Symbiotec Pharmalab Shares Make Muted Market Debut; Bounce Back Later

New Delhi: Shares of pharma and biotech company Symbiotec Pharmalab Ltd on Tuesday made a muted market debut, listing nearly 1 per cent lower on the BSE, against the issue price of Rs 988.

The stock started trading at Rs 978.20, down 0.99 per cent from the issue price on the BSE. However, later in the trade shares of the firm recovered the early lost ground and were trading at Rs 1,074.05, up 8.70 per cent.

At the NSE, the stock listed at par with the issue price at Rs 988. Later, it climbed 9.65 per cent to Rs 1,083.40.

The company’s market valuation stood at Rs 6,965.36 crore.

The initial public offering of Symbiotec Pharmalab Ltd was subscribed 71.26 times on the last day of bidding on Thursday.

The IPO was a combination of a fresh issue of shares worth up to Rs 150 crore and an Offer For Sale (OFS) component amounting to Rs 1,607 crore.

The company’s IPO price band was Rs 938-988 per equity share.

Proceeds of the fresh issue will be used for debt payment and general corporate purposes.

The Indore-based Symbiotec is a research and development-driven pharmaceutical and biotechnology company with capabilities across three platforms — organic chemistry, biotechnology, and complex injectables.

It’s a global leader in corticosteroid and steroidal hormone active pharmaceutical ingredients (APIs).

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)