- The issue of Sai Life Sciences includes an offer-for-sale of up to 6,15,73,120 equity shares by its promoters and existing shareholders of the company.
- For FY24, the firm’s revenue stood at ₹1,465.18 crore, compared to ₹1,217.14 crore a year ago
- The FY24 net profit was ₹82.81 crore versus ₹9.99 crore in FY23
NE BUSINESS BUREAU
AHMEDABAD, JULY 15
TPG-backed Sai Life Sciences has taken a significant step towards going public by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO includes a fresh issue of ₹800 crore and an offer for sale (OFS) of up to 61.57 million shares by its existing shareholders and promoters, as detailed in the DRHP. The OFS comprises up to 6.45 million shares by Sai Quest Syn Pvt Ltd, 45.72 million shares by TPG Asia VII SF Pte, and up to 6.86 million shares by HBM Pvt Equity India, among others.
The lead managers for the issue are Kotak Mahindra Capital, IIFL Securities, Jefferies India Pvt, and Morgan Stanley India Company.
“The ₹600-crore proceeds from the fresh issue will be used to repay debt. As of March 2024, the aggregate outstanding borrowings of our company on a consolidated basis was ₹710.16 crore,” stated the DRHP.
Sai Life Sciences is a contract research, development, and manufacturing organization (CRDMO) providing comprehensive drug discovery, development, and manufacturing services for small molecule NCEs to global pharmaceutical and biotech companies. It offers both discovery/contract research and CMC/contract development and manufacturing capabilities.
The company’s diverse portfolio includes commercial, late-stage, and early-stage CMC molecules and discovery programs. As of March 31, 2024, no customer contributed more than 9.55% of its revenue. Sai Life Sciences is among the few Indian CRDMOs with integrated discovery and development operations in the US, UK, and India, along with manufacturing capabilities in India.
For FY24, the firm’s revenue stood at ₹1,465.18 crore, compared to ₹1,217.14 crore a year ago. The FY24 net profit was ₹82.81 crore versus ₹9.99 crore in FY23.
Sai Life Sciences offers services through globally accredited manufacturing and R&D facilities, supported by a qualified team of 2,125 scientific staff, including 276 PhDs and 1,343 master’s degree holders. Its manufacturing facilities have received approvals from the USFDA, PMDA, and CDSCO.
