Sai Parenteral IPO Fully Subscribed on Final Day Led by Institutional Demand
IPO Sees Marginal Oversubscription with Strong Institutional Participation
New Delhi, March 27 The initial public offering of Sai Parenteral, a diversified pharmaceutical formulation company, achieved full subscription on the final day of bidding on Friday, driven largely by strong participation from institutional investors.According to NSE data, the IPO received bids for 78,80,972 shares against the offered 75,22,486 shares, translating into an overall subscription of 1.05 times.
NII and QIB Segments Drive Demand
The non-institutional investor segment recorded robust demand, subscribing 2.36 times the allocated portion. Qualified Institutional Buyers also showed strong interest with a subscription of 1.71 times.In contrast, the retail investor portion remained under-subscribed, with only 12 percent of the allocated shares being taken up.
Anchor Investment Boosts Fundraising Momentum
Ahead of the IPO opening, Sai Parenteral raised over Rs 122 crore from anchor investors on Monday, providing early momentum to the offering.IPO Structure and Price Band Details
The IPO comprises a fresh issue of shares worth up to Rs 285 crore along with an offer-for-sale of nearly 31.57 lakh equity shares.The price band for the issue has been fixed at Rs 372 to Rs 392 per share.
Proceeds to Fund Expansion and Manufacturing Capabilities
The company plans to utilize the proceeds from the fresh issue to support its expansion strategy. This includes strengthening its global formulations business and enhancing its Contract Development and Manufacturing Organization capabilities across injectable products and oral solid dosage segments.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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