Symbiotec Pharmalab
- Issue price
- ₹ 988
- Issue size
- ₹ 1,757 Cr.
- Min. investment
- ₹ 14,820
- Listing price
- ₹ 988
- Subscribed
- 71.26x
- Lot size
- 15 shares
- P/E
- 56.81
- RoNW
- 9.48%
- RoCE
- 11.56%
- PAT margin
- 12.60%
- EBITDA margin
- 26.59%
- RoE
- 11.19%
- EPS
- ₹ 17.39
- NAV
- ₹ 184.69
About
Symbiotec Pharmalab Ltd was set up in 2002. It is a pharmaceutical and biotechnology company that develops and makes active pharmaceutical ingredients, known as APIs, along with nutritional ingredients and specialty products. APIs are the actual medicine content that goes into a tablet or injection, which other pharma companies then turn into finished medicines. The company started in 1995 as a small lab scale maker of steroidal hormone APIs and has grown into a large backward integrated manufacturer with more than 30 years of experience in the field. It is a global leader in corticosteroid and steroidal hormone APIs. Its plants are approved by the United States Food and Drug Administration, by European Union Good Manufacturing Practices and by the Ministry of Food and Drug Safety of Korea, among other regulators. As on 30 June 2025 it ran two industrial scale API plants with a chemical synthesis capacity of 584.67 metric tonnes and a fermentation capacity of 300 kilolitres. It sells both in India and abroad, in regulated as well as emerging markets.
Timeline
- doneOpens24 Aug
- doneCloses27 Aug
- doneAllotment28 Aug
- doneRefunds31 Aug
- doneDemat credit31 Aug
- doneListing1 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 410 on 22 Aug 2026
- Lowest
- ₹ 185 on 31 Aug 2026
- First quoted
- ₹ 220 on 19 Aug 2026
Subscription
How many times each investor group bid for its share, as of 01 Sep 2026, 06:31 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 15 | ₹ 14,820 |
| Retail (Max) | 13 | 195 | ₹ 1,92,660 |
| S-HNI (Min) | 14 | 210 | ₹ 2,07,480 |
| B-HNI (Min) | 68 | 1,020 | ₹ 10,07,760 |
Company overview
Financials
| Assets | 1,780.79 | 1,579.65 | 1,294.79 |
| Total Income | 872.26 | 755.98 | 723.33 |
| Profit After Tax | 109.9 | 96.79 | 100.06 |
| EBITDA | 231.97 | 206.11 | 177.04 |
| NET Worth | 1,158.64 | 821.15 | 720.68 |
| Reserves and Surplus | 1,145.95 | 810.03 | 709.54 |
| Total Borrowing | 387.91 | 540.92 | 247.21 |
Strengths
- The company is a global leader in corticosteroid and steroidal hormone APIs, which is a specialised area with few makers worldwide.
- Its plants carry approvals from the US FDA, EU-GMP and the Korean drug regulator, which are hard to get and act as an entry barrier.
- Sales have grown every year, from Rs 723.33 crore in FY2024 to Rs 755.98 crore in FY2025 and Rs 872.26 crore in FY2026.
- EBITDA has improved steadily, from Rs 177.04 crore in FY2024 to Rs 206.11 crore in FY2025 and Rs 231.97 crore in FY2026.
- Borrowing was reduced sharply in the last year, from Rs 540.92 crore to Rs 387.91 crore, while net worth rose from Rs 821.15 crore to Rs 1,158.64 crore.
- The company is backward integrated and runs at industrial scale, with chemical synthesis capacity of 584.67 metric tonnes and fermentation capacity of 300 kilolitres.
- It has more than 30 years of experience in this line, having started as a lab scale steroid API maker in 1995.
- It sells into both regulated markets such as the USA and Europe and into emerging markets, so demand is not tied to one region.
Risks
- This is by far the most expensive issue in the current batch on earnings. At the upper band of Rs 988 the P/E is about 56.81 times on an EPS of Rs 17.39.
- Return ratios are low for that valuation. RoCE was 11.80% and RoNW was 11.79%.
- Profit has been almost flat for three years, at Rs 100.06 crore in FY2024, Rs 96.79 crore in FY2025 and Rs 109.90 crore in FY2026, even though assets grew from Rs 1,294.79 crore to Rs 1,780.79 crore over the same period.
