Symbiotec Pharmalab files papers to raise Rs 2,180 cr via IPO

New Delhi, Dec 19 (PTI) Drug maker Symbiotec Pharmalab Ltd on Friday filed preliminary papers with capital markets regulator Sebi to raise Rs 2,180 crore through its initial public offering (IPO).

The company's maiden public offering will be a combination of a fresh issue of shares worth Rs 150 crore, along with an offer for sale (OFS) of Rs 2,030 crore by a promoters and existing investors, according to the draft red herring prospectus (DRHP).

As a part of the OFS, promoter -- Satwani Holdings LLP and investors -- Rosewood Investments, and India Business Excellence Fund-III will offload shares.

At present, Rosewood Investments and India Business Excellence Fund together hold over 66 per cent stake in the pharma firm.

Proceeds of the fresh issue will be used for debt payment and general corporate purposes.

The Indore-based Symbiotec is a research and development-driven, pharmaceutical and biotechnology company with capabilities across three platforms-organic chemistry, biotechnology and complex injectables.

It's a global leader in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs).

To assist the company in its public offering, JM Financial, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India) Pvt Ltd have been appointed as merchant bankers. PTI SP TRB