Symbiotec Pharmalab draws US$88M in secondary deal days before IPO
What's the deal? A group of investors including Think India Opportunities Master FundDealroom has a profile for this one. Try Dealroom →, ValueQuest Investment AdvisorsDealroom has a profile for this one. Try Dealroom →, and WhiteOak Capital Asset ManagementDealroom has a profile for this one. Try Dealroom → picked up a 10.4% stake in Symbiotec Pharmalab for US$88M (roughly $67.8 million) through a secondary share transaction. The deal, executed on August 19, saw 6.557 million shares change hands at US$13.4 apiece.
Who's buying and selling? Alongside the lead buyers, Dymon Asia Multi-Strategy Investment, Singularity Equity Fund IDealroom has a profile for this one. Try Dealroom →, Waterfield Flagship Fund I, and Landmark Capital Markets joined the round. On the sell side, Rosewood Private InvestmentsDealroom has a profile for this one. Try Dealroom → transferred shares worth about US$37.3M, while Motilal Oswal Private EquityDealroom has a profile for this one. Try Dealroom →-backed India Business Excellence Fund-IIIDealroom has a profile for this one. Try Dealroom → offloaded stock valued at US$50.6M.
Why now? The transaction lands just days before the Indore-based drugmaker's US$23.9-crore IPO, which opens for subscription on August 24 and closes on August 27. Anchor investors bid on August 21.
What's the endgame? The shares priced at US$13.4 — the top of the IPO's US$12.7-US$13.4 band, which values Symbiotec at around US$862.3M. The public issue comprises a fresh issue worth up to US$20.4M and an offer-for-sale of up to US$218.2M, under which promoter Satwani Holdings LLPDealroom has a profile for this one. Try Dealroom →, Rosewood Private Investments, and India Business Excellence Fund-III will sell shares.
The signal: Institutional buyers locking in a stake at the top of the price band ahead of listing points to firm demand for the pharmaceutical maker — and hands existing backers an early exit at IPO terms.
Read more: Dailyhunt (PTI)
Image credit: Monash Public Library Service
