• Source:JND
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Sai Life Sciences IPO:  The initial public offering (IPO) of TPG Capital-backed Sai Life Sciences will open for public subscription on Friday, December 11. The company has fixed the price band for the issue at Rs 522-549 per equity share. The initial share sale will close on December 13, the company said in a statement. Bidding for the anchor segment will open for a single day on December 10.

IPO Comprises Fresh Shares And Offer For Sale

The IPO comprises a fresh issue of equity shares worth Rs 950 crore and an offer for sale (OFS) of up to 3.81 crore shares by promoter, investor shareholders and other stakeholders (RHP), as per the Red Herring Prospectus (RHP). Under the OFS, one of the promoters - Sai Quest Chin Private Limited - and investor partners - TPG Asia VII SF Pte Ltd, HBM Private Equity India - will sell their respective shares.

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Bharati Srivari, Anita Rudraraju Nandyala, Raju Penmastha, Dirk Walter Charter, Jagdish Vishwanath Dore, Rajagopal Sriram Dutta and K Pandu Ranga Raju are the other shareholders who will sell their stake in the company. At the upper end of the price band, the company is looking to raise about Rs 3,042.62 crore (Issue Size).

Earlier, Hyderabad-based Sai Life Sciences had filed its IPO documents with the Securities and Exchange Board of India (SEBI) in July 2024 and received the market regulator's approval to launch an initial share sale in November. The company will use the proceeds from the IPO to repay financial debt and a part for corporate general purposes.

Investors can bid for a minimum of 27 equity shares (Lot Size) and in multiples thereafter. Sai Life Sciences provides end-to-end services across the drug discovery, development and manufacturing value chain to small molecule new chemical companies (NCEs), global drug discovery companies and biotechnology companies.
Sai Life Sciences reported a total revenue of Rs 693.35 crore for the six months ended September 2024, as against Rs 656.8 crore a year ago. Net profit in the six months stood at Rs 28.01 crore as against a loss of Rs 12.92 crore in the previous year.

Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), Jefferies India and Morgan Stanley India are the book-running lead managers and registrars to the KFin Technologies IPO. The shares of the company are proposed to be listed on the BSE and the National Stock Exchange.

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(With Inputs From PTI)