Home / Business and Economy / Symbiotec Pharmalab Lists Flat, Then Soars on Market Debut
Symbiotec Pharmalab Lists Flat, Then Soars on Market Debut
1 Sep
Summary
- Symbiotec Pharmalab shares debuted nearly 1% lower on BSE.
- The stock later recovered and traded up 8.70% on BSE.
- Company is a global leader in corticosteroid and steroidal APIs.
Symbiotec Pharmalab Ltd commenced trading on the BSE on Tuesday with a subdued opening, listing at Rs 978.20, a marginal 0.99% dip from its issue price of Rs 988. This initial performance contrasted with the company's strong IPO subscription, which closed at 71.26 times.
Despite the muted start, the pharmaceutical and biotechnology company's shares demonstrated resilience. By later trade on the BSE, Symbiotec Pharmalab's stock had not only recovered its early losses but also registered a notable gain of 8.70%, reaching Rs 1,074.05. At the NSE, the stock initially listed at par with its issue price before climbing 9.65% to Rs 1,083.40.
The Indore-based company, a research and development-driven entity, holds a leading global position in corticosteroid and steroidal hormone active pharmaceutical ingredients (APIs). The IPO comprised a fresh issue of Rs 150 crore and an Offer For Sale (OFS) of Rs 1,607 crore, with proceeds intended for debt reduction and general corporate needs.
