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Sai Parenteral's IPO: The ₹409 crore initial public offering (IPO) of Sai Parenteral's is set to open for subscription tomorrow, March 24, offering investors an opportunity to tap into a diversified pharmaceutical formulations player. Sai Parenteral’s IPO will open for subscription on March 24, 2026, and close on March 27, 2026. The company has fixed a price band of ₹372 to ₹392 per share, placing the issue in a competitive valuation bracket within the pharma space.

Ahead of opening for subscription tomorrow, the grey market premium (GMP) for the issue remained muted. the GMP stood at ₹0 on March 23, indicating a likely listing price of ₹392, same as IPO price.

Issue size and structure: The IPO is a book-built issue aggregating to ₹408.79 crore, comprising a fresh issue of 0.73 crore shares worth ₹285.00 crore and an offer for sale (OFS) of 0.32 crore shares amounting to ₹123.79 crore.

OFS participants: The offer for sale includes stake dilution by existing shareholders such as Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Bhanwar Lal Chandak, Devendra Chawla, Sreelekha Ganta, Ashish Maheshwari, Vijay Gondi, Padma Guntupalli, Nilesh Pravinchandra Doshi, and Bhautik Mukund Shah.

Lot size and minimum investment: For retail investors, the lot size has been fixed at 38 shares, which translates into a minimum investment of ₹14,896 at the upper price band of ₹392 per share.

Key dates and listing timeline: The allotment of shares is expected to be finalised on March 30, 2026. The company is likely to list on both the NSE and BSE, with a tentative listing date of April 2, 2026.

Objectives: The company plans to utilise the net proceeds towards multiple strategic and operational needs. It will allocate ₹110.80 crore for capacity expansion and upgradation of manufacturing facilities, and ₹18.02 crore for establishing a new R&D centre. Additionally, ₹14.30 crore will be used for repayment or prepayment of borrowings, while ₹33.00 crore is earmarked for working capital requirements. The company will also invest ₹35.64 crore in its wholly owned subsidiary in Singapore to support the proposed acquisition of Noumed Pharmaceuticals Pty Limited in Australia. The remaining funds will be used for general corporate purposes, taking the total estimated utilisation to ₹211.76 crore.

Reservation breakup: From an allocation standpoint, not more than 50% of the net offer is reserved for Qualified Institutional Buyers (QIBs), while retail investors will get not less than 35%, and Non-Institutional Investors (NIIs) will be allocated not less than 15% of the issue.

Book running lead managers and registrar: The IPO is being managed by Arihant Capital Markets Ltd., which is acting as the book running lead manager. Bigshare Services Pvt. Ltd. has been appointed as the registrar to the issue.

Peers: Sai Parenteral’s operates in a competitive space alongside companies such as Sai Life Sciences, Innova Captab, Senores Pharma, and Gland Pharma.

About the company: Incorporated in 2001, Sai Parenteral’s Ltd. is a diversified pharmaceutical formulations company with capabilities across research, development, and manufacturing. The company operates in two segments—branded generic formulations and Contract Development and Manufacturing Organisation (CDMO) services—serving both domestic and international markets. Its product portfolio spans therapeutic areas including cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics, and dermatology, with offerings across dosage forms such as injectables, tablets, capsules, liquid orals, and ointments.

Financials: On the financial front, the company reported a net profit of ₹7.76 crore on revenue of ₹89.43 crore for the six months ended September 30, 2025. For FY25, Sai Parenteral’s posted a net profit of ₹14.43 crore with revenue of ₹163.74 crore. At the upper price band, the company commands a market capitalisation of over ₹1,730 crore.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.

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