Sai Parenteral's Initial Public Offering Sees 41% Subscription on Second Day

Sai Parenteral's IPO Update

Subscription Figures As of March 24, the initial public offer (IPO) of Sai Parenteral, a diversified pharmaceutical formulation company, received 41% subscription on the second day of the share sale. According to exchange data, the IPO received bids for 30,82,788 shares, as against 75,22,486 shares on offer.

Subscription Breakdown The category for Retail Individual Investors (RIIs) received 5% subscription, while the quota meant for non-institutional investors got fully subscribed. Meanwhile, qualified institutional buyers booked 60% of their portion.

Anchor Investor Allocation The company garnered more than Rs 122 crore from anchor investors on March 24. The anchor investors, including Morgan Stanley Asia (Singapore) Pte Ltd, Kotak Lifesciences Fund, Quant Mutual Fund, Kotak Mahindra Life Insurance Company, and India Emerging Giants Funds Ltd, were allotted 31,28,485 equity shares at Rs 392 apiece, which is also the IPO's upper price band.

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IPO Details The company's maiden public offering will open for subscription on March 24 and conclude on March 27. The IPO comprises a fresh issue of up to Rs 285 crore and an offer-for-sale of up to 32 lakh equity shares. The price band has been fixed at Rs 372-392 per share. 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.