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23 Mar 2026
Pharmaceutical formulations company Sai Parenteral's on March 23 has raised Rs 122.63 crore from five anchor investors ahead of IPO.
The Rs 409-crore initial public offering will open for subscription on March 24, and close on March 27 with price band of Rs 372-392 per share. The IPO is a combination of fresh issuance of shares worth Rs 285 crore, and an offer-for-sale of 31.57 lakh shares worth Rs 123.78 crore.
The company on Monday has finalised allocation of 31.28 lakh shares to anchor investors at the upper price band.
"Out of the total allocation, 9.18 lakh shares worth Rs 36 crore were allocated to one domestic mutual fund i.e. Quant Mutual Fund and 7.65 lakh shares worth Rs 30 crore to one insurance company i.e. Kotak Mahindra Life Insurance Company," Sai Parenteral’s in its filing to exchanges said.
Kotak Life Sciences Fund also picked up 7.65 lakh shares worth nearly Rs 30 crore, followed by Morgan Stanley Asia (Singapore), and India Emerging Giants Fund which acquired 3.82 lakh shares valued at Rs 15 crore and 2.96 lakh shares worth Rs 11.63 crore, respectively.
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Sai Parenteral’s intends to utilise Rs 110.7 crore of proceeds from fresh issue for capacity expansion and upgradation of manufacturing facilities, Rs 18 crore for establishment of a new R&D centre, and Rs 33 crore for working capital requirements.
Further, Rs 50 crore will be used for repayment of debt, and the remainder fund for general corporate purposes.
Sai Parenteral’s, which plans to make a market debut on April 2, provides branded generic formulations and CDMO (contract development and manufacturing organisation) products and services. It provides formulation products across various therapeutic areas like cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, anti-biotics, gastroenterology, vitamins, and minerals and supplements.
