Symbiotec Pharmalab IPO opens Aug 24: Check price band, lot size, objectives and key dates

Pharma and biotech company Symbiotec Pharmalab Ltd's ₹1,757 crore initial public offering will launch on August 24. The issue, which will close on August 27, has set a price band of ₹939 to ₹988 per share.

The initial share sale is a fresh issuance of equity shares valued at ₹150 crore and an offer for sale (OFS) component of shares totalling ₹1,607 crore.

Under the OFS, promoter Satwani Holdings LLP and investors India Business Excellence Fund-III and Rosewood Investments would divest their stake.

The fresh issue proceeds will be used for repayment of certain outstanding borrowings availed by the company 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 firm said in its red herring prospectus (RHP).

Symbiotec Pharmalab IPO: Lot size

Investors can apply for a minimum of 15 shares and in multiples thereafter. Of the net issue, half has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors.

Symbiotec Pharmalab IPO: Allotment and listing date

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

It is a key player in corticosteroid and steroidal-hormone 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.