Hy-Tech may outshine Skyways, Symbiotec on listing day, GMP signals

Hy-Tech Engineers IPO GMP is 79 per cent, while Skyways Air and Symbiotec Pharmalab are expected to list at over 20 per cent premium.

Shares of Hy-Tech Engineers are expected to outshine Symbiotec Pharmalab and Skyways Air Services as all three firms gear up to list on the Indian bourses on Tuesday, September 1, following healthy responses to their initial public offerings (IPOs). 

 

The three IPOs had opened for bidding last week on August 24 and closed on August 27. 

 

Hy-Tech Engineers IPO GMP

Hy-Tech Engineers IPO has a grey market premium (GMP) of ₹42 apiece, meaning that its shares are trading at ₹95, up 79 per cent over the offer price of ₹53. 

 

The offer had received a blockbuster response of 244.41 times as it garnered bids for 4.43 billion shares as against 18.14 million shares on offer. The non-institutional investors (NII) quota was booked 402.29 times, followed by the qualified institutional buyer (QIB) segment at 255.77 times. The retail portion received 170.58 times bids. 

 

 

Hy-Tech Engineers is an engineering company engaged in the design, manufacture and supply of hydraulic fittings. It looked to raise ₹136 crore from the offer, which was a mix of ₹60 crore worth fresh issue and ₹75.73 crore offer for sale (OFS). The company plans to use the funds raised for funding capex, repaying debt and general corporate purposes. 

 

Skyways Air IPO GMP

Skyways Air IPO GMP today is ₹36 or 26.09 per cent, signalling a listing price of ₹174 as against the issue price of ₹138 apiece. 

 

The ₹582-crore offer was subscribed 71.25 times, garnering bids for 2.10 billion shares as against 29.58 million shares on offer. Its QIB portion was booked the most at 139.69 times, followed by the NII segment at 87.24 times and the retail segment at 25.40 times. 

 

The offer included a ₹398.8 crore fresh share sale and an ₹184 crore OFS segment. The fresh proceeds are proposed to be used for funding working capital requirements, repayment of borrowings by the company and subsidiary, and general corporate purposes. 

 

The price band for the offer was set at ₹131 to ₹138 apiece. The company is a logistics and freight forwarding company with over four decades of experience in the air freight forwarding and logistics sector.

 

Symbiotec Pharmalab IPO GMP

Lastly, Symbiotec Pharmalab IPO GMP is signalling a listing gain of 20.5 per cent, with shares expected to list at ₹1191 compared with the offer price of ₹988 apiece. 

 

Despite being booked the least among the three IPOs, Symbiotec Pharmalab IPO received healthy bids of 765.46 million shares as against 13.1 million shares on offer, resulting in a 58.32 times bids. 

 

QIBs led the bidding process with 142.28 times bids, followed by NIIs at 63.80 times and the retail segment at 8.27 times. 

 

This IPO has the biggest offer size compared to the other two at ₹1,757 crore. The offer had a fresh share sale of ₹150 crore and an OFS size of ₹1,607 crore. 

 

Symbiotec Pharmalab, a pharmaceutical and biotechnology company involved in manufacturing APIs, nutritional ingredients and specialty products, will use the funds raised for repayment of debt and general corporate purposes, along with issue expenses.