Sai Parenteral's IPO Day 1: Check subscription status, price band, lot size and key dates

Sai Parenteral's IPO: The initial public offering of Sai Parenteral's Ltd, a diversified pharmaceutical formulation company, opened for subscription on Tuesday, March 24. The issue, which will end on March 27, has set a price band of ₹372 to ₹392 per share.

The Hyderabad-based company's ₹408.79 crore initial share sale is a combination of new shares valued at ₹285 crore and an offer for sale (OFS) component of ₹123.79 crore by existing investors.

The objectives of the offer include

• Capacity expansion and upgradation of manufacturing units
• Setting up new research & development centre
• Repayment of outstanding borrowings
• Working capital needs
• Repayment of bridge loan and term loan availed for investment in wholly-owned unit, Sai Parenterals Pte Ltd (Singapore), for acquisition of Noumed Pharmaceuticals Pty Limited (Australia)
• General corporate purposes

Sai Parenteral's IPO Day 1: Subscription status

The IPO has been subscribed 3% so far on Day 1, with bids for 2,34,080 shares as against 75,22,486 shares on offer, according to the consolidated data on NSE until 4:09 pm.

Before the IPO, the company had garnered ₹122.63 crore from anchor investors, including Morgan Stanley Asia (Singapore) Pte Ltd, Quant Mutual Fund, Kotak Mahindra Life Insurance Company, Kotak Lifesciences Fund and India Emerging Giants Funds Ltd.

A lot consists of 38 shares and multiples thereof.

Sai Parenteral's IPO: Allotment and listing date

Sai Parenteral's, a diversified pharmaceutical formulations company, has capabilities in research, development and manufacturing. It is involved in the business of branded generic formulations and contract development and manufacturing organisation (CDMO) products and services.

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