Symbiotec Pharmalab raised Rs 526 crore from 10 anchor investors at Rs 988 per share. The Rs 1,757-crore IPO opens August 24, with listing set for September 1.
Symbiotec Pharmalab raised Rs 526 crore from anchor investors on Friday, two sessions before its Rs 1,757-crore initial public offering opens for retail bidding on August 24. The company allotted 53.26 lakh shares at Rs 988 apiece, the top of its price band, according to a BSE filing.
The anchor book drew participation from HDFC Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Citigroup Global Markets Mauritius, BNP Paribas Financial Markets, Bajaj Life Insurance, Tata AIA Life Insurance, Mirae Asset, Tata Mutual Fund and Edelweiss Mutual Fund.
The IPO combines a fresh issue of up to Rs 150 crore with an offer-for-sale of Rs 1,607 crore. Promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund III are selling shares in the OFS. Proceeds from the fresh issue will go toward debt repayment and general corporate purposes.
The price band is set at Rs 938-988 per share, placing the company's valuation at roughly Rs 6,350 crore at the upper end. Bidding closes August 27, and shares are scheduled to list on the BSE and NSE on September 1.
Symbiotec is an Indore-based pharmaceutical and biotechnology firm focused on corticosteroid and steroidal-hormone active pharmaceutical ingredients. It operates across organic chemistry, biotechnology and complex injectables. The IPO arrives in a busy stretch for India's primary market, where several issuers have lined up public offers this quarter.
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