- Price band
- ₹938 – ₹988
- Issue size
- ₹1,757 Cr
- Lot size
- 15 sh
- Bidding
- 24 – 27 Aug
- Grey market
- —
Face value ₹2.00
9% fresh capital
Lists 1 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Symbiotec Pharmalab Limited makes corticosteroid and steroidal-hormone active pharmaceutical ingredients from four Madhya Pradesh sites, and the record's business description puts API sales at 96.07% of FY26 revenue from operations. Revenue rose from Rs 723.33 Cr in FY24 to Rs 755.98 Cr in FY25 and Rs 872.26 Cr in FY26, while profit after tax went Rs 100.06 Cr, Rs 96.79 Cr and Rs 109.90 Cr over the same three years. The Rs 1,757 Cr issue was 91.46% offer for sale — Rs 1,607 Cr secondary against Rs 150 Cr fresh. It was subscribed 75.06 times overall, listed on 1 September 2026 at Rs 988, the top of its Rs 938–988 band, and last traded at Rs 1,164.20 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Symbiotec Pharmalab, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 8.5% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2002 · 385/2, Pigdamber, Rau, Mhow, Indore, Madhya Pradesh 453331, India · 2,500 employees
Symbiotec Pharmalab makes the active pharmaceutical ingredients used in steroid drugs — corticosteroids and steroidal hormones. Its portfolio runs to more than 60 APIs, including hydrocortisone, betamethasone, methylprednisolone and testosterone, which its customers formulate into anti-inflammatory, dermatology, respiratory, oncology and hormone-therapy medicines. It sells to over 200 customers in more than 40 countries, and held 43 US FDA drug master files and 23 EDQM certificates of suitability as of 31 March 2026. Manufacturing sits in four Madhya Pradesh sites: Rau (92 MT), Pithampur (492.67 MT chemical synthesis plus 300 KL fermentation), and newly commissioned plants at Ujjain (400 KL fermentation) and Mhow (20 million double-chamber vials a year). Contract development and complex injectables were added in 2025. Incorporated September 2002; over 2,500 people as of 31 March 2026.
Nearly all revenue is API sales — 96.07% of FY26 revenue from operations. FY26 total income was ₹872.26 Cr, EBITDA ₹231.97 Cr (26.59% margin) and PAT ₹109.90 Cr (12.60%). The cost base is fermentation and multi-step chemical synthesis, run backward-integrated in-house, with a meaningful share of raw material sourced from China. Exports were 67.04% of FY26 revenue. The structural constraint is concentration: the top 10 customers were 57.59% of product sales and the top 5 APIs 62.27% of revenue. It is capital-heavy — ₹387.91 Cr of borrowings against ₹1,158.64 Cr of net worth at FY26 — and return on net worth fell from 13.90% in FY24 to 11.79% in FY25 and 9.48% in FY26.
The company on paper
- Legal name
- Symbiotec Pharmalab Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Sep 2002
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U24232MP2002PLC015293
- Sector
- Health Care · Corticosteroid and steroidal-hormone active pharmaceutical ingredients
- Employees
- 2,500
- Registered office
- 385/2, Pigdamber, Rau, Mhow, Indore, Madhya Pradesh 453331, India
- Promoters
- Anil Satwani, Kashish Satwani, Sushil Satwani, Satwani Holdings LLP
- Promoter holding, pre-issue
- 36.4%
- Promoter holding, post-issue
- 33.3%
- Website
- symbiotec.com
The numbers
Financial performance
Revenue has compounded at 9.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
9% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹150 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹1,607 Cr
- Total issue size
- ₹1,757 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 3.1% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹988.00
- Listed at
- ₹988.00
- Listing gain
- unchanged 0.0%
- Since listing
- up 26.1%
- Against the issue price
- up 26.1%
Trading at ₹1,246.30 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 15
- At cut-off price
- ₹988.00
- Amount blocked
- ₹14,820
One lot is 15 shares at ₹14,820. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~7%
chance of one lot, per application
- Retail subscription
- 13.65×
- Applicants per share available
- 13.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹988.00
listed at, 0.0% against the issue price
- Issue price
- ₹988.00
- Premium said
- —
- If allotted 15 shares
- ₹0
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue and EBITDA both rose in each year the record carries: revenue Rs 723.33 Cr in FY24, Rs 755.98 Cr in FY25 (up 4.51%) and Rs 872.26 Cr in FY26 (up 15.38%); EBITDA Rs 177.04 Cr, then Rs 206.11 Cr (up 16.42%) and Rs 231.97 Cr (up 12.55%).
- EBITDA margin sat between 24.48% and 27.26% across the three years on record — Rs 177.04 Cr on Rs 723.33 Cr in FY24, Rs 206.11 Cr on Rs 755.98 Cr in FY25, and Rs 231.97 Cr on Rs 872.26 Cr in FY26, or 26.59%.
- The company describes a portfolio of more than 60 APIs sold to over 200 customers in more than 40 countries, and states that it held 43 US FDA drug master files and 23 EDQM certificates of suitability as of 31 March 2026.
- The book closed at 75.06 times overall on 27 August 2026, with the qualified institutional portion at 181.20 times, the non-institutional portion at 77.56 times and retail at 13.65 times.
What to weigh against it
- The business description puts the top 10 customers at 57.59% of product sales and the top 5 APIs at 62.27% of revenue, with exports at 67.04% of FY26 revenue; it also states that a meaningful share of raw material is sourced from China.
- Return on net worth fell in each year on record — 13.90% in FY24, 11.79% in FY25 and 9.48% in FY26 — while net worth rose from Rs 720.68 Cr to Rs 821.15 Cr to Rs 1,158.64 Cr.
- Profit after tax was Rs 96.79 Cr in FY25 against Rs 100.06 Cr in FY24, 3.27% lower on revenue 4.51% higher; FY26 profit after tax of Rs 109.90 Cr was 9.83% above the FY24 figure on revenue 20.59% higher.
- Rs 1,607 Cr of the Rs 1,757 Cr issue was an offer for sale, against a fresh issue of Rs 150 Cr; promoter holding was 36.39% before the issue and 33.28% after, 3.11 percentage points lower.
Easy to miss in the prospectus
- Borrowings were Rs 247.21 Cr at FY24, Rs 540.92 Cr at FY25 and Rs 387.91 Cr at FY26 — 0.34x, 0.66x and 0.33x of the respective net worth figures of Rs 720.68 Cr, Rs 821.15 Cr and Rs 1,158.64 Cr.
- Net worth rose Rs 337.49 Cr between FY25 (Rs 821.15 Cr) and FY26 (Rs 1,158.64 Cr), against FY26 profit after tax of Rs 109.90 Cr; the record does not itemise the difference.
- The stock last traded at Rs 1,164.20 on 23 October 2026, 17.83% above the Rs 988 listing price and 6.06% above the Rs 1,097.70 first-day close.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- JM Financial Limited, Avendus Capital Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Built from 11 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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