1 week ago
Investors Buy 10.4% Stake in Symbiotec Ahead of IPO
Several investment groups bought part of Symbiotec Pharmalab before the company’s IPO.
They purchased 10.4% of the company for nearly ₹648 crore.
The shares were bought from Rosewood Investments and India Business Excellence Fund-III.
The buyers paid ₹988 for each share.
This was the highest price in the IPO’s planned price range.
Symbiotec’s IPO will start on August 24 and end on August 27.
An IPO is when a company offers its shares to the public for the first time.
The company plans to raise money through new shares and by allowing existing investors to sell some shares.
Think Investments, ValueQuest, WhiteOak Capital and others acquired a 10.4% stake in Symbiotec Pharmalab for ₹647.89 crore.
The secondary transaction involved 65.57 lakh shares changing hands at ₹988 per share on August 19.
Rosewood Investments sold shares worth about ₹275 crore, while India Business Excellence Fund-III sold shares worth ₹372.89 crore.
Symbiotec Pharmalab’s IPO will open on August 24 and close on August 27, with anchor bidding scheduled for August 21.
The IPO has a ₹938–988 price band and includes a ₹150-crore fresh issue and an offer-for-sale of up to ₹1,607 crore.
- Who
- Think India Opportunities Master Fund, Dymon Asia Multi-Strategy Investment, ValueQuest, WhiteOak Capital and other investors bought shares; Rosewood Investments and India Business Excellence Fund-III sold them.
- What
- Investors acquired 65.57 lakh shares, representing a 10.4% stake in Symbiotec Pharmalab, for ₹647.89 crore through a secondary transaction.
- Where
- The transaction involved Indore-based Symbiotec Pharmalab.
- When
- The transaction took place on August 19; the IPO is scheduled for August 24–27, with anchor bidding on August 21.
- Why
- The investment occurred ahead of Symbiotec Pharmalab’s planned ₹1,757-crore IPO.
Key facts
- Transaction value
- ₹647.89 crore
- Stake transferred
- 10.4%, or 65.57 lakh equity shares
- Transaction price
- ₹988 per share
- IPO price band
- ₹938–988 per share
- IPO dates
- August 24 to August 27; anchor bidding on August 21
- IPO structure
- Fresh issue of up to ₹150 crore and offer-for-sale of up to ₹1,607 crore
- Implied valuation
- Approximately ₹6,350 crore at the upper end of the price band
Sources
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