Symbiotec Pharmalab to raise ₹1,757 cr via IPO
The IPO will open for subscription on Monday. Bids can be made for a minimum of 15 equity shares and in multiples of 15 shares thereafter
Pharma and biotech firm Symbiotec Pharmalab is set to raise ₹1,757 crore through an initial public offering (IPO). The issue will consist of a fresh issuance and an offer for sale, with the price band set at ₹938-988 per equity share, valuing the company at approximately ₹6,350 crore at the higher end. The IPO will be available for subscription starting on Monday, with a minimum investment of 15 equity shares and multiples thereof.
The capital raise comprises a fresh issue of up to ₹150 crore and an offer for sale of up to ₹1,607 crore. Promoter Satwani Holdings LLP will be selling ₹144 crore worth of shares, while investors Rosewood Investments and Motilal Oswal Private Equity-backed India Business Excellence Fund III will offload shares worth ₹988 crore and ₹475 crore, respectively, as they are currently the largest shareholders with 34.78% and 24.16% stakes, respectively.
Promoters currently hold 36.4% of the company's shares. The proceeds from the fresh issue will be used for debt repayment and general corporate purposes. Symbiotec, based in Indore, is a research and development-focused pharmaceutical and biotechnology company with expertise in organic chemistry, biotechnology, and complex injectables.
The firm operates as a contract development and manufacturing organization for specialty pharmaceutical and nutraceutical companies globally, offering products and services across the three platforms. It also manufactures its own products in three segments and claims a global leadership position in corticosteroid and steroidal-hormone APIs, with a global volume market share of 38.2% and 23.8%, respectively.
The company operates two operational API manufacturing facilities with a total chemical synthesis capacity of 584.67 tonnes and fermentation capacity of 300 kilolitres. Additionally, it has commissioned two new manufacturing facilities in Ujjain and Mhow, Madhya Pradesh, and is expanding its biologics capacity by adding a dedicated 14 kilolitre fermentation capacity in Ujjain.
Symbiotec Pharmalab aims to list its equity shares on both the BSE and NSE on September 1. The issue will be managed by JM Financial, Avendus Capital, Motilal Oswal, and Nomura Financial, with MUFG Intime India serving as the registrar.
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