Symbiotec Pharmalab IPO Listing: Shares Debut Flat On NSE, 1% Below Issue Price On BSE

Shares of Symbiotec Pharmalab made a muted debut on September 1, listing at Rs 988 on the NSE, unchanged from its issue price of Rs 988 per share.

On the BSE, the stock opened at Rs 978.20, down Rs 9.80, or 0.99 per cent, from the issue price.

The Rs 1,757 crore initial public offering (IPO) had received a strong response from investors during the bidding period. The issue was subscribed 75.08 times before closing on August 27.

The qualified institutional buyers (QIBs) category was subscribed 181.20 times, while the non-institutional investor (NII) portion was subscribed 77.56 times. The retail investor portion received bids for 13.69 times the shares on offer.

The company had fixed the final issue price at Rs 988 per share, against a price band of Rs 938-988. The IPO comprised a fresh issue of shares worth Rs 150 crore and an offer for sale (OFS) of shares worth Rs 1,607 crore.

At the listing price, Symbiotec Pharmalab's market capitalisation stood at around Rs 6,285.5 crore.