The stock opened at ₹978.20 on the BSE, a 0.99% discount to its issue price of ₹988. On the NSE, it listed at ₹988, at par with the issue price.
The debut came below grey market expectations, where the stock was commanding a premium of around 19% over its issue price. The grey market premium (GMP) stood at ₹185, indicating an estimated listing price of around ₹1,173 per share, compared with the IPO price of ₹988.
However, it is important to note that grey market premiums are only an indicator of investor sentiment in the unofficial market and can change rapidly. They are not a reliable indicator of the actual listing price.
The ₹1,757-crore initial public offering (IPO) was subscribed 71.26 times at the close of the bidding process.
Madhya Pradesh-based Symbiotec Pharmalab was open for public subscription from August 24 to August 27. The company had fixed the IPO price band at ₹933-988 per equity share.
The issue comprised a fresh issue of ₹150 crore and an offer for sale (OFS) of shares worth up to ₹1,607 crore by existing shareholders.
Promoter Satwani Holdings, along with investors Rosewood Investments and India Business Excellence Fund – III, participated in the OFS.
At the upper end of the price band, Symbiotec is expected to command a post-issue market capitalisation of ₹6,348.5 crore.
Of the fresh issue proceeds, ₹112.5 crore will be used for partial repayment of debt, while the remaining amount will be utilised for general corporate purposes. Proceeds from the OFS will accrue to the selling shareholders.
Symbiotec Pharmalab business
Symbiotec operates two API manufacturing facilities, with a maximum chemical synthesis capacity of 584.67 metric tonnes and fermentation capacity of 300 kilolitres.
The company claims a global volume market share of 36.2% in corticosteroid APIs and 44.2% in steroidal-hormone APIs, giving it a leadership position in these segments.
Its listed Indian peers include Concord Biotech, Divi’s Laboratories, Cohance Lifesciences and Laurus Labs.
Promoters currently hold a 26.91% stake in Symbiotec. Rosewood Investments, advised by InvAscent, is the company’s largest investor with a 37.19% stake, followed by Motilal Oswal’s India Business Excellence Fund – III with a 24.47% holding.
Actis, Franklin Templeton and the late investor Rakesh Jhunjhunwala were among the company’s previous investors.
Symbiotec Pharmalab financials
Symbiotec reported a profit of ₹29.9 crore on revenue of ₹203.1 crore for the quarter ended June 2025.
For FY25, the company reported a profit of ₹96.8 crore, down 3.3% from ₹100 crore in the previous financial year.
Revenue, however, increased 5% to ₹751.6 crore from ₹716.2 crore during the same period.
What management said
Speaking to CNBC-TV18 earlier, Symbiotec Pharmalab said it expects investments in complex injectables and fermentation CDMO to emerge as key growth drivers over the coming years, with the two businesses eventually becoming as large as its core steroid API business.
Anil Satwani, Chairman and Managing Director, and Raghavender Ramachandran, Chief Financial Officer, said the company has completed most of the heavy capital expenditure required for the new businesses and is now entering the monetisation phase.
“The proof of concept is behind us. We are just waiting for these two big opportunities to get monetised in the coming years,” Satwani said.
Symbiotec invested ₹800-850 crore over the past few years to build new manufacturing capabilities, funded through a mix of internal accruals and borrowings.
First Published: Sept 1, 2026 7:02 AM IST
