Skyways Air vs Symbiotec vs Hy-Tech: Analysts pick their top IPO bet

Symbiotec Pharmalab stands out as the preferred long-term pick, backed by SBI Securities' 'Subscribe' rating and Master Capital's positive view on its specialised business.

Three IPOs, Skyways Air Services, Symbiotec Pharmalab and Hy-Tech Engineers, are open for subscription from August 24 to August 27, giving investors a choice between potential listing gains and longer-term business prospects. Among the three, Symbiotec Pharmalab emerges as the preferred bet based on the available brokerage views, with SBI Securities recommending a ‘Subscribe’ and Master Capital Services highlighting its long-term structural appeal in a defensive, high-margin sector.

IPO watch: Skyways Air Services vs Symbiotec Pharmalab vs Hy-Tech Engineers

For Skyways Air, Master Capital's Dr. Ravi Singh noted that Skyways is an established air-freight and integrated logistics player raising about ₹583 crore at a ₹131-138 band; the bulk of the fresh capital will retire debt and fund working capital while the business has delivered strong top-line growth and commands a grey-market premium in the low-to-mid 20 per cent range. 

 

Meanwhile, SBI Securities said Skyways Air Services benefits from its integrated service offerings, extensive partner network and asset-light operating model. However, high dependence on third-party carriers, elevated borrowings (Rs 624 cr as of FY26), supplier concentration and the ongoing EOW investigation remain key monitorables. Although debt repayment from the issue proceeds is expected to improve the balance sheet, the sustainability of growth and margin expansion remains to be seen. “Thus, we assign a ‘Neutral’ rating to the issue and would like to track the company’s performance for a few quarters post-listing,” the brokerage said.

 

Master Capital noted that Symbiotec Pharmalab is a specialised steroidal-hormone and biotechnology API manufacturer seeking ₹1,757 crore (largely an offer for sale) at ₹938-988; its integrated fermentation-to-injectables platform, expanding CDMO and complex-injectables capacity, and healthy profitability, reflected in a grey-market premium around 40 per cent. “Investors seeking balanced wealth allocation may therefore consider a core position in Symbiotec for quality growth,” he noted.

 

SBI Securities noted that Symbiotec Pharmalab is a pharmaceutical and biotechnology company with capabilities across organic chemistry, biotechnology and complex injectables. The company carries a global leadership position in corticosteroid and steroidal-hormone APIs in volume terms.

 

“Upon comparing with its peers, the issue appears to be reasonably valued. We recommend investors to SUBSCRIBE to the issue at the cut-off price,” SBI Securities said.

 

For Hy-Tech Engineers, Master Capital noted that the company is a smaller precision-hydraulics fittings specialist raising roughly ₹136 crore at ₹50-53; proceeds will largely fund capacity expansion and modest debt reduction, and the issue currently carries the highest grey-market premium of the three, signalling potential listing gains near 45-50 per cent. From a pure listing-gain perspective, Hy-Tech currently appears most attractive.

 

Meanwhile, SBI Securities is not covering since the issue given the smaller size of the issue. 

Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.