Sai Life Sciences shares list at ₹650 on NSE, up 18.4% from IPO price | Stock Market News
Sai Life Sciences IPO listing: Sai Life Sciences shares made a strong debut on Wednesday, December 18 as they listed at ₹650 on NSE, a premium of 18.4 percent over the issue price of ₹549. Meanwhile, on BSE, it listed at 660, up 20.22 percent from IPO price.
Sai Life Sciences’ initial public offering (IPO), valued at ₹3,042.62 crore, was open for subscription from December 11 to December 13. The Sai Life Sciences IPO price band stood at Rs533-549 per equity share.
Following the three days of bidding, Sai Life Sciences IPO closed with strong demand, garnering 10.27 times bids. The IPO received bids for 39.85 crore shares against 3.87 crore shares on offer. The retail investor segment was booked 1.39 times, while the non-institutional investors (NII) category was subscribed 4.99 times. Meanwhile, The qualified institutional buyers (QIB) portion was bid 29.78 times.
About the IPO
Sai Life Sciences IPO was a combination of fresh issue of 1.73 crore shares aggregating to ₹950.00 crore and offer for sale of 3.81 crore shares aggregating to ₹2,092.62 crore. Post the issue, promoter shareholding in the company will reduce to 35.1 percent from 40.48 percent before the IPO. The company raised ₹912.79 crore from anchor investors on December 10, 2024. Retail investors could apply with a minimum lot size of 27 shares, requiring a minimum investment of ₹14,823.
The company intends to utilize the net proceeds for specific purposes, including the repayment or prepayment, in full or part, of certain outstanding borrowings and for general corporate purposes.
Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, Morgan Stanley India Company Pvt Ltd, Iifl Securities Ltd are the book running lead managers of the Sai Life Sciences IPO, while Kfin Technologies Limited is the registrar for the issue.
About the Company
Sai Life Sciences Limited, established in January 1999, specializes in researching, developing, and manufacturing small-molecule new chemical entities. The company provides customized services to global pharmaceutical companies and biotech firms.
In FY24, and specifically for the month ending September 30, 2024, Sai Life Sciences delivered its services to over 280 innovative pharmaceutical companies, including more than 230 in September alone. Notably, the company collaborated with 18 of the top 25 pharmaceutical firms globally, based on their 2023 revenue. Its clientele spans major markets such as the US, UK, Europe, and Japan.
The company achieved robust financial growth, with revenue increasing by 20 percent and profit after tax (PAT) surging by an impressive 729 percent between FY23 and FY24.
