Symbiotec Pharmalab IPO: Issue booked over 3x on Day 2; check all subscription details

Symbiotec Pharmalab initial public offering (IPO) continued to see a strong response on the second day of subscription with a total booking of 3.24 times so far on Wednesday, August 26.

Until 12:30 PM, the initial share sale of the company has received bids for 4,24,78,215 shares as compared to 4,24,78,215 shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 6.32 times, while the retail individual investor (RII) segment saw a 3.44 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 0.55 times.

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.

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

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: 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).

Avendus Capital, Motilal Oswal, JM Financial and Nomura Financial are the IPO's book-running lead managers, while MUFG Intime India is the registrar.

Shares of the company will be listed on the BSE and the NSE.