

Investors can apply for a minimum of 15 shares and in multiples thereafter.

Symbiotec Pharmalab IPO: Allotment and listing date

Before the IPO, the company raised ₹526 crore from anchor investors, including HDFC Mutual Fund, Motilal Oswal Mutual Fund, ICICI Prudential Mutual Fund, Citigroup Global Markets Mauritius, Bajaj Life Insurance, BNP Paribas Financial Markets, Tata AIA Life Insurance, Tata Mutual Fund, Mirae Asset and Edelweiss Mutual Fund, among others.

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

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