Hy Tech Engineers, Skyways Air, and Symbiotec Pharmalab Close IPOs with Strong Investor Demand

The initial public offerings (IPOs) of Hy Tech Engineers, Symbiotec Pharmalab, and Skyways Air Services closed on Thursday, attracting substantial demand from investors across various categories.

Hy Tech Engineers led the offerings with an overall subscription of 244.41 times. The qualified institutional buyer (QIB) portion was booked 255.77 times, the non-institutional investor (NII) portion saw a 402.29-times subscription, and the retail portion was booked 170.58 times. The Maharashtra-based company's ₹135.73-crore IPO had a price band fixed at ₹50-53 per equity share. The company revised its IPO size prior to closure by trimming the fresh issue to ₹60 crore from ₹70 crore, while increasing the offer-for-sale (OFS) component to nearly 1.43 crore shares from 1.19 crore shares.

Hy Tech Engineers has proposed to utilize ₹29.96 crore from the net proceeds to procure machinery and equipment for expansion at its Kavathe Unit, Shirwal Unit, and Pithampur Unit-I. Additionally, ₹16 crore will be allocated toward the repayment of loans, with the remaining amount designated for general corporate purposes.

Skyways Air Services closed its issue with a 71.25-times subscription and raised ₹174.5 crore from anchor investors. The IPO comprised a fresh issue of up to 2.89 crore shares and an OFS of up to 1.33 crore shares by promoters and existing shareholders. The price band was fixed at ₹131-138 per share. Incorporated in 1984, Skyways Air Services operates in air and ocean freight forwarding, trucking, warehousing, customs broking, and express cargo and parcel delivery. The company stated that proceeds from the fresh issue will be used for the repayment or prepayment of borrowings, funding incremental working capital requirements, and general corporate purposes.

Symbiotec Pharmalab recorded a 71.26-times subscription on the final day of bidding. The Indore-based research and development-driven pharmaceutical and biotechnology company mobilised ₹526 crore from anchor investors. Its IPO comprised a fresh issue of shares worth up to ₹150 crore and an OFS component amounting to ₹1,607 crore, with a price band fixed at ₹938-988 per equity share, valuing the company at around ₹6,350 crore at the upper limit. As part of the OFS, promoter Satwani Holdings LLP, along with investors Rosewood Investments and India Business Excellence Fund III, offloaded shares. Proceeds from the fresh issue are earmarked for debt payment and general corporate purposes.

Shares for all three companies are proposed to be listed on both the BSE and the NSE on September 1.

"The robust subscription numbers across Hy Tech Engineers, Skyways Air Services, and Symbiotec Pharmalab highlight sustained investor appetite in the primary market. With high participation across retail, NII, and QIB categories—particularly seen in Hy Tech Engineers' 244x subscription—companies are leveraging public markets effectively for debt reduction, capacity expansion, and working capital needs. The upcoming listings on September 1 will provide a clear indicator of secondary market sentiment for these sectors." — Dr. Shishir Gupta, Founder & CEO, StartupLanes