Three IPOs close today: Skyways, Symbiotec, Hy Tech Engineers IPOs see strong subscription
By 12:30 pm, Skyways Air Services IPO was subscribed 14.40 times, Symbiotec Pharmalab 13.86 times, and Hy Tech Engineers 114.06 times
Three companies - Skyways Air Services, Symbiotec Pharmalab, and Hy Tech Engineers - have seen robust subscription demand on their IPO closing day. Each IPO exceeded expectations, with subscription rates ranging from 13.86 to 114.06 times.
Skyways Air Services, operating in freight forwarding, trucking, warehousing and other services, saw a 14.40 times subscription. The IPO, which raised ₹174.5 crore, had a price band of ₹131-138 per share. Proceeds will be used for debt repayment, working capital, and general corporate purposes. The IPO involved a fresh issue worth up to ₹150 crore and an offer-for-sale component of ₹1,607 crore.
Symbiotec Pharmalab, a research and development-driven pharmaceutical and biotechnology company, raised ₹526 crore from anchor investors. The IPO saw a 13.86 times subscription, with a price band of ₹50-53 per share. The company plans to use the proceeds for debt repayment and general corporate purposes.
Hy Tech Engineers, a Maharashtra-based engineering firm, trimmed its IPO size to ₹60 crore and increased the offer-for-sale component to nearly 1.43 crore shares. The IPO saw a record-high 114.06 times subscription. The company aims to use ₹29.96 crore from net proceeds for machinery expansion and ₹16 crore towards loan repayments. The remaining funds will be allocated for general corporate purposes. Shares are expected to list on both BSE and NSE on September 1.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
