Sai Parenteral's initial public offering (IPO) has concluded, and the primary market is now closely tracking grey market premium trends ahead of its listing on Thursday. 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, NSE data showed.
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Ahead of its debut, here's what the grey market premium (GMP) trend reflects about the market sentiment for this issue.
Sai Parenteral IPO GMP
According to the Investorgain website, Sai Parenteral IPO GMP remained flat on April 2. This means that the shares are expected to list around their issue cap price of Rs 392, suggesting no immediate listing gains or losses for investors.
Note: GMP does not represent official data and is based on speculation.
Sai Parenteral IPO Details:
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. The issue price band was set between Rs 372 to Rs 392.
The lot size for an application was 38 shares. This means that retail investors needed Rs 14,896 (38 shares) to participate, based on the upper end of the price band. The allotment for the Sai Parenteral's IPO was finalised on March 30.
Arihant Capital Markets Ltd. served as the book running lead manager and Bigshare Services Pvt. Ltd. was the registrar of the issue.
Sai Parenteral Business And Financials:
Sai Parenteral Ltd., incorporated in 2001, is a diversified pharmaceutical formulations company. It focuses on research, development and manufacturing, operating in branded generics and CDMO services for global markets.
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In FY25, the company's income rose to Rs 163.74 crore from Rs 155.18 crore. Profit after tax increased significantly to Rs 14.43 crore from Rs 8.42 crore. Ebitda also grew to Rs 39.44 crore from Rs 31.70 crore.
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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