Sai Parenteral's IPO opens March 24: Check price band, lot size, objectives and key dates

Sai Parenteral's IPO: The initial public offering of diversified pharmaceutical formulation company Sai Parenteral's will hit the primary market on Tuesday, March 24. The issue will conclude on March 27. It has fixed a price band of ₹372 to ₹392 per share.

The initial share sale aims to raise ₹408.79 crore by offering fresh shares aggregating to ₹285 crore and an offer for sale (OFS) of ₹123.79 crore.

Under the OFS, Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Bhanwar Lal Chandak, Devendra Chawla, Sreelekha Ganta, Ashish Maheshwari, Vijay Gondi, Padma Guntupalli, Nilesh Pravinchandra Doshi and Bhautik Mukund Shah will offload their stake.

The fresh issue proceeds will be used for capacity expansion and upgradation of manufacturing facilities, the setup of a new R&D centre, debt clearance, working capital needs and general corporate purposes.

Sai Parenteral's IPO lot size

A lot consists of 38 shares. The company has set aside 50% of the net offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Anil KK, the company's chairman and managing director, said, "The proposed initial public offering represents an important milestone in SAI’s growth journey. It reflects the progress we have made as an organisation and provides us with an opportunity to further accelerate our strategic objectives."

Sai Parenteral's IPO: Allotment and listing date

• Finalisation of allotment: March 30
• Initiation of refunds: April 1
• Credit of shares to Demat account: April 1
• Listing on the NSE and the BSE: April 2

Sai Parenteral's is a diversified pharmaceutical formulations firm with capabilities in research, development and manufacturing. It is in the business of branded generic formulations and contract development and manufacturing organisation products and services.

Its portfolio includes formulation products across therapeutic areas such as cardiovascular, anti-diabetic, neuropsychiatry, respiratory health, antibiotics, vitamins, minerals and supplements (VMS), gastroenterology, analgesics and dermatology in dosage forms like tablets, injectables, capsules, liquid orals and ointments.