TPG Capital-backed Sai Life Sciences to list today


Sai Life Sciences has fixed the IPO price at ₹549, at the upper end of the price band of ₹522-549, after a successful IPO that was subscribed 10.3 times. The IPO of TPG Capital-backed Sai Life Sciences closed with a subscription 10.26 times. The ₹3,043-crore IPO comprised a fresh issue (₹950 crore) and an offer-for-sale of 3.81 crore shares valued at ₹2,092 crore. Analysts expect only a modest listing.

Under the OFS, one of the promoter entities, Sai Quest Syn Private Ltd, and investor shareholders, TPG Asia VII SF Pte Ltd and HBM Private Equity India, will divest part of their stakes. At present, Sai Quest Syn holds a 5.61 per cent stake in the company, TPG 39.69 per cent and HBM Private Equity India owns 5.5 per cent.

The QIB portion was subscribed 30.93 times, while the quota for retail investors and HNIs was subscribed 1.37 times and 4.92 times, respectively.

The Hyderabad-based company on Tuesday raised ₹913 crore from anchor investors as part of the IPO process. According to the circular, Sai Life Sciences has allotted more than 1.66 crore equity shares to 63 funds at ₹549 apiece. The anchor investors include INQ Holding LLC, SmallCap World Fund Inc, Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs Funds, BlackRock, Nippon India Mutual Fund (MF), HDFC MF, Axis MF and Kotak Mahindra MF.

Of the IPO proceeds, ₹600 crore will be allocated for debt repayment and a portion will be used for general corporate purposes.

Sai Life Sciences is one of the largest integrated CRDMOs among listed Indian peers in terms of revenue in FY24, serving as a one-stop platform for discovery, development and manufacturing.




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