Symbiotec Pharmalab IPO oversubscribed ahead of Indian Tuesday listing
Business
Symbiotec Pharmalab's IPO is landing on Indian stock markets this Tuesday, September 1.
The buzz has been huge: non-institutional investors oversubscribed their portion by 73.63 times, big institutional buyers by a massive 172.03 times, and even regular retail investors joined in with 12.96 times the demand.
Grey market hints at ₹1,191 listing
The gray market premium is showing a strong start, hinting at a listing price around ₹1,191 (which is 20.55% higher than the top issue price of ₹988).
Out of the total ₹1,757 crore issue size, ₹150 crore is fresh funds for paying down debt and other company needs. The rest comes from existing shareholders cashing out.
Symbiotec, based in Indore, focuses on pharmaceutical research, from organic chemistry to biotech, and complex injectables.