About Sai Parenteral's IPO
Sai Parenterals IPO Details
The Sai Parenterals IPO is a book-built issue of ₹409 crore, comprising a fresh issue worth up to ₹285 crore and an offer for sale (OFS) worth up to ₹124 crore of ₹5 face value for each share. The company filed its DRHP with SEBI on Sep 30, 2025.
The price band is set at ₹372 to ₹392 per share and the lot size for an application is 38. The IPO will open for subscription from March 24 to 27, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as April 2, 2026.
The book-running lead manager (BRLM) for this issue is Arihant Capital Markets Ltd. and the registrar to the offer is Bigshare Services Private Ltd.
Sai Parenterals IPO Date & Timeline
The Sai Parenterals IPO is officially set to open for subscription on Mar 24, 2026 and will close on Mar 27, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on Sep 30, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, the finalization of the basis of allotment is expected on Mar 30, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Apr 1, 2026. Finally, the Sai Parenterals Ltd. shares are tentatively scheduled to list on the stock exchanges on Apr 2, 2026.
Sai Parenteral's IPO Timeline
| IPO Open Date | Tue, Mar 24, 2026 |
| IPO Close Date | Fri, Mar 27, 2026 |
| Tentative Allotment | Mon, Mar 30, 2026 |
| Initiation of Refunds | Wed, Apr 1, 2026 |
| Credit of Shares to Demat | Wed, Apr 1, 2026 |
| Tentative Listing Date | Thu, Apr 2, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Sai Parenteral's IPO Details
| Detail | Description |
|---|---|
| IPO Date | 24 to 27 Mar, 2026 |
| Listing Date | Thu, Apr 2, 2026 |
| Face Value | ₹ 5 per Equity Share |
| Issue Price Band | ₹ 372 to ₹ 392 |
| Lot Size | 38 Shares |
| IPO Type | Fresh capital cum OFS |
| Total Issue Size | 1,04,28,288 shares (agg. up to ₹ 409 Cr) |
| Fresh Issue(Ex Market Maker) | 72,70,408 shares (agg. up to ₹ 285 Cr) |
| Offer for Sale | 31,57,880 shares of ₹5 (agg. up to ₹ 124 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE and BSE |
| Share Holding Pre Issue | 3,69,08,823 shares |
| Share Holding Post Issue | 4,41,79,231 shares |
Sai Parenterals IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Sai Parenterals IPO GMP is currently trading at ₹[.] reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Sai Parenteral's GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 2026-03-25 | ₹392.00 | ₹0 | 2026-03-25 |
Company Background
Sai Parenterals Ltd. was incorporated as a private firm on January 12, 2001, with its office located in Gachibowli, Hyderabad, Telangana. With over 2 decades (20+ years) of its existence, the company has progressed from being a private limited company to a public limited company, with the change of status in January 2022. It has shifted from being a domestic player to a pharmaceutical formulations company with a global presence, including complex generics and sterile injectables.
Operations & Product Range
Sai Parenterals Ltd. is a diversified pharmaceutical company with its business primarily focusing on branded generic formulations and Contract Development and Manufacturing Organization (CDMO). Sai Parenterals offers a wide range of products, such as cardiovasculars, antidiabetics, antibiotics, etc., in the form of injectables, tablets and capsules. It operates 5 manufacturing units in Telangana and Andhra Pradesh, catering to the global market, which includes Australia and Southeast Asia.
Facilities & Capacity
Sai Parenterals Ltd. operates 5 manufacturing facilities (4 units located in Hyderabad, Telangana and 1 unit located in Ongole, Andhra Pradesh) in India, through its subsidiary, Revat Laboratories. The combined installed capacity of these facilities is 1,160 million units per year. Relevant certifications include TGA-Australia approval for Unit III and WHO-GMP certifications for other key units, allowing the company to serve both regulated and semi-regulated markets.
Brands & Market Presence
Sai Parenterals Ltd. has established a solid network in the domestic market, which includes government organizations, pharmaceutical companies and hospitals. After the acquisition of two internationally accredited companies in the year 2022, the company entered the international market as an exporter. Now, the company exports to Australia, New Zealand, Southeast Asia, the Middle East and Africa. The company’s focus on high-entry-barrier products, like sterile injectables, has helped it establish its position in the international market.
