Symbiotec Pharmalab IPO
Symbiotec Pharmalab LtdMainboard
This IPO has listed.
- Open date
- 24 Aug 2026
- Close date
- 27 Aug 2026
- Min. Investment
- ₹14,820
- Lot Size
- -
- Fresh Issue
- ₹150.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers172.03x
- Non-Institutional Investors73.63x
- Retail-Individual Investors12.96x
- Total71.26x
Schedule
- Completed: IPO open date24 Aug 2026
- Completed: IPO close date27 Aug 2026
- Completed: Allotment date28 Aug 2026
- Completed: Funds unblock or debit28 Aug 2026
- Completed: Tentative listing date1 Sep 2026
About
Promoter shareholding in Symbiotec Pharmalab Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Anil Satwani | 28,10,896 | 4.48% | 28,10,896 | 4.37% |
| Kashish Satwani | 27,50,896 | 4.38% | 27,50,896 | 4.28% |
| Sushil Satwani | 12,33,938 | 1.97% | 12,33,938 | 1.92% |
| Satwani Holdings LLP | 1,12,77,374 | 17.97% | 98,19,885 | 15.28% |
| Kashish and Anil Satwani Fami | 3,50,000 | 0.56% | 3,50,000 | 0.54% |
| Arjun Anil Satwani Family Tru | 21,99,104 | 3.50% | 21,99,104 | 3.42% |
| Krishna Anil Satwani Family T | 21,99,104 | 3.50% | 21,99,104 | 3.42% |
| Sunil Satwani | 10,000 | 0.02% | 10,000 | 0.02% |
| Swati Sachdev | 10,000 | 0.02% | 10,000 | 0.02% |
Financials of Symbiotec Pharmalab IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 716.25 | 751.55 | 869.15 |
| Total Expenses | 590.98 | 609.00 | 718.90 |
| Profit Before Tax | - | - | - |
| Total Profit | 100.06 | 96.78 | 109.88 |
Symbiotec Pharmalab IPO Strengths & Risks
- Global leadership in corticosteroid and steroidal hormone APIs.
- Long-standing relationships with domestic and global customer base.
- Fully-invested, multi-scale, vertically integrated manufacturing platform with sustainable practices and clean regulatory track record.
- Continuous investment in R&D, with leading technological capabilities among Indian peers.
- Ability to leverage science and existing competencies to increase total addressable market and deepen intellectual property-driven offerings.
- Risks Relating to the Business: The company derives almost all of its revenue from the sale of APIs, which collectively constituted 96.07%, 99.10% and 100.00% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Further, its top five APIs constituted 62.27%, 63.16% and 60.37% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any reduction in demand for APIs, and its top products in particular, or disruption in production, could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's manufacturing facilities is subject to periodic inspections and audits by regulatory authorities and its customers. Any manufacturing or quality control failures may subject it to regulatory action, damage the company's reputation and have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company exports its products to various countries and the company's revenue from external customers outside India as per Ind AS 108 - "Operating Segments" represented 67.04%, 55.19% and 59.97% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The company's inability to handle risks associated with its export sales could adversely affect the company's sales to customers in foreign countries, its results of operations, financial condition and cash flows.
- Risks Relating to the Business: In Fiscals 2026, 2025 and 2024, revenue from the United States represented 13.12%, 4.02% and 8.97% of the company's revenue from operations. The imposition of tariffs or other anti-outsourcing legislation by the United States could adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company derives a substantial portion of its revenue from certain key customers. Revenue generated from the company's top ten customers accounted for 57.59%, 55.90% and 61.65% of its revenue from sale of product in Fiscals 2026, 2025 and 2024, respectively. Loss of the company's relationship with any of these customers or delays or reductions in their orders could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's manufacturing facilities and dedicated R&D centres are located in the state of Madhya Pradesh in India. Any adverse developments affecting Madhya Pradesh or its surrounding regions could adversely affect its business, results of operations, financial condition and cash flows. A slowdown, interruption or shutdown in the company's manufacturing operations could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company depends on certain suppliers for raw materials for its operations. Purchases from the company's top ten suppliers accounted for 25.50%, 18.41% and 50.33% of its total expenses in Fiscals 2026, 2025 and 2024, respectively. Any loss of such suppliers or non-performance of their obligations could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company operates in a highly competitive market. Its faces competition both within the company's API manufacturing business and in its role as a CDMO, which the company has recently commenced. An inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company procures a portion of its raw material requirements from different countries, including China and the United States. Any adverse developments in these countries, or the laws governing the company's imports from these countries, could disrupt its raw material supply and adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's success depends on its ability to develop and commercialise new products in a timely manner. If the company's research and development efforts does not succeed, or the products its commercialise does not perform as expected, the introduction of new products may be hindered, which could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's operations involve activities and materials which is hazardous in nature and could result in a suspension of operations, injury to its personnel, emission of pollutants or the imposition of civil or criminal liabilities, which could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to extensive regulation from governmental and international authorities and if the company fails to obtain, maintain or renew the statutory and regulatory licenses, permits and approvals required for its business, the company's results of operations, financial condition and cash flows may be adversely affected. Further, non-compliance with, and changes in, environmental, health and safety, and labor laws and other applicable regulations may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Offer Price.
