3 listings today: Symbiotec, Skyways Air Services and Hy-Tech engineers disappoint on D-St debut

Three new companies including -- Symbiotec Pharmalab, Skyways Air Services and Hy-Tech Engineers -- made their stock market debut on Tuesday, September 01. These companies raised cumulatively 2,476 crore from their maiden stake sale, which were open for bidding between August 24-27. Interestingly, these listings happened different from the expectations.

Symbiotec Pharmalab 

Shares of Symbiotec Pharmalab made a muted stock market debut as the stock was listed at the issue price of Rs 988 on BSE and a discount of 0.99 per cent at Rs 978.20 on NSE. Ahead of its debut, shares of Symbiotec Pharmalab were commanding a grey market premium of 32 apiece, suggesting 23 per cent listing gains for the investors.

Symbiotec Pharmalab raised a total of Rs 1,757 crore from its IPO, selling its shares for Rs 988 apiece with a lot size of 15 equity shares. The IPO was overall subscribed more than 75 times. Incorporated in 2002, Indore-based Symbiotec Pharmalab is a pharmaceutical and biotechnology firm.

Brokerage firms were mostly positive on the issues, suggesting to subscribe to it JM Financial, Nomura Financial Advisory & Securities (India), Motilal Oswal Investment Advisors and Avendus Capital were the book running lead managers and MUFG Intime India is the registrar of the issue.

Skyways Air Services 

Shares of Skyways Air Services made a weak stock market debut as the stock was listed at 124 on NSE and Rs 124.50 on BSE, signalling nearly 10 per cent discount to the issue price of Rs 138. Ahead of its debut, shares of Skyways Air Services were commanding a grey market premium of 185 apiece, suggesting 19 per cent listing gains for the investors.

Skyways Air Services sold its shares for Rs 138 apiece with a lot size of 100 equity shares. Its raised Rs 583 crore form its IPO, which was overall subscribed of nearly 71.25 times. Skyways Air Services is a well-established logistics and freight forwarding company with over four decades of experience in India’s air freight forwarding and logistics sector.

Brokerage firms were mostly positive on the issues, suggesting to apply for it. Holani Consultants, Shannon Advisors and Dolat Finserv served as the lead managers and Bigshare Services was the registrar of the issue.

Hy-Tech Engineers

Shares of Hy-Tech Engineers made a strong stock market debut as the stock was listed at 75 on NSE, a premium of 42 per cent and Rs 72 on BSE, up 35 per cent, to the issue price of Rs 53. Ahead of its debut, shares of Hy-Tech Engineers were commanding a grey market premium of 35 apiece, suggesting 66 per cent listing gains for the investors.

Hy-Tech Engineers sold shares of Rs 53 apiece with a lot size of 283 equity shares to raise Rs 136 crore. The issue was oval subscribed a whopping 247.39 times. Incorporated in 1978, Hy-Tech Engineers is an engineering company engaged in the design, manufacture and supply of hydraulic fittings for diverse industrial applications.

New Berry Capitals was the sole book running lead manager of Hy-Tech Engineers IPO and Bigshare Services served as the registrar of the Hy-Tech Engineers IPO.