Symbiotec Pharmalab IPO listing: Symbiotec Pharmalab share price listed at a discount on the BSE on Tuesday, 1 September, amid weak stock market sentiment. Symbiotec Pharmalab shares were listed at ₹978.20 on the BSE, down 1% from the issue price of ₹988. On the NSE, the stock debuted flat at ₹988.
The stock’s listing failed to meet expectations, as the grey market premium (GMP) for Symbiotec Pharmalab on Tuesday morning was ₹185, suggesting the stock could list at ₹1,173, a premium of nearly 19% over the IPO price.
Meanwhile, stock market benchmarks, the Sensex and the Nifty 50, declined by up to 0.30% in morning deals.
Symbiotec Pharmalab is a pharmaceutical and biotechnology company engaged in the development and manufacturing of active pharmaceutical ingredients (APIs), nutritional ingredients, and speciality products. It serves domestic and international markets across regulated and emerging regions.
Symbiotec Pharmalab IPO details
Symbiotec Pharmalab IPO was a book-build issue, combining a fresh issue of 15.21 lakh shares to raise ₹150 crore and an offer for sale (OFS) of 1.63 crore shares, aggregating to ₹1,607 crore.
The company aimed to raise ₹150 crore through the fresh issue of shares, which it will use for loan repayment and general corporate purposes.
The IPO opened for public subscription on Monday, 24 August, and concluded on Thursday, 27 August, with an overall subscription of 75 times. Share allotment was finalised on Friday, 28 August.
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