Sai Parenterals Ipo
Sai Parenteral’s IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Arihant Capital Markets Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 38 | ₹14,896 |
| Retail Maximum | 13 | 494 | ₹1,93,648 |
| S-HNI Minimum | 14 | 532 | ₹2,08,544 |
| S-HNI Maximum | 67 | 2,546 | ₹9,98,032 |
| B-HNI Minimum | 68 | 2,584 | ₹10,12,928 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 31,28,485 Shares | 30% |
| QIB (Ex. Anchor) | 20,85,659 Shares | 20% |
| NII Shares Offered | 15,64,243 Shares | 15% |
| Retail Shares Offered | 36,49,901 Shares | 35% |
| Anchor Bidding Date | March 23, 2026 |
| Anchor Investors List | |
| Shares Offered | 31,28,485 Shares |
| Anchor Size | 122.64 Cr. |
| lock-in period end date 50% shares (30 Days) | April 29, 2026 |
| lock-in period end date 50% shares (90 Days) | June 28, 2026 |
| IPO Open Date: | March 24, 2026 |
| IPO Close Date: | March 27, 2026 |
| Basis of Allotment: | March 30, 2026 |
| Refunds: | April 1, 2026 |
| Credit to Demat Account: | April 1, 2026 |
| IPO Listing Date: | April 2, 2026 |
| IPO Bidding Cut-off Time: | March 27, 2026 |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 3,69,08,823 | 61.23% |
| Promoter Holding Post Issue | 4,41,79,231 | -% |
| Purpose | Crores |
| Capacity expansion and upgradation of manufacturing facilities | ₹110.80 |
| Establishment of a new R&D Centre; | ₹18.02 |
| Repayment / prepayment of certain outstanding borrowings | ₹20.00 |
| Working capital requirements | ₹33.00 |
| Investment in wholly owned subsidiary, Sai Parenterals Pte Limited (Singapore), in relation to the proposed acquisition of Noumed Pharmaceuticals Pty Limited (Australia); and | ₹36.00 |
| General corporate purposes | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹97.03 | ₹89.78 | ₹4.38 | ₹133.96 |
| 2024 | ₹155.18 | ₹142.63 | ₹8.42 | ₹268.10 |
| 2025 | ₹163.74 | ₹143.84 | ₹14.43 | ₹272.39 |
| Sep 2025 | ₹89.43 | ₹78.27 | ₹7.76 | ₹376.24 |
| KPI | Values |
| ROE: | 15.09% |
| ROCE: | 28.92% |
| EBITDA Margin: | 24.18% |
| PAT Margin: | 8.88% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹5.43 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 15.09% |
| Net Asset Value (NAV): | ₹35.98 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Sai Life Sciences Limited | 8.83 | 107.70 | 7.99% | 102.12 | 1,694.57 Cr. |
| InnovaCaptab Limited | 22.41 | 32.45 | 13.37% | 167.66 | 1,243.68 Cr. |
| Senores Pharmaceuticals Limited | 16.12 | 64.30 | 7.18% | 176.37 | 398.25 Cr. |
| Gland Pharma Limited | 42.40 | 44.71 | 7.63% | 555.41 | 5,616.50 Cr. |
| Industry Average | – | 62.29 | – | – | – Cr. |
| IPO Open Date | March 24, 2026 |
| IPO Close Date | March 27, 2026 |
| Face Value | ₹5 Per Equity Share |
| IPO Price Band | ₹372 to ₹392 Per Share |
| Issue Size | Approx ₹409 Crores |
| Fresh Issue | Approx ₹285 Crores |
| Offer for Sale: | Approx 35,00,000 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |