Sai Parenterals IPO Update: Day Three Performance, Subscription Status, Pricing, and Key Details

Sai Parenterals IPO Closes on March 26

Key Figures:

• ₹372-₹392: Price band per share
• ₹409 crore: Total issue size
• ₹285 crore: Fresh share issuance
• ₹124 crore: Offer for Sale (OFS) route
• 18x: EV/EBITDA multiple
• ₹700/share: Fair value estimate on FY30 EBITDA

IPO Details

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The initial public offering (IPO) of Sai Parenterals, a diversified pharmaceutical formulations company, closed on March 26. The issue was weakly subscribed by the end of Day 2. The company's shares are trading at par in the grey market, indicating a GMP of zero. The IPO aims to raise ₹409 crore, with ₹285 crore from the issuance of fresh shares and ₹124 crore from the OFS route.

Listing and Allotment

The allotment status for the issue is expected to be finalised on March 30, with the tentative listing date set for April 2 on the BSE and NSE. The most likely allotment date is March 28, but may be delayed to March 30 due to the Saturday holiday.

Recommendation

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We recommend subscribing to the IPO at the cut-off price for long-term investors with a 2-3 year horizon. The company's management has demonstrated disciplined capital allocation, with EU-GMP certifications targeted by January 2027 and a Philippines CDMO contract guiding ₹100+ crore from FY27. The revenue inflexion is well-sequenced and catalyst-rich.