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Symbiotec Pharmalab sets IPO price band at ₹938-₹999 per share

The subscription runs Aug. 24 to Aug. 27, with shares expected to list on Sept. 1 across BSE and NSE.

Reported · Written up by our desk · Asia

Symbiotec Pharmalab Limited has set its IPO price band at ₹938 to ₹999 per equity share of face value ₹2, according to LiveMint Markets.

The company plans to offer 15 equity shares per lot, in multiples of 15. Subscription opens on Monday, Aug. 24, and closes on Thursday, Aug. 27, with anchor investor allocation scheduled for Friday, Aug. 21.

Allocation in the public issue will reserve not more than 50% of shares for qualified institutional buyers, not less than 15% for non-institutional institutional investors, and not less than 35% for retail investors. Basis of allotment is tentatively set for Friday, Aug. 28, with refunds expected to be initiated on Monday, Aug. 31 and shares credited to investors' demat accounts the same day after refunds.

The IPO includes a fresh issue of ₹150 crore and an offer-for-sale of shares worth up to ₹1,607 crore by existing shareholders. LiveMint Markets also said the company is backed by Rosewood Investments and Motilal Oswal, and intends to list the shares on BSE and NSE on Tuesday, Sept. 1.

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