The ₹409-crore IPO from Sai Parenterals opens today at a price band of ₹372–392. The Initial Public Offering will close on March 27, and investors can bid for a minimum of 38 shares.
The IPO is a fresh issue of up to ₹285 crore and an offer-for-sale for up to 3,157,880 shares by investors – Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Devendra Chawla, Bhanwar Lal Chandak, Ashish Maheshwari, Sreelekha Ganta, Padma Guntupalli, Vijay Gondi, Bhautik Mukund Shah and Nilesh Pravinchandra Doshi.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively.
Anchor investors participate strongly
As part of the IPO exercise, the company mopped up ₹122 crore from anchor investors. The company informed the bourses that it allocated 31,28,458 equity shares at ₹392 a share to anchor investors. Some of the marquee institutions that participated in the anchor include Morgan Stanley (Asia) Singapore Pte, Kotak Mahindra Life Insurance Company, Kotak Life Sciences Fund 1 and India Emerging Funds Limited. Amongst equity-oriented schemes, the company has allocated shares to Quant Mutual Fund – Quant Momentum Fund.
The proceeds from the IPO will support the next phase of our expansion, particularly in strengthening our global formulations business and expanding Contract Development and Manufacturing Organisation (CDMO) capabilities across both injectable products and oral solid dosage formulations.
The investments were intended to enhance the company’s ability to serve global pharmaceutical partners and expand its presence in regulated markets.
Arihant Capital Markets is the book-running lead manager, and Bigshare Services Private Limited is the registrar of the offer.
Business overview and operations
Sai Parenterals is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. It is in the business of branded generic formulations and contract development and manufacturing organisation (CDMO) products and services for the domestic and international markets.
Its portfolio includes formulation products across various therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics, and dermatology, with offerings across dosage forms such as injectables, tablets, capsules, liquid orals, and ointments. In the injectables segment, the company has capabilities in sterile manufacturing for critical care and antibiotics, delivered through dry powder injections, prefilled syringes, ampoules, and vials.
Manufacturing footprint and exports
The company started its export business in Fiscal 2023 after acquiring two internationally accredited manufacturing units in Hyderabad, Telangana. It owns and operates five manufacturing facilities in India, out of which four facilities are based in Hyderabad, Telangana.
It exports its products to the regulated and semi-regulated markets in Australia, New Zealand, Southeast Asia, the Middle East, and Africa through its distributors.
The company, through its wholly owned Singapore subsidiary, Sai Parenterals Pte Limited, entered into a share purchase agreement dated September 24, 2025, with Noumed Life Sciences Limited (UK), Mark Thulborne, and Jo-maree Delac.
Financial performance
Its revenue from operations was ₹86.9 crore for the six months ended September 30, 2025, and its net profit was ₹7.7 crore. Its revenue from operations was ₹163 crore in FY25, as against ₹96.7 crore in FY23. Its net profit was ₹14.4 crore in FY25, as against ₹4.37 crore in FY23.
Arihant Capital Markets is the book-running lead manager, and Bigshare Services Private Limited is the registrar of the offer.