Symbiotec Pharmalab IPO Receives 80% Subscription On First Day Of Issue
New Delhi, Aug 24: The initial share sale of pharma and biotech company Symbiotec Pharmalab Ltd received 80 per cent subscription on the first day of bidding on Monday. IPO receives investor interest The initial public offering (IPO) received bids for 1,05,37,575 shares against 1,31,24,929 shares on offer, as per details available with the NSE. The portion for non-institutional investors was…
New Delhi, August 24 - The IPO of Indian pharma and biotech firm Symbiotec Pharmalab Ltd was met with strong investor demand, as the initial public offering saw an 80% subscription on the first day of bidding. The IPO comprised an issue of shares up to Rs 150 crore and an offer-for-sale component of Rs 1,607 crore. With a price band of Rs 938-988 per share, the company valued at approximately Rs 6,350 crore, the initial public offering received bids for 1,05,37,575 shares against an offer of 1,31,24,929 shares.
The quota for non-institutional investors was 1.04 times subscribed, while retail investors saw a 95% subscription and Qualified Institutional Buyers (QIBs) a 35% subscription. Symbiotec Pharmalab, based in Indore, is a R&D-focused pharmaceutical and biotech company specializing in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs).
The company's shares are slated for listing on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 1.
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