Symbiotec Pharmalab IPO 2.36X Subscribed On Day 3; NII Leads Demand

The initial public offering (IPO) of Madhya Pradesh-based contract development and manufacturing organisation (CDMO) Symbiotec Pharmalab recorded 2.36 times subscription as of 11 am on Wednesday, according to NSE data.

The ₹1,757-crore IPO received bids for 3,10,05,360 shares against 1,31,24,929 shares on offer. Non-Institutional Investors (NIIs) led the demand, with their portion subscribed 4.11 times, while the retail investors category was subscribed 2.64 times.

The IPO opened for subscription on August 24 and will close on August 27. The price band has been fixed at ₹938-988 per equity share.

Strong Anchor Investor Participation

Ahead of the public issue, Symbiotec Pharmalab raised ₹526.2 crore through its anchor book. The company allotted 53.25 lakh equity shares to 34 anchor investors at ₹988 apiece.

The anchor investors included Citigroup Global Markets, BNP Paribas, Singularity AMC, Susquehanna Pacific and TIMF Holdings.

Eleven domestic mutual funds, through 19 schemes, picked up 31.98 lakh shares. These included funds managed by ICICI Prudential AMC, HDFC Mutual Fund, Motilal Oswal AMC, Mirae Asset, Tata Mutual Fund, Edelweiss, Groww Mutual Fund and ITI Mutual Fund.

Insurance companies Tata AIA Life, Bajaj Life and Bharti AXA Life also participated in the anchor book, acquiring 4.25 lakh shares worth around ₹42 crore.

IPO Structure And Use Of Funds

The IPO consists of a fresh issue worth ₹150 crore and an offer for sale (OFS) of ₹1,607 crore.

Promoter Satwani Holdings and selling shareholders Rosewood Investments and Motilal Oswal are offering shares through the OFS. Proceeds from the OFS will go to the respective selling shareholders.

Of the fresh issue proceeds, ₹112.5 crore is proposed to be used towards debt repayment, while the remaining amount will be utilised for general corporate purposes.

Financial Performance

Symbiotec Pharmalab's profit rose at a compound annual growth rate (CAGR) of 4.81% between FY24 and FY26 to ₹109.9 crore in FY26. Revenue increased at a CAGR of 10.16% during the same period to ₹869.1 crore.

JM Financial, Avendus Capital, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.

The shares are scheduled to be listed on the BSE and NSE on September 1, subject to completion of the IPO process.