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₹392 - 392
Sai Parenteral's Ltd
PharmaceuticalsIPO
₹392 - 392
The Company is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. The Company is in the business of (i) Branded Generic Formulations and (ii) Contract Development and Manufacturing Organisation ("CDMO") products and services for the domestic and international markets. The Company's portfolio includes formulation products across various therapeutic areas like 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, it has capabilities in sterile manufacturing for critical care and antibiotics, which are delivered through dry powder injections, pre-filled syringes, ampoules, and vials.
Lot38Min Invest₹14,896Face Value₹5Issue Size₹409 CrFresh Issue₹285 CrOffer for Sale₹124 CrListing Price₹405CMP₹462
Timeline
24 Mar
Bidding opens
27 Mar
Bidding closes
30 Mar
Allotment
1 Apr
Refund & demat credit
2 Apr
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹409 Cr1.04 Cr shares
Fresh Issue₹285 Cr
Offer for Sale₹124 Cr
Face Value₹5
Lot Size38 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8961-13 lots
sNII₹2,08,544from 14 lots
bNII₹10,12,928from 68 lots
Managers & Registrar
Lead ManagerArihant Capital Markets Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVikasa India EIF I FundOTH4,30,00016.86Tilokchand Punamchand OstwalOTH2,22,2228.71Devendra ChawlaOTH2,22,2188.71Bhanwar Lal ChandakOTH2,22,0008.70Ashish MaheshwariOTH2,22,0008.70Sreelekha GantaOTH2,00,0007.84Padma GuntupalliOTH2,00,0007.84Vijay GondiOTH1,80,0007.06Bhautik Mukund ShahOTH1,40,0005.49Nilesh Pravinchandra DoshiOTH1,40,0005.49Ideas And Journeys Private LimitedOTH1,25,0004.90T VisalakshiOTH1,20,0004.70Hetal Chetan MehtaOTH1,11,1104.36Rupesh Kumar GuptaOTH88,8883.48Sujitha RavooriOTH60,0002.35Venil Shrikanthbhai SiriyaOTH50,0001.96Sangeeta Mukund ShahOTH50,0001.96Mukund Sevantilal ShahOTH50,0001.96Keni Manohar AshokOTH40,0001.57Ansh GolasOTH44,4441.74Parul GuptaOTH44,4441.74Isha GuptaOTH44,4441.74Ravi Sankar PosaniOTH30,0001.18Nidhi SrivastavaOTH20,0000.78Devarapalli Jeevan KaladharOTH20,0000.78Veera Venkata Satyanarayana Murty AmbatiOTH20,0000.78Neeraj KasamOTH20,0000.78Mani Ranjitha SarmaOTH20,0000.78Vijaya Sagar Galla ChowdaryOTH11,1100.44Venkat Prahalad Dinesh TayiOTH10,0000.39Total31,57,880123.79
Shareholding
CategoryPre IPOPost IPOPromoter Group61.23%51.16%Public38.77%48.84%
Objects of the Issue
- Capacity expansion and upgradation of manufacturing facilities
- Establishment of a new R&D Centre
- Repayment / prepayment of certain outstanding borrowings
- Working capital requirements
- Investment in wholly owned subsidiary, Sai Parenterals Pte Limited (Singapore), in relation to the proposed acquisition of Noumed Pharmaceuticals Pty Limited (Australia)
- General corporate purposes
Anchor Book
Bid Date23-Mar-2026Shares31,28,485Amount₹123 Cr30-day lock-in28-Apr-202690-day lock-in27-Jun-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 97 | 154 | 163 | 381 |
| Operating ProfitCr | 18 | 32 | 39 | 39 |
| OPM% | 18.2 | 20.6 | 24.1 | 10.2 |
| PBTCr | 7 | 13 | 20 | 12 |
| PATCr | 4 | 8 | 14 | 14 |
| EPS | 6 | 11 | 5 | 4 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 7 | 13 | 13 | 22 |
| ReservesCr | 24 | 61 | 80 | 469 |
| BorrowingsCr | 69 | 119 | 94 | 469 |
| Fixed AssetsCr | - | - | - | 364 |
| Total AssetsCr | 134 | 268 | 272 | 1,424 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | -13 | -30 | 33 | 93 |
| Investing Cash FlowCr | -19 | -46 | 0 | -274 |
| Financing Cash FlowCr | 24 | 79 | -36 | 596 |
| Net Cash FlowCr | -8 | 2 | -2 | 415 |
Strengths & Risks
Strengths · as stated in the DRHP
- Diversified generic formulations player with an established track record.
- Strategically located and accredited Manufacturing Facilities.
- Strong focus on CDMO business.
- Well-established sales network in India and overseas.
- Track record of value-accretive acquisitions.
- Experienced Promoters and Senior Management with extensive domain knowledge.
Strategies · as stated in the DRHP
- Expansion into global injectable formulations market.
- Capitalise on CDMO opportunity by leveraging our manufacturing capabilities with enhanced R&D competences.
- Strengthening our presence in Regulated Markets through the upcoming Noumed's manufacturing facility at Adelaide, Australia.
- Focus on new product development to drive future growth.
- Grow our Branded Generic Formulations business by leveraging opportunities in the international markets.
- Expand capabilities through strategic acquisitions.
Risks · as stated in the DRHP
- The company's Manufacturing Facilities are concentrated in Hyderabad, Telangana and Ongole, Andhra Pradesh. The company is exposed to risks originating from slowdown or shutdown, economic, regulatory, political and other changes in this region, including natural disasters, which could adversely affect its business, results of operations and financial condition.
- Out of its diversified product portfolio, approximately 44.78%, 47.64% and 92.03% during the Fiscals 2025, 2024 and 2023, respectively of the company's Net Revenue from Operations was derived from the sale of injectables. Any reduction in demand for these products may adversely affect its business, financial condition, results of operations and cash flows.
- The company's Manufacturing Facilities are subject to periodic inspections and audits by regulatory authorities and customers. The company may be subject to regulatory action which may damage its reputation, leading to an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Majority of its key raw material purchases, being APIs, excipients and intermediates, are sourced from a diversified supplier base, and the company does not enter into is not any long-term contractual agreements with them. Any reduction of supplies or discontinuation of supplies from its top suppliers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows. Any fluctuation in prices of its raw materials may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
- The company's success depends on its ability to successfully develop and commercialize new products in a timely manner. Any failures to do so could adversely affect the company's business, results of operations and financial condition.
- The company's business is dependent on the sale of products to a limited number of customers for a significant portion of its revenues. The loss of one or more such customers or the deterioration of their financial condition or prospects could adversely affect its business, results of operations and financial condition.