Symbiotec Pharmalab Raises ₹526 Cr from Anchor Investors Pre-IPO
By ThePip Desk
Symbiotec Pharmalab secures ₹526 crore from anchor investors, including major mutual funds and insurance companies, ahead of its ₹1,757 crore IPO opening August 24.
Symbiotec Pharmalab Ltd. successfully secured Rs 526 crore from anchor investors on Friday, ahead of its Initial Public Offering (IPO) which officially opens on August 24. The pharma and biotech company allotted 53.26 lakh equity shares at Rs 988 per share, hitting the upper end of its IPO price band.
Key Anchor Investors
The anchor round attracted participation from a diverse group, including foreign portfolio investors, insurance companies, mutual fund houses, an alternative investment fund, and an NBFC. Notable investors included:
- 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
- Edelweiss Mutual Fund
IPO Structure & Timeline
Symbiotec Pharmalab aims to raise a total of Rs 1,757 crore through its public issue, with the subscription window closing on August 27. The company has fixed its price band between Rs 938 and Rs 988 per equity share.
At the upper limit of this price band, the company’s valuation stands at approximately Rs 6,350 crore.
Issue Components
- Fresh Issue: Equity shares worth up to Rs 150 crore.
- Offer-for-Sale (OFS): Amounting to Rs 1,607 crore.
The proceeds from the fresh issue are earmarked for debt payment and general corporate purposes. Promoter Satwani Holdings LLP, along with investors Rosewood Investments and India Business Excellence Fund III, are set to offload shares through the OFS component.
Company Profile
Indore-based Symbiotec Pharmalab operates as a research and development-driven pharmaceutical and biotechnology firm. The company boasts capabilities across three key platforms: organic chemistry, biotechnology, and complex injectables.
It holds a position as a global leader in corticosteroid and steroidal-hormone Active Pharmaceutical Ingredients (APIs). The company’s shares are scheduled to be listed on both the BSE and NSE on September 1.