Sai Life Sciences Ltd. launched its initial public offering on Wednesday, aiming to raise Rs 3,042 crore. It has been subscribed 0.84 times or 84% so far on the first day.
The IPO includes a fresh issue of 1.73 crore shares worth Rs 950 crore and an offer for sale of 3.81 crore shares totalling Rs 2,092.6 crore. The company has set a price band of Rs 522–549 per share, with retail investors required to bid for a minimum lot of 27 shares, amounting to Rs 14,823 per application.
Ahead of the IPO, Sai Life Sciences raised Rs 912.7 crore from anchor investors on Tuesday by allotting 1.66 crore shares at Rs 549 each to 225 investors.
Post-IPO, the company’s shares will be listed on the NSE and BSE. The funds raised will be utilised for debt repayment and general corporate purposes.
Issue Price
Issue opens: Dec. 11.
Issue closes: Dec. 13.
Issue price: Rs 522 to Rs 549 per share.
Fresh issue: Rs 950 crore.
Offer for sale: Rs 2,092 crore.
Total issue size: Rs 3,042.62 crore.
Bid lot: 27 shares.
Market value at upper end of price band: Rs 11,419 crore.
Listing: BSE and NSE.
Business
Sai Life Sciences is an innovator-focused contract research, development, and manufacturing organisation based in Malkajgiri, Hyderabad, Telangana. The company offers comprehensive end-to-end services across the entire drug discovery, development, and manufacturing value chain. Specialising in small molecule new chemical entities, Sai Life Sciences caters to global pharmaceutical and biotechnology companies.
With expertise in both contract research and chemistry, manufacturing, and control, the company excels in providing integrated solutions for drug discovery, development, and manufacturing, supporting innovators in the pharmaceutical industry.
Use Of Proceeds
The company proposes to utilise the net proceeds towards funding the following objects:
Repayment/prepayment in full or part, of all or certain outstanding borrowings availed by the company.
General corporate purposes.
Subscription Status: Day 1
The IPO has been subscribed 0.84 times or 84% as of 5:27 p.m.
Qualified institutional buyers: 2.62 times.
Non-institutional investors: 0.15 times or 15%.
Retail investors: 0.18 times or 18%.
Sai Life Sciences IPO GMP Today
The grey market premium of Sai Life Sciences was Rs 36 as of 5:30 p.m. on Dec. 11, according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 591 per share which implies a premium of 7.65%.
GMP is not an official price quote for the stock and is based on speculation.
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Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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