Sai Life Sciences Announces IPO: Bids Set to Open on December 11 Sai Life Sciences, a contract research, development, and manufacturing organization (CRDMO), announced on Friday its plans for the INR 3,043 crore initial public offering (IPO) which is set to open for subscription on December 11.

By BIZ Experiences Staff

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Sai Life Sciences Limited

Sai Life Sciences, a contract research, development, and manufacturing organization (CRDMO), announced on Friday its plans for its INR 3,043 crore initial public offering (IPO) which is set to open for subscription on December 11.

The pharma contract major has fixed a price band of INR 522-549 per equity share, with the initial sale closing on December 13 and the anchor bidding set to happen on December 10.

The listing will consist of a fresh issue of equity shares worth up to INR 950 crore and an offer for sale (OFS) portion of 3.81 crore equity shares by a sole promoter, shareholders, investors, and other shareholders, said the Red Herring Prospectus (RHP).

Sai Quest Syn Pvt Ltd, a promoter entity and investor shareholders TPG Asia VII SF Pte Ltd and HBM Private Equity India have announced that they will offload their shares as part of the IPO.

The listing is expected to fetch Sai Life Sciences proceeds close to INR 3,042 crore at the upper end of the price band. The company has announced that INR 720 crore from the proceeds will be used for repayment of debt and a portion to be kept aside for corporate and general expenses.

The Hyderabad-based company had filed its papers with the market regulator Securities and Exchange Board of India (SEBI) earlier in July and received the nod in November to go public.

Kotak Mahindra Capital Company Ltd, IIFL Capital Services Ltd, Jefferies India and Morgan Stanley India Company are the book-running lead managers (BRLMs) for the IPO, KFin Technologies being the registrar. The company's shares are proposed to be listed on the BSE (formerly Bombay Stock Exchange) and the National Stock Exchange (NSE).
BIZ Experiences Staff

BIZ Experiences Staff

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