Sai Parenteral IPO Sees 63% Subscription on Day 3
Sai Parenteral IPO Update
Subscription Figures
The initial public offering (IPO) of Sai Parenteral, a diversified pharmaceutical formulation company, received bids for 47.35 lakh shares against 75.22 lakh shares on offer, representing a subscription of 63% as of 2 pm on the third day of the share sale.
Category-wise Subscription
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- Non-institutional investors: 1.38 times subscribed
- Qualified Institutional Buyers (QIBs): 1.02 times subscribed
- Retail Individual Investors (RIIs): 9% bidding
IPO Details
The IPO price band has been fixed at Rs 372-392 per share. The company had garnered Rs 122 crore from anchor investors on Monday.
Proceeds Utilization
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The proceeds from the IPO will be used to support the company'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.
Allotment and Listing
The IPO allotment is expected by March 30, while the share listing is proposed on April 2.
Investor Takeaway
Investors should note that the IPO has seen a decent subscription, indicating potential interest in the company's shares.
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