Shares of Sai Parenteral's Ltd. listed at a marginal premium on the stock market on Thursday. The scrip opened 2% higher at Rs 400 on the NSE and Rs 405 on the BSE, compared to the IPO price of Rs 392.
The mainboard issue, open from March 24-27, received bids for 78,80,972 shares against 75,22,486 shares offered.
According to the NSE website, the consolidated bidding data showed Qualified Institutional Buyers (QIBs) bid for 36,10,266, showing a subscription of 1.71 times. Non-Institutional Investors (NIIs) bid for more than twice the 16.22 lakh shares offered to them. Amid broader market volatility, retail investors showed an underwhelming interest by bidding for just 4.39 lakh shares against 37.86 lakh shares offered. Overall, the IPO was subscribed 1.05 times.
Sai Parenteral's IPO was a book-build issue of Rs 408.79 crore. It consisted of a fresh issue of 73 lakh shares worth Rs 285 crore and an offer-for-sale (OFS) component of 32 lakh shares aggregating to Rs 123.79 crore.
A diversified pharmaceutical formulations company, Sai Parenteral's focuses on research, development and manufacturing, operating in branded generics and CDMO services for global markets.
Proceeds from the IPO will support the firm's expansion, particularly in strengthening its global formulations business and expanding its Contract Development and manufacturing organisation capabilities across both injectable products and oral solid dosage formulations.
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