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Home
InvestmentsIPOSai Parenteral's IPO

Sai Parenteral's IPO

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Open Date

24 Mar 2026

Close Date

27 Mar 2026

Min Investment

₹ 14,896

Lot Size

38

Issue Size

₹ 408.79 Cr

Price Range

₹ 372 - ₹ 392

Subscribed

1.05 x
status

IPO Closed Now.

IPO Timeline
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IPO Offer Start
24 Mar 2026
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IPO Offer Ends
27 Mar 2026
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Allotment Finalisation
30 Mar 2026
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Refund Initialisation
1 Apr 2026
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Non-Institutional Buyers (sHNI)
1 Apr 2026
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Listing of Shares
2 Apr 2026
IPO Subscription Details as on 28 Mar 2026, 10:16 PM
Qualified Instituational Buyers (QiB)
1.71 x
Retail
0.11 x
Total
1.05 x
Non-Institutional Buyer (bHNI)
3.43 x
Non-Institutional Buyer (sHNI)
0.23 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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Financials of Sai Parenteral's IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue96.80153.76163.11
Other Income0.231.420.64
Total Income
97.03155.18163.74
Total Expenses
89.78142.62143.84
Profit Before Tax7.2512.5519.91
Total Profit
4.388.4214.45

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to expand and upgrade Units I, II, III and IV to enhance injectable and oral solid dosage manufacturing capabilities and align facilities with EU-GMP and PIC/S requirements. The expansion includes infrastructure development, installation of plant and machinery, quality control equipment, utilities and engineering systems.111
The company proposes to establish a new R&D facility at Unit IV, Bollaram, Telangana, to be operated by subsidiary SP Analytics Private Limited. The facility will be designed to comply with international regulatory standards and will house formulation laboratories, analytical testing infrastructure, and pilot-scale manufacturing capabilities.18
The company proposes to repay/prepay certain borrowings to reduce outstanding indebtedness, improve debt-equity ratio, and enable utilization of additional internal accruals for investment in business growth and expansion. This will strengthen the company's ability to raise further resources at competitive terms.14
The company proposes to part-fund incremental working capital requirements arising from capacity expansion and upgradation of manufacturing facilities. Higher working capital will be required to finance larger volumes of raw material procurement, maintain higher inventory levels, and extend credit to a wider customer base.33
The company proposes to repay bridge loan and term loan availed for investment in wholly owned subsidiary Sai Parenterals Pte Limited (Singapore) in relation to the acquisition of Noumed Pharmaceuticals Pty Limited (Australia). This acquisition supports the company's inorganic growth strategy in regulated markets.36
The company intends to deploy any balance from Net Proceeds towards general corporate purposes including funding organic and inorganic growth opportunities, strengthening marketing capabilities, employee expenses, professional fees, and meeting ongoing corporate contingencies, subject to not exceeding twenty-five percent of Net Proceeds.-
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  • Diversified generic formulations player with an established track record: The company was incorporated in 2001 and has achieved revenue of operations of ₹1,631.05 million in Fiscal 2025, growing from ₹8.6 million in 2016. The company has transitioned from parenteral formulations to a diversified business spanning multiple dosage forms and therapeutic areas.
  • Strategically located and accredited Manufacturing Facilities: The company owns and operates five Manufacturing Facilities with installed capacity of 1,160 million units per year. Facilities are strategically situated near ports, airports, and rail links, with certifications including WHO-GMP, TGA-Australia, and PIC/S standards.
  • Strong focus on CDMO business: The company commenced CDMO operations in Fiscal 2022 and expanded internationally in Fiscal 2023. CDMO revenue grew at CAGR of 80.46% from ₹53.17 million in Fiscal 2023 to ₹312.46 million in Fiscal 2025, with 55 in-house developed dossiers.
  • Well-established distribution network in India and overseas: The company has institutional business presence across multiple Indian states and exports to 10 countries through 7 distributors. Export receivables realization period is 142 days compared to 282 days for domestic sales.
  • Track record of value-accretive acquisitions: The company completed strategic acquisitions including TGA-Australia approved facility (Unit-III), WHO-GMP certified unit (Unit-IV), Revat Laboratories as wholly owned subsidiary, and recently acquired 74.60% stake in Noumed Pharmaceuticals for AUD 22.00 Million.
  • Experienced Promoters and Senior Management with extensive domain knowledge: The company is led by Managing Director Anil Kumar Karusala with over 31 years of pharmaceutical experience, supported by qualified senior management team with expertise in manufacturing, regulatory compliance, and business development.

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