Symbiotec Pharmalab share price made a weak debut in the Indian stock market on Tuesday, despite its initial public offering (IPO) receiving stellar demand.
Symbiotec Pharmalab shares were listed at Rs 978.20 apiece on the BSE, a discount of 1% to the issue price of Rs 988 per share.
On NSE, the stock listed flat at Rs 988 apiece.
Symbiotec Pharmalab IPO listing today was weaker than Street estimates, as indicated by the grey market premium (GMP). Ahead of the debut, Symbiotec Pharmalab IPO GMP today siganlled listing at nearly 19% premium.
Symbiotec Pharmalab IPO was open from August 24 to August 27. The IPO price band was set at Rs 938 to Rs 988 per share.
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The company raised Rs 1,757 crore from the book-building issue, which was a combination of fresh issue of 15.21 lakh equity shares worth Rs 150 crore and offer for sale of 1.63 crore shares aggregating to Rs 1,607 crore.
Symbiotec Pharmalab IPO was subscribed 71.26 times in total, NSE data showed. The public issue was booked 12.96 times in the Retail Individual Investors category, and 73.63 times in the Non-Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIB) category received 172.03 times subscription.
JM Financial Ltd. was the book running lead manager and MUFG Intime India Pvt. Ltd. is the IPO registrar.
Symbiotec Pharmalab Ltd. is an R&D-driven pharmaceutical and biotechnology company with capabilities spanning organic chemistry, biotechnology and complex injectables.
The company aims to utilise the net issue proceeds towards prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and general corporate purposes.
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