- Risks Relating to the Business: The company's business agreements include certain restrictive covenants which may restrict its business operations.
- Risks Relating to the Business: If the company's products or other products containing its corticosteroid or steroidal-hormone APIs cause, or are perceived to cause, severe side effects, the sales of such products may decrease, which may have an adverse effect on the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's operations are labour intensive, and its may be subject to strikes, work stoppages or increased wages demands by the company's employees, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company requires working capital for its continued operation and growth. The company's inability to meet its working capital requirements could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's statutory auditors examination report on the Restated Consolidated Summary Statements discloses certain modifications included in their report on the consolidated financial statements as at and for the years ended March 31, 2026, March 31, 2025 and March 31, 2024.
- Risks Relating to the Business: The company has in the past been in non-compliance with Section 383A of the Companies Act, 1956 and have filed a compounding application with the National Company Law Tribunal, Indore ("NCLT, Indore"). Its cannot assure you that there will be no such non-compliances in the future and that the company will not be subject to any action including payment of penalty amount.
- Risks Relating to the Business: Motilal Oswal Investment Advisors Limited, one of the Book Running Lead Managers, is an associate of one of the company's Investor Selling Shareholders, namely, India Business Excellence Fund - III.
- Risks Relating to the Business: The company's past performance may not be indicative of its future growth. The company may not be able to effectively sustain its growth or execute the company's growth strategies, which could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may not be successful in commercialising its complex injectables offerings, which the company intends to focus on through the commissioned Mhow Facility, which may adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: Certain of the company's raw materials and production processes are sensitive and must be collected, stored and transported in specific conditions. Failures to handle these materials and products appropriately, or undertake the sensitive processes with their complex steps, may lead to loss of the raw materials, inability to sell the products and adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Some of the company's Promoters and Directors may have interest in entities in businesses similar to its, which may result in conflicts of interest with it.
- Risks Relating to the Business: The company is in the process of expanding its biologics capacity by setting up the Biologics Facility in Ujjain. The establishment of this facility may be subject to delays, cost overruns, or other risks and uncertainties.
- Risks Relating to the Business: The company's CDMO business, which commenced in 2025 and which the company is expanding, is subject to risks including seasonality, which may result in seasonal fluctuations in operating results and cash flows, non-compliance with the terms of its contracts with customers, and expiry of patent protection of customers and limited number of customers. Any failures to grow the company's CDMO business or mitigate these risks could adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's benefit from incentives and schemes of the Government of India. Cancellation of such incentives and schemes, or its inability to meet their conditions, may adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: Introduction of stricter norms regulating pharmaceutical marketing practices could affect the company's ability to effectively market its products, which may have an adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company has entered into certain transactions with related parties in the past and may continue to do so in the future. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
- Risks Relating to the Business: The company's operations are dependent on an adequate and uninterrupted external supply of electricity, fuel, and water. Any disruption or shortage in electricity, fuel or water may lead to disruption in operations, higher operating cost and consequent decline in the company's operating margins.
- Risks Relating to the Business: The Investor Selling Shareholders, India Business Excellence Fund-III, together with its co-investors, and Rosewood Investments, have transferred Equity Shares held by them, to one of the company's Promoters, Satwani Holdings LLP, pursuant to the upside sharing arrangement as provided for in the Investment Agreement which has resulted in an increase in the pre-Offer shareholding of its Promoter, Satwani Holdings LLP.
- Risks Relating to the Business: There are certain restrictions on operations within a special economic zone ("SEZ") in India. The company's claim deductions under special tax holidays for its Pithampur Facility, located in an SEZ in India. Any change in these tax holidays, or failures to comply with restrictions applicable to SEZs, may adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: Delay or failures in the performance of the company's contracts may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If the company is unable to protect its proprietary information or other intellectual property, the company's business may be adversely affected.
- Risks Relating to the Business: Certain of the company's manufacturing facilities are not located on land owned by it and the company has only leasehold rights. In the event its loses or is unable to renew such leasehold rights, the company's business, results of operations, financial condition and cash flows may be adversely affected.
- Risks Relating to the Business: Certain of the company's corporate records and filings are not traceable or have certain discrepancies. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: Under-utilisation of the company's manufacturing capacities over extended periods, or significant underutilisation in the short term could increase its cost of production and the company's operating costs and adversely impact its business, growth prospects and future financial performance.
- Risks Relating to the Business: The company's Promoters and certain members of the Promoter Group have encumbered certain Equity Shares of the Company held by them in favour of Beacon Trusteeship Limited, (on behalf of debenture holder, Nomura Capital (India) Private Limited, which is an affiliate of one of its BRLMs, Nomura Financial Advisory and Securities (India) Private Limited) by way of pledge. Any enforcement of such pledge by Beacon Trusteeship Limited could dilute the shareholding of the company's Promoters, which may adversely affect its business and financial condition.
- Risks Relating to the Business: The company held a market share of over 50% by volume in products such as Hydrocortisone, Testosterone and Methylprednisolone, with market shares of 80.1%, 76.4% and 76.0% respectively, in Fiscal 2026. (Source: F&S Report) The loss of market share may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has capital expenditure requirements and may requires additional capital and financing in the future. If the company is unable to obtain the required additional capital and financing when needed, its results of operations, financial condition and cash flows may be adversely affected.
- Risks Relating to the Business: The company proposes to repay or prepay all or a portion of certain outstanding borrowings availed by the Company.
- Risks Relating to the Business: The company's Promoter and Chairman and Managing Director, Anil Satwani, has provided personal guarantees for certain borrowings availed by one of its Subsidiaries. Any failures by the Company to repay such loans could trigger repayment obligations on the company's Promoter, which may impact their ability to effectively service their obligations and adversely affect its business and operations.
- Risks Relating to the Business: The company has extended certain loans to its Subsidiaries, and extended guarantees on their behalf. Any default by the Subsidiaries in fulfilling their obligations in connection with such indebtedness may lead to nonrecovery or invocation of the guarantees, which could adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is exposed to risks in relation to the supply of its products, particularly through third party transportation. A failures to deliver the company's products to its customers in an efficient and reliable manner could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company and certain of its Directors and Subsidiaries are involved in certain legal proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution and if there are any delays or unanticipated expenses, its business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The company's continued success is dependent on its Promoters, Directors, Senior Management, Key Managerial Personnel and skilled manpower. The company's inability to attract and retain key personnel or the loss of services of such personnel may have an adverse effect on its business prospects.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: The company may pursue strategic acquisitions for inorganic growth in the future. Its may not be able to integrate any future acquisitions or may be faced with operating difficulties due to such integration, which could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Changes in technology may render the company's current technologies obsolete or requires it to make substantial capital investments.
- Risks Relating to the Business: The company is subject to risks arising from exchange rate fluctuations. Failures to effectively manage such risks could adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company engage contract labour for carrying out certain functions of its business operations. Any default on payments to them by the agencies could lead to disruption of the company's business operations.
- Risks Relating to the Business: Information technology system failures or interruptions or breaches of the company's network security, confidentiality of technical knowledge and process know-how may interrupt its operations adversely impact the company's business, results of operations, financial condition, cash flows, reputation and prospects.
- Risks Relating to the Business: The company may be subject to pricing pressure from its customers, which could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the F&S Report which has been prepared exclusively for the Offer and commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company's insurance coverage may not adequately protect it against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Certain of the company's Subsidiaries have incurred losses during the last three Fiscals and certain of its Subsidiaries have reported negative net worth in the last three Fiscals. The company cannot assure you that its Subsidiaries will be able to generate profits and not incur losses in the future or not report negative net worth.
- Risks Relating to the Business: Any inability to recover amounts deployed in the company's Subsidiaries, including overseas Subsidiaries, resulting in write-offs may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Information relating to the maximum manufacturing capacity and capacity utilisation of the company's facilities included in this Red Herring Prospectus are based on various assumptions and estimates. These assumptions and estimates may prove to be inaccurate, and its future production and capacity may vary.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any negative publicity or allegations against it, even if untrue, may adversely affect its reputation and trust in the company's services, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has incurred indebtedness and an inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to counterparty credit risk and any delay in receiving payments, or non-receipt of payments, from its customers could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If the company inadvertently infringe on the intellectual property rights of others, its business, results of operations, financial condition and cash flows may be adversely affected.
- Risks Relating to the Business: The company's operations are susceptible to the risk of manufacture, distribution, and sale of counterfeit, falsified, or sub-standard drugs, particularly in the generic drug segment. Any failures to prevent or detect counterfeit products associated with its brand may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any downgrade of the company's credit ratings could adversely affect its business.
- Risks Relating to the Business: The company's Promoters, including its Chairman and Managing Director, and certain members of the company's Key Managerial Personnel and Senior Management, hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue to hold a significant equity stake in the Company after the Offer and their interests may differ from those of the other shareholders.
- Risks Relating to the Business: Certain non-GAAP financial measures relating to the company's operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of the company's financing arrangements.
- Risks Relating to the Business: Theft, internal or external fraud or misconduct by the company's employees could adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has adopted the Symbiotec Employee Stock Option Plan 2024 ("ESOP Scheme"). The grant of options under the ESOP Scheme may increase the company's employee expenses and may adversely impact its profitability and cash flows.
- Risks Relating to the Business: The markets addressed by the company subject to certain threats and challenges, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: If the company's products are found to be infringing on the intellectual property rights of a third-party, its may be required to cease the sale of such infringing products, causing loss of future sales revenue from such products and may also faces liabilities for infringement of intellectual property rights, which may adversely affect the company's business, results of operations, cash flows and financial condition.
