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The initial public offering (IPO) of Sai Parenteral's, a diversified pharmaceutical formulations company, which opened for subscription today, March 23, received a muted response from investors.

By the end of the day, the issue was subscribed just 0.05 times, with 3.35 lakh shares bid for against 72.99 lakh shares on offer, according to exchange data.

The retail portion was subscribed 0.03 times, while the non-institutional investor (NII) portion was subscribed 0.15 times. The qualified institutional buyer (QIB) portion has not yet opened for bidding. Ahead of the issue opening, the company raised ₹122.6 crore from anchor investors.

The initial public offering (IPO) of Sai Parenteral's has opened for bidding today and will remain open until Friday, March 27, 2026, with a price band of ₹372– ₹392 per share.

The IPO is a combination of a fresh issue of 0.73 crore shares aggregating to ₹285 crore and an offer for sale of 0.32 crore shares aggregating to ₹123.79 crore.

The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers (QIBs), while not more than 15% and 35% of the net offer are reserved for non-institutional investors (NIIs) and retail individual investors, respectively.

Investors can apply for the Sai Parenteral's IPO in lots of 38 shares. A retail investor would need to invest ₹14,896 to apply for one lot, based on the upper price band.

The company plans to utilise the proceeds from the fresh issue, with ₹111 crore earmarked for capacity expansion and upgradation of manufacturing facilities, ₹18 crore for the establishment of a new R&D centre, and ₹14.30 crore for debt repayment. The remaining portion will be used for general corporate purposes.

The allotment status for the Sai Parenteral's IPO is slated to be finalised on March 30, with the tentative listing date set for April 2.

Meanwhile, the grey market premium (GMP) of Sai Parenteral's is showing nil, indicating that the stock might list at the same price as the IPO price.

The company is a diversified pharmaceutical formulations player with capabilities in research, development, and manufacturing. It operates in the branded generic formulations segment and also provides contract development and manufacturing organisation (CDMO) products and services for domestic and international markets.

Its portfolio includes formulation products across various therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics, and dermatology. It offers a wide range of dosage forms, including injectables, tablets, capsules, liquid orals, and ointments.

In the injectables segment, the company has capabilities in sterile manufacturing for critical care and penicillin-based therapies, offering delivery systems such as dry powder injections, pre-filled syringes, ampoules, and vials, according to company's DRHP report.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.

He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom.

During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles.

He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements.

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