Symbiotec Pharmalab Ltd has filed draft red herring prospectus papers with the Securities and Exchange Board of India to raise INR 2,180 crore through an initial public offering.

The proposed IPO comprises a fresh issue of equity shares worth INR 150 crore and an offer for sale of up to INR 2,030 crore by promoters and existing shareholders. Promoter entity Satwani Holdings LLP and investors including Rosewood Investments and India Business Excellence Fund-III are among those divesting part of their holdings.

Proceeds from the fresh issue will be used primarily for partial repayment of borrowings, along with general corporate purposes.

Based in Madhya Pradesh, Symbiotec Pharmalab operates in the pharmaceutical and biotechnology space with capabilities spanning organic chemistry, biotechnology and complex injectables. The company has a strong global presence in corticosteroid and steroidal hormone active pharmaceutical ingredients.

JM Financial, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) have been appointed as the book-running lead managers for the issue.