22 August,2026 12:10 PM IST | New Delhi | PTI
Representational Image. File pic.
Pharma and biotech company Symbiotec Pharmalab Ltd on Friday raised Rs 526 crore from anchor investors days before the opening of its initial public offering (IPO).
The company allocated 53.26 lakh equity shares to anchor investors, including HDFC Mutual Fund, ICICI Prudential Mutual Fund and Motilal Oswal Mutual Fund. Shares were allotted at Rs 988 per share, the upper end of its IPO price band, according to a circular uploaded on the BSE website.
The anchor round saw participation from foreign portfolio investors, insurance companies, mutual fund houses, an alternative investment fund and an NBFC.
Apart from ICICI Prudential Mutual Fund, HDFC Mutual Fund and Motilal Oswal Mutual Fund, other investors included Citigroup Global Markets Mauritius, BNP Paribas Financial Markets, Bajaj Life Insurance, Tata AIA Life Insurance, Mirae Asset, Tata Mutual Fund and Edelweiss Mutual Fund.
The company will launch its IPO on August 24 to raise Rs 1,757 crore through a combination of fresh issue and an offer-for-sale. The IPO will close for subscription on August 27.
The price band has been fixed at Rs 938-988 per equity share, valuing the company at around Rs 6,350 crore at the upper limit.
The issue comprises a fresh issue of equity shares worth up to Rs 150 crore and an OFS component amounting to Rs 1,607 crore.
As a part of the OFS, promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund III are set to offload shares.
Proceeds of the fresh issue will be used for debt payment and general corporate purposes.
The Indore-based Symbiotec is a research and development-driven pharmaceutical and biotechnology company with capabilities across three platforms - organic chemistry, biotechnology and complex injectables.
It's a global leader in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs).
The IPO comes amid heightened activity in India's primary market, with several companies tapping investors to raise funds through the public issue route.
The company's shares are proposed to be listed on both the BSE and NSE on September 1.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
