Business · India Bureau
Symbiotec Pharmalab secures ₹526 crore in anchor investment ahead of IPO
The pharmaceutical and biotechnology company has allocated shares to marquee institutional investors at the upper end of its price band, ahead of the public offering that opens later this month.
LSN India ·
Symbiotec Pharmalab Ltd has raised ₹526 crore from anchor investors in the run-up to its initial public offering, demonstrating strong institutional demand for the company's shares. The firm allocated 53.26 lakh equity shares to the anchor investor cohort at ₹988 per share, representing the upper limit of the IPO's price band.
The anchor round attracted a diverse pool of institutional investors, including major mutual fund houses HDFC Mutual Fund, ICICI Prudential Mutual Fund and Motilal Oswal Mutual Fund. The investor base also comprised foreign portfolio investors, insurance firms, alternative investment funds and non-banking financial companies, underscoring broad-based confidence in the offering.
Other participants in the anchor allocation included Citigroup Global Markets Mauritius, BNP Paribas Financial Markets, Bajaj Life Insurance, Tata AIA Life Insurance, Mirae Asset, Tata Mutual Fund and Edelweiss Mutual Fund. The company will open its public offering on August 24 as it seeks to mobilise ₹1,757 crore through a combination of fresh share issuance and secondary offerings.