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Symbiotec Pharmalab debuts at a discount on BSE amid weak sentiment

The pharma and biotech company listed at ₹978.20 on the BSE, down 1% from its ₹988 issue price, with morning benchmarks Sensex and Nifty 50 both lower by up to 0.30%.

Reported · Written up by our desk · IPOs

Symbiotec Pharmalab listed on the BSE on 1 September at ₹978.20, which was 1% below its IPO issue price of ₹988, while it opened flat on the NSE at ₹988, according to LiveMint Markets.

After listing, the shares traded in a wide range on the BSE, hitting an intraday high of ₹1,021.95 and a low of ₹933.80. On the NSE, the stock moved between ₹1,032.25 and ₹934.20 in the session.

LiveMint Markets reported that the grey market premium stood at ₹185 on Tuesday morning, implying a potential listing price around ₹1,173, roughly a 19% premium over the IPO price. At the same time, market benchmarks, the Sensex and the Nifty 50, were down as much as 0.30% in morning deals.

The company, a developer and manufacturer of active pharmaceutical ingredients and other specialty products, raised ₹1,607 crore through a book-build IPO, combining a fresh issue of 15.21 lakh shares to raise ₹150 crore and an offer for sale of 1.63 crore shares. The IPO subscription was 75 times overall, and the company said it plans to use the fresh issue proceeds for loan repayment and general corporate purposes.

Latest closeSensex 76,933.59 ▼0.7%

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