Sai Life Sciences Ltd. has raised Rs 912.7 crore from anchor investors on Tuesday ahead of its initial public offering. The company allotted 1.66 crore shares at Rs 549 apiece to 225 anchor investors.
INQ Holding LLC, Smallcap World Fund Inc., Fidelity Funds-India Focus Fund, Abu Dhabi Investment Authority-Monsoon, Blackrock Emerging Frontiers Master Fund Ltd., Goldman Sachs Funds-Goldman Sachs India Equity Portfolio have got the highest allocation of 4.71%.
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund got the second highest allotment of 3.93% and Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund got 3.65% stake in the company.
Fourteen domestic mutual funds have applied through 33 schemes, the company said in an exchange filing. They have collectively netted 36.90% of the anchor portion.
HDFC Mutual Fund, Axis Mutual Fund, Kotak Mahindra Trustee and Aditya Birla Sunlife were among the top fund houses in this category.
Kotak Mahindra Capital Co., IIFL Capital Services Ltd., Jefferies India Pvt. and Morgan Stanley India Co. are the book-running lead managers to the issue.
Sai Life Sciences will launch its IPO on Wednesday to raise Rs 3,042 crore. The public offer is a combination of a fresh issue of 1.73 crore shares worth Rs 950 crore and an offer-for-sale component of 3.81 crore shares totalling Rs 2,092.6 crore.
The company has set a price band of Rs 522–549 apiece. Retail investors can bid with a minimum lot size of 27 shares, resulting in an investment of Rs 14,823 for a single application.
Following the public issue, shares of Sai Life Sciences will be listed on the NSE and the BSE. The company proposes to use the proceeds of the issue towards repayment of borrowings and general corporate purposes.
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