Hy-Tech Engineers emerged as the strongest performer among Tuesday’s three IPO debuts, while Symbiotec Pharmalab gained after a flat opening and Skyways Air Services listed at a discount.
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Shares of Hy-Tech Engineers, Skyways Air Services and Symbiotec Pharmalab made contrasting market debuts on Tuesday, with Hy-Tech Engineers emerging as the strongest performer, Symbiotec Pharmalab gaining after a muted opening and Skyways Air Services listing at a discount.Contrasting debutsHy-Tech Engineers debuted at a 41.5 per cent premium on the NSE at ₹75, compared with its offer price of ₹53. On the BSE, the stock listed at ₹72, a 35.8 per cent premium.The stock closed at the upper circuit of ₹78.75 and traded at ₹75.59 on the NSE and BSE, respectively.Symbiotec Pharmalab had a muted debut, opening flat at ₹988 on the NSE, which was also its IPO price. On the BSE, the stock started trading at ₹978.20. However, it closed with about 11 per cent listing gains on the NSE and BSE at ₹1,097.70 and ₹1095.95, respectively.Skyways Air Services, meanwhile, listed at a 10 per cent discount on the NSE and BSE at ₹124 each, compared with its IPO price of ₹138. The stock closed at ₹125.56 on the NSE and at ₹125.65 on the BSE, little over listing prices; however, 9 per cent discount from the offer price.Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., said Symbiotec Pharmalab’s flat listing reflected muted market interest at its valuation. She said the company is a global leader in corticosteroid and steroidal-hormone APIs, operating in a specialised business with high entry barriers due to complex manufacturing and strict regulatory approvals.According to Nyati, the issue was priced at around 57x P/E, while the ₹1,757 crore issue was largely an OFS by promoters and PE investors, with ₹150 crore going to the company for growth. She said the stock suited investors willing to hold for the long term and suggested a stop loss around ₹930.On Skyways Air Services, Nyati said the weak listing showed sentiment was soft despite strong IPO demand. She cited the company’s position as the No. 1 player in air freight forwarding for four years running, while noting its thin profit margins of around 2.26 per cent.Nyati said ₹216.79 crore of the fresh money raised would go towards debt reduction, which could help profits improve from FY27 onward. She said allotted investors should hold only if comfortable waiting for the debt-reduction story to play out, with a stop loss near ₹120.Hy-Tech Engineers was the winner among the three listings, Nyati said, citing its strong investor demand and healthy operating margins of around 22 per cent and net margins of over 11.5 per cent. She also noted that the company’s debt had fallen from ₹43.5 crore to ₹29.8 crore, with further debt repayment planned.Nyati said Hy-Tech Engineers was trading at around 22x P/E with around 24 per cent ROCE and suggested that investors who received allotment could hold the stock rather than sell immediately. She recommended a stop loss around ₹64.IPO detailsHy-Tech Engineers’ IPO received an overall subscription of 244.41 times. The QIB portion was booked 255.77 times, the NII portion 402.29 times and the retail portion 170.58 times.The ₹135.73 crore IPO had a price band of ₹50-53 per equity share. The Maharashtra-based company revised its IPO size by trimming the fresh issue to ₹60 crore from ₹70 crore earlier, while increasing the OFS component to nearly 1.43 crore shares from 1.19 crore shares.Skyways Air Services IPO was subscribed 71.25 times overall. The QIB portion was subscribed 139.69 times, the NII portion was booked 87.24 times and the retail portion was subscribed 25.40 times.The Skyways IPO comprised a fresh issue of up to 2.89 crore shares and an OFS of up to 1.33 crore shares by promoters and existing shareholders. The price band was fixed at ₹131-138 per share.Symbiotec Pharmalab’s IPO fetched subscription of 71.26 times. The QIB portion was booked 172.03 times, the NII portion was subscribed 73.63 times, the retail portion was subscribed 12.96 times and the employee portion was booked 15.41 times.The IPO comprised a fresh issue of shares worth up to ₹150 crore and an OFS component amounting to ₹1,607 crore. The price band was fixed at ₹938-988 per equity share, valuing the company at around ₹6,350 crore at the upper limit.More Like ThisPublished on September 1, 2026
