Now Reading: Symbiotec Pharmalab IPO fully subscribed on day 3, NIIs bid 5.58x
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Symbiotec Pharmalab IPO fully subscribed on day 3, NIIs bid 5.58x
Symbiotec Pharmalab IPO fully subscribed on day 3, NIIs bid 5.58x
The initial public offering of Symbiotec Pharmalab, a pharmaceutical ingredient manufacturer, was fully subscribed on the third day of bidding on Wednesday. Non-institutional investors led demand with 5.58 times the shares set…
The initial public offering of Symbiotec Pharmalab, a pharmaceutical ingredient manufacturer, was fully subscribed on the third day of bidding on Wednesday. Non-institutional investors led demand with 5.58 times the shares set aside for them, while retail investors bid 5.16 times their reserved portion, according to exchange data.
The IPO has a price band of Rs 938 to Rs 988 per share. At the upper end, the company is valued at around Rs 6,350 crore. The issue closes for subscription on Thursday.
Indian Opinion Analysis
A specialty chemical ingredients maker commands a valuation of over Rs 6,000 crore because of the high entry barriers in Active Pharmaceutical Ingredient (API) manufacturing and India's growing dependence on imported APIs from China. The book-building process allows the company to set a final price within the band based on investor demand after the bidding closes. The final allotment and the listing date will be decided once the registrar processes the bids and the stock exchange clears the listing. Oversubscription from wealthy individual investors is usually a bullish signal, but the institutional investor subscription figures will matter most for listing-day performance.
Source: ndtvprofit.com
This brief was synthesised by AI from the source linked above.