Revenue Streams & Business Model
Sai Parenterals Ltd.'s main source of income is the sale of its branded generic formulations, which are medicines sold under a trademarked name and the fees it charges for its CDMO (Contract Development and Manufacturing Organization) services. In FY25, the company generated revenue from operations amounting to ₹163.74 crore. Sai Parenterals Ltd.'s business model is based on B2B sales, domestic private market penetration and increasing export margins through sales in the regulated market.
Management & Shareholding
The promoters of Sai Parenterals Ltd. include MD Anil Kumar Karusala, Vijitha Gorrepati and Aruna Karusala. They have nearly 3 decades of experience in the pharmaceutical industry. The promoters currently hold a 61.23% stake in the company before the IPO. However, the promoters will experience a dilution in their shareholding after the IPO.
Board & Key Management
The board of Sai Parenterals Ltd. comprises Anil Kumar Karusala as the Managing Director, thus ensuring continuity at the top. Vijitha Gorrepati is the Director, thus forming a part of the core team. Bhagyashri Dharmasa Zad is also a director and a part of the IPO committee. Shivali Aggarwal is the Company Secretary, thus ensuring compliance during the transition from a private company to a public company, with the provision for independent directors as per SEBI regulations.
Sai Parenteral's IPO Financial Information
Latest Revenue
89.43
₹ Crore
Profit After Tax
7.76
₹ Crore
Net Worth
209.37
₹ Crore
Total Borrowing
76.07
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 376.24 | 89.43 | 7.76 | 209.37 | 188.84 | 76.07 | |||
| 31 Mar 2025 | 272.39 | 163.74 | 14.43 | 95.78 | 80.36 | 93.95 | |||
| 31 Mar 2024 | 268.1 | 155.18 | 8.42 | 76.4 | 61.3 | 118.79 | |||
| 31 Mar 2023 | 133.96 | 97.03 | 12.6 | 31.49 | 24.34 | 68.55 | |||
| Amount in ₹ Crore | |||||||||
Sai Parenteral's Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 5.13% |
| ROCE | 9.28% |
| RoNW | 5.09% |
| PAT Margin | 8.93% |
| EBITDA Margin | 18.68% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.43 | - |
| P/E (x) | 72.19 | - |
IPO Objectives
The company intends to use the proceeds from the Sai Parenterals IPO for the following objectives:
- • Funding the expansion and modernization of current manufacturing facilities.
- • Investment in the R&D centre
- • Funding the strategic acquisition
- • Debt repayment (in part or in full)
- • Funding the working capital requirement
Sai Parenterals IPO Review
Sai Parenterals Ltd. has built its position in a niche of the pharmaceutical industry in India, as it specializes in sterile injectables, which are technically more challenging and have higher regulatory requirements. Sai Parenterals Ltd. has gained significant experience over the past 20 years and has grown from a home-market player to an export-oriented player with TGA Australia approval for its facilities.
The company has demonstrated a healthy financial profile in FY25, with a profit of ₹14.45 crore on a revenue of ₹163.74 crore, thus paving the way for a successful listing in the public markets. The growth strategy for the company has been built around three key areas: expanding manufacturing capabilities, strengthening R&D for complex generics and acquisitions, which will help the company increase its share in the global generic injectables space.
Investors should note the key risks associated with the pharmaceutical sector, which include regulatory compliance and the impact of price control on pharmaceutical companies. The success of the IPO and the growth of the company will depend on the successful integration of acquisitions and the maintenance of quality certifications for all facilities.
Conclusion
Sai Parenterals IPO is an offer for investors to invest in a stable & growing company that has an operational record of over 2 decades and has successfully scaled from a local manufacturer to a diversified pharma player with global aspirations. The company's strong order book and accredited facilities position it to capitalize on the growing global demand for high-quality generic injectables.
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Competitive Strengths
Experience in different therapeutic areas, including complex dosage forms like sterile injectables and pre-filled syringes.Experience in different therapeutic areas, including complex dosage forms like sterile injectables and pre-filled syringes.
Accredited manufacturing sites by international authorities like TGA-Australia and WHO-GMP.
Proven record in acquiring manufacturing assets for capacity addition and entering new markets in international markets like Australia.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 38 | ₹14,896 |
| Individual investors (Retail) (Max) | 13 | 494 | ₹1,93,648 |
| S-HNI (Min) | 14 | 532 | ₹2,08,544 |
| S-HNI (Max) | 66 | 2,546 | ₹9,98,032 |
| B-HNI (Min) | 68 | 2,584 | ₹10,12,928 |