Symbiotec Pharmalab IPO listing tomorrow: Here’s what GMP hints ahead of debut

Symbiotec Pharmalab IPO listing: Shares of Symbiotec Pharmalab are slated to list in the Indian stock market tomorrow (Tuesday, 1 September). Symbiotec Pharmalab IPO GMP today, or grey market premium, is +203.

Symbiotec Pharmalab IPO allotment was finalised on Friday, 28 August. Those who have been allocated shares can expect them to be credited to their demat accounts today, Monday, 31 August. Those who have not yet received their shares can also expect to receive the refund today.

The pharma and biotech company launched its IPO for subscription from Monday, 24 August, to Thursday, 27 August. By the conclusion of the bidding period, the offering received a healthy response, particularly from non-institutional investors (NIIs) who subscribed to their portion 73.63 times. Qualified institutional buyers (QIBs) quota was booked 172.03 times.

Retail investors' segment showed a subscription rate of 12.96 times. Notably, on the third day of the offer, Symbiotec Pharmalab IPO subscription status stood at 71.26 times, as reported by the NSE.

Symbiotec Pharmalab IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIBs), not less than 15% for non-institutional Investors (NIIs), and not less than 35%for retail investors.

Symbiotec Pharmalab IPO price band was fixed at ₹938 to ₹988 per equity share, with a face value of ₹2. Investors could apply for the mainboard IPO in lot sizes of 15 equity shares and in multiples of 15 equity shares thereafter.

Symbiotec Pharmalab IPO GMP today

Symbiotec Pharmalab IPO GMP today, or grey market premium, is +203. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Symbiotec Pharmalab share price was indicated at ₹1,191 apiece, which is 20.55% higher than the IPO price of ₹988.

Considering grey market movements over the past 13 sessions, the current IPO GMP trend indicates a downward trajectory and is expected to decline further. Throughout this timeframe, the GMP fluctuated between ₹203 and ₹410, according to expert analysis.

Symbiotec Pharmalab IPO details

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

Under the OFS, promoter Satwani Holdings LLP and investors Rosewood Investments and India Business Excellence Fund III will sell their shares.

The company plans to utilise the proceeds from the fresh issue towards debt repayment and general corporate purposes.

Based in Indore, Symbiotec Pharmalab is a research and development-focused pharmaceutical and biotechnology company with capabilities spanning three platforms — organic chemistry, biotechnology and complex injectables.

JM Financial is the book-running lead manager to the issue, while MUFG Intime India is acting as the registrar.

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