Symbiotec Pharmalab Ltd IPO
Pharmaceuticals
Price Band
₹938 – ₹988
Lot Size
15
Minimum Bid Quantity
15
Minimum Investment
₹14820
Issue Size
₹1757Cr
Opens
2026-08-24
Closes
2026-08-27
Listing
01-09-2026
Subscription Status
Qualified Institutional Buyers
172.03 x
Non-Institutional Investor
73.61 x
Retail Individual Investor
12.86 x
Employees
15.31 x
Total
71.2 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE899I01028
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Symbiotec Pharmalab is a pharmaceutical and biotechnology company involved in the development and manufacturing of active pharmaceutical ingredients (APIs), biotechnology products, and complex injectables. Its operations span three platforms — organic chemistry, biotechnology, and complex injectables. The company has a portfolio of over 60 corticosteroid and steroid hormone APIs, including hydrocortisones, betamethasone, methylprednisolones, progesterones, estrogens, and testosterone. It also provides contract development and manufacturing organisation (CDMO) services to pharmaceutical and nutraceutical companies. As of March 31, 2026, the company had two operational API manufacturing facilities at Rau and Pithampur in Madhya Pradesh. It has also commissioned a biomanufacturing facility at Ujjain and a complex injectables facility at Mhow, Madhya Pradesh. The company operates three R&D centres in Indore focused on organic chemistry, biotechnology and complex injectables. Its products and services have been supplied to over 200 customers across more than 40 countries. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale. Proceeds from the offer for sale segment will be directed to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company — Rs 112.5 crore General corporate purposes
Pros
- • The company had a global volume market share of 38.2% in corticosteroid APIs and 23.8% in steroidal-hormone APIs in FY26, excluding androstenedione and hydroxyprogesterone caproate. It also had market shares of 80.1%, 76.4%, and 76.0% by volume in hydrocortisone, testosterone, and methylprednisolone, respectively, in FY26.
- • The company has a portfolio of over 60 corticosteroid and steroidal-hormone APIs across sterile and non-sterile formats. As of March 31, 2026, its portfolio covered approximately 90% of corticosteroid and steroidal hormone API products, and it had 43 drug master files registered with the US FDA and 23 certificates of suitability from the EDQM.
- • The company has a presence across domestic and international markets, with revenue from customers outside India at Rs 582.64 crore, Rs 414.78 crore, and Rs 429.52 crore in FY26, FY25, and FY24, respectively, accounting for 67.04%, 55.19%, and 59.97% of its revenue from operations. As of March 31, 2026, it served over 200 customers across more than 40 countries, including over 50 domestic customers and over 150 export customers.
Cons
- • The company derives a significant portion of its revenue from the sale of APIs, which stood at Rs 716.25 crore, Rs 744.75 crore, and Rs 835.00 crore in FY24, FY25, and FY26, respectively, accounting for 100.00%, 99.10% and 96.07% of its revenue from operations, respectively. Its top five APIs contributed Rs 432.38 crore, Rs 474.65 crore and Rs 541.16 crore during the same periods, respectively, accounting for 60.37%, 63.16% and 62.27% of revenue from operations, respectively. A fall in demand for these products or disruption in their production could adversely affect its business, financial condition and cash flows.
- • The company's manufacturing facilities are subject to inspections and audits by regulatory authorities and customers. Its Rau and Pithampur facilities underwent two, four, and three regulatory audits and 36, 51, and 21 customer audits in FY24, FY25, and FY26, respectively. The company received Form 483 letters following US FDA inspections of its Pithampur and Rau facilities, while the US FDA inspection of the Pithampur facility concluded on August 14, 2026, with four observations. Failure to satisfactorily address regulatory observations could result in sanctions, withdrawal of approvals, product seizure, or interruption of operations.
- • The company derives a substantial portion of its revenue from international markets. Revenue from customers outside India stood at Rs 429.52 crore, Rs 414.78 crore, and Rs 582.64 crore in FY24, FY25 and FY26, respectively, accounting for 59.97%, 55.19%, and 67.04% of revenue from operations, respectively. Changes in foreign regulations, trade restrictions, geopolitical conditions, currency fluctuations, or sanctions could adversely affect its international business and financial performance.
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