- The Bid /Offer opens on Wednesday, December 11, 2024 and closes on Friday, December 13, 2024
- The Anchor Investor Bidding Date opens and closes on Tuesday, December 10, 2024.
- Bids can be made for a minimum of 27 Equity Shares and in multiples of27 Equity Shares thereafter.
NE BUSINESS BUREAU
AHMEDABAD, DEC 9
Private equity major TPG Capital-backed Sai Life Sciences on Monday announced it has fixed a price band of ₹522-549 per equity share for its ₹3,043 crore Initial Public Offering (IPO) that opens for public subscription on Wednesday, December 11. The initial share sale will conclude on Friday, December 13, and the bidding for the anchor portion will open for a day on Tuesday, December 10.
The IPO consists of a fresh issue worth ₹950 crore and an offer for sale of ₹2,092.62 crore bringing the total issue size to Rs 3,042.62 crore.
The promoters selling their shares include Sai Quest Syn Pvt. Meanwhile, TPG Asia VII SF Pte, HBM Private Equity India are the investors selling their stake in the company.
The Telangana-based company proposes to utilise the net proceeds towards funding the following objects: Repayment/prepayment in full or part, of all or certain outstanding borrowings availed by the company and general corporate purposes.
The firm is a contract research, development, and manufacturing organisation (CRDMO) that emphasizes innovation. Backed by the private equity giant TPG Capital, the firm offers comprehensive services throughout the entire drug discovery, development, and manufacturing process for small-molecule new chemical entities (NCE) to pharmaceutical innovator companies and biotechnology firms worldwide.
15% of the public offer is allocated to non-institutional investors, 35% to retail investors, and roughly 50% to qualifying institutional buyers.
For the six-month period ending in September 2024, Sai Life Sciences reported total income of ₹693.35 crore, which is an increase from ₹656.8 crore in the previous year. The company achieved a net profit of ₹28.01 crore for the six months, contrasting with a loss of ₹12.92 crore during the same period last year.
Sai Life Sciences shares will be listed on BSE and NSE.
Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited (Formerly known as IIFL Securities Limited), Jefferies India Private Limited and Morgan Stanley India Company Private Limited are the book running lead managers to the Offer.
