Symbiotec Pharmalab secures Rs 526 crore from anchor investors; IPO opens on Aug 24

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 IPOThe company allocated 5326 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 websiteThe anchor round saw participation from foreign portfolio investors insurance companies mutual fund houses an alternative investment fund and an NBFCApart 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 FundThe company will launch its IPO on August 24 to raise Rs 1757 crore through a combination of fresh issue and an offerforsale The IPO will close for subscription on August 27The price band has been fixed at Rs 938988 per equity share valuing the company at around Rs 6350 crore at the upper limitThe issue comprises a fresh issue of equity shares worth up to Rs 150 crore and an OFS component amounting to Rs 1607 croreAs a part of the OFS promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund III are set to offload sharesProceeds of the fresh issue will be used for debt payment and general corporate purposesThe Indorebased Symbiotec is a research and developmentdriven pharmaceutical and biotechnology company with capabilities across three platforms ndash organic chemistry biotechnology and complex injectablesIts a global leader in corticosteroid and steroidalhormone active pharmaceutical ingredients APIsThe IPO comes amid heightened activity in Indias primary market with several companies tapping investors to raise funds through the public issue routeThe companys shares are proposed to be listed on both the BSE and NSE on September 1This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever