Sai Parenterals shares made a steady debut on the stock exchanges on Thursday, listing at a modest premium to the issue price and extending gains during the session.
On the BSE, the stock opened at ₹405, reflecting a 3 per cent premium over the offer price of ₹392. On the NSE, it listed at ₹400, up 2 per cent. The stock subsequently climbed to ₹415, marking a gain of about 5.8 per cent from the offer price.
The ₹409-crore initial public offering of Sai Parenterals Ltd The qualified institutional buyers segment was subscribed 1.71 times, while the non-institutional investors portion saw a stronger response at 2.36 times. Retail participation, however, remained subdued at 0.12 times.
Ahead of the IPO, the company mobilised over ₹122 crore from anchor investors, signalling early institutional confidence in the offering.
The IPO comprised a combination of fresh issue and an offer-for-sale. The fresh issue aggregated up to ₹285 crore, while the OFS included up to 31.57 lakh equity shares being offloaded by existing shareholders, including Vikasa India EIF I Fund and other individual investors. The price band for the issue was fixed at ₹372 to ₹392 per share, with a minimum bid lot of 38 shares.
Proceeds from the fresh issue are intended to support the company’s expansion strategy, particularly in strengthening its global formulations business and enhancing its Contract Development and Manufacturing Organisation capabilities. The focus remains on scaling up both injectable products and oral solid dosage manufacturing.