- Very little of the issue money reaches the company. The stated objects account for only Rs 112.50 crore of borrowing repayment plus general corporate purposes, against a total issue of Rs 1,757 crore, which indicates that most of the issue is an offer for sale by existing shareholders.
- The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
- API making is a regulated business. A negative inspection by the US FDA or the EU authorities at either plant can stop supply to those markets.
- The company is concentrated in steroid and corticosteroid APIs. A price fall or new capacity in that narrow segment would hit it directly.
- Borrowing is still sizeable at Rs 387.91 crore, and it had risen to Rs 540.92 crore in FY2025 before coming down, so the debt level has moved around a lot.
What the money is for
| Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company | 112.5 |
| General corporate purposes | — |
Promoters
- Anil Satwani
- Kashish Satwani
- Sushil Satwani
- Satwani Holdings LLP
Anchor investors
34 anchors put in ₹ 526.19 Cr., including 19 mutual funds.
| ICICI PRUDENTIAL SMALLCAP FUND | 6,07,290 | 60 | 11.4% |
| HDFC PHARMA & HEALTHCARE FUND | 4,04,865 | 40 | 7.6% |
| HDFC MNC FUND | 50,610 | 5 | 0.95% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 4,55,475 | 45 | 8.55% |
| MOTILAL OSWAL SMALL CAP FUND | 4,55,475 | 45 | 8.55% |
| MIRAE ASSET HEALTHCARE FUND | 3,54,270 | 35 | 6.65% |
| MIRAE ASSET MULTI ASSET ALLOCATION FUND | 1,01,205 | 10 | 1.9% |
| PRAZIM TRADING & INVESTMENT CO.PVT.LTD. | 2,53,050 | 25 | 4.75% |
| TATA INDIA PHARMA & HEALTHCARE FUND | 1,01,220 | 10 | 1.9% |
| TATA FLEXI CAP FUND | 1,51,830 | 15 | 2.85% |
| EDELWEISS LARGE CAP FUND | 2,02,425 | 20 | 3.8% |
| EDELWEISS RECENTLY LISTED IPO FUND | 50,625 | 5 | 0.95% |
| MANULIFE GLOBAL FUND-INDIA EQUITY FUND | 2,53,050 | 25 | 4.75% |
| MAHINDRA MANULIFE SMALL CAP FUND | 2,53,050 | 25 | 4.75% |
| TATA AIA LIFE INSURANCE CO.LTD.-WHOLE LIFE AGGRESSIVE GROWTH FUND-ULIF 010 04/01/07 WLA 110 | 1,61,955 | 16 | 3.04% |
| BAJAJ LIFE INSURANCE LTD. | 1,61,955 | 16 | 3.04% |
| BARODA BNP PARIBAS HEALTH & WELLNESS FUND | 60,720 | 6 | 1.14% |
| BARODA BNP PARIBAS FOCUSED FUND | 1,01,235 | 10 | 1.9% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | 1,01,220 | 10 | 1.9% |
| TIMF HOLDINGS | 1,01,220 | 10 | 1.9% |
| VALUEQUEST FOUNDERS CONVICTION LVF | 1,01,220 | 10 | 1.9% |
| TRUST MF MULTI CAP FUND | 50,610 | 5 | 0.95% |
| TRUST MF LARGE & MID CAP FUND | 50,610 | 5 | 0.95% |
| GROWW MULTICAP FUND | 70,860 | 7 | 1.33% |
| GROWW SMALL CAP FUND | 30,360 | 3 | 0.57% |
| FLUMEN INVESTMENT TRUST-1729 GROWTH FUND I | 50,610 | 5 | 0.95% |
| RMS GROWTH FUND SCHEME I | 50,610 | 5 | 0.95% |
| SUSQUEHANNA PACIFIC PTY.LTD. | 1,01,220 | 10 | 1.9% |
| SINGULARITY EQUITY FUND I | 1,01,220 | 10 | 1.9% |
| ITI MULTI CAP FUND | 50,610 | 5 | 0.95% |
| ITI FLEXI CAP FUND | 50,610 | 5 | 0.95% |
| ICICI LOMBARD GENERAL INSURANCE CO.LTD. | 88,331 | 8.73 | 1.66% |
| BNP PARIBAS FINANCIAL MARKETS-ODI | 88,330 | 8.73 | 1.66% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | 57,963 | 5.73 | 1.09% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- JM Financial Ltd., Motilal Oswal Investment Advisors, Avendus Capital
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.