Sai Life Sciences has set its IPO price at ₹549, at the top end of the price range of ₹522-549, after a successful IPO that was subscribed 10.3 times. The IPO of TPG Capital-backed Sai Life Sciences closed with a subscription 10.26 times. The ₹3,043 crore IPO included a fresh issue (₹950 crore) and an offer for sale of 3.81 crore shares worth ₹2,092 crore. Analysts expect only a modest quotation.
Under the OFS, one of the promoters, Sai Quest Syn Private Ltd, and investor-shareholders, TPG Asia VII SF Pte Ltd and HBM Private Equity India, will divest part of their stakes. Currently, Sai Quest Syn holds 5.61 percent stake in the company, TPG 39.69 percent and HBM Private Equity India 5.5 percent.
The QIB portion was subscribed 30.93 times, while the quota for retail investors and HNIs was subscribed 1.37 times and 4.92 times respectively.
The Hyderabad-based company on Tuesday raised ₹913 crore from major investors as part of the IPO process. According to the circular, Sai Life Sciences has allotted over 1.66 crore shares to 63 funds at ₹549 each. Key investors include INQ Holding LLC, SmallCap World Fund Inc, Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs Funds, BlackRock, Nippon India Mutual Fund (MF), HDFC MF, Axis MF and Kotak Mahindra MF.
Of the IPO proceeds, ₹600 crore will be allocated for debt repayment and a portion will be used for general corporate purposes.
Sai Life Sciences is one of the largest integrated CRDMOs among listed Indian peers in terms of revenue in FY24, serving as a one-stop platform for discovery, development and manufacturing.
