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

Symbiotec Pharmalab has filed preliminary papers with capital markets regulator-- Securities and Exchange Board of India’s (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. 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.Symbiotec Pharmalab is  a research and development-driven, science-based pharmaceutical and biotechnology company with capabilities across three platforms- organic chemistry, biotechnology and complex injectables.