Skyways Air Services and Symbiotec Pharmalab IPOs Cross 4x Subscription on Day 3

Both Skyways Air Services and Symbiotec Pharmalab have crossed four times subscription on the third day of their respective initial public offerings. The shares for both companies are slated to be listed on the BSE and NSE on September 1.

The initial public offerings (IPOs) of logistics provider Skyways Air Services and pharmaceutical firm Symbiotec Pharmalab have crossed four times subscription by the third day of bidding. Both companies are preparing for their market debuts following the closure of their share sales.

The Skyways Air Services IPO consists of a fresh issue of up to 2.89 crore shares alongside an offer-for-sale (OFS) of up to 1.33 crore shares by promoters and existing shareholders. The price band for the issue has been set at ₹131 to ₹138 per share. Ahead of the public subscription, the company successfully raised ₹174.5 crore from anchor investors.

According to the company's filings, proceeds generated from the fresh issue will be directed toward the repayment or prepayment of borrowings, funding incremental working capital requirements, and supporting general corporate purposes. Incorporated in 1984, Skyways Air Services provides a range of logistics solutions, including air and ocean freight forwarding, trucking, warehousing, customs broking, and express cargo and parcel delivery.

Meanwhile, the Indore-based Symbiotec Pharmalab IPO comprises a fresh issue of shares valued at up to ₹150 crore, complemented by an offer-for-sale component amounting to ₹1,607 crore. The price band for Symbiotec's equity shares is fixed at ₹938 to ₹988, which values the research and development-driven pharmaceutical and biotechnology company at approximately ₹6,350 crore at the upper end of the band.

Symbiotec mobilised ₹526 crore from anchor investors prior to the public opening. The offer-for-sale includes shares offloaded by promoter Satwani Holdings LLP, along with investors Rosewood Investments and India Business Excellence Fund III. Net proceeds from the fresh issue will be utilised for debt payment and general corporate purposes.

Symbiotec specializes in capabilities spanning organic chemistry, biotechnology, and complex injectables. Shares of both Skyways Air Services and Symbiotec Pharmalab are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 1.

"The steady subscription momentum seen across both Skyways Air Services and Symbiotec Pharmalab highlights sustained investor interest in established logistics and pharmaceutical players. For companies of this scale, utilizing public capital to optimize debt levels and strengthen working capital is a prudent strategic step. How these entities perform post-listing on September 1 will depend largely on their ability to execute growth strategies and manage operational efficiencies in competitive markets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes