Sai Parenteral's IPO
Bookbuilding IPO | ₹409.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Tue, Mar 24, 2026
IPO Close
Fri, Mar 27, 2026
Price Band
₹372.00 to ₹392.00
Market Cap (Pre-IPO)
₹1,731.83 Cr
IPO Details
| IPO Date | Mar 24, 2026 to Mar 27, 2026 |
| Listing Date | Tentative: Apr 02, 2026 |
| Face Value | ₹5.00 per share |
| Price Band | ₹372.00 to ₹392.00 |
| Lot Size | 38 Shares (Minimum: ₹14,896.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹409.00 Crores |
| Total Shares Offered | 10,428,288 shares |
| Fresh Issue | 7,270,408 shares |
| Offer For Sale | 3,157,880 shares |
Sai Parenteral's IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Sai Parenteral's IPO Lot Size
Investors can bid for a minimum of 38 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 38 | ₹14,896 |
| Retail (Max) | 13 | 494 | ₹193,648 |
| S-HNI (Min) | 14 | 532 | ₹208,544 |
| S-HNI (Max) | 67 | 2,546 | ₹998,032 |
| B-HNI (Min) | 68 | 2,584 | ₹1,012,928 |
Sai Parenteral's Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 376.24 | 272.39 | 268.10 | 133.96 |
| Total Income | 89.43 | 163.74 | 155.18 | 97.03 |
| Profit After Tax | 7.76 | 14.43 | 8.42 | 4.38 |
| EBITDA | 16.24 | 39.44 | 31.70 | 17.64 |
| NET Worth | 209.37 | 95.78 | 76.40 | 31.49 |
| Reserves and Surplus | 188.84 | 80.36 | 61.30 | 24.34 |
| Total Borrowing | 76.07 | 93.95 | 118.79 | 68.55 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 16.82% |
| ROCE (Return on Capital Employed) | 28.92% |
| RoNW (Return on Net Worth) | 15.09% |
| PAT Margin (Profit After Tax Margin) | 8.88% |
| EBITDA Margin | 24.18% |
| Price to Book Value | 10.89 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.43 | - |
| P/E (x) | 72.19 | - |
| Promoter Holding | 61.23% | - |
Company Promoters
- Anil Kumar Karusala
- Vijitha Gorrepati and Karusala Aruna are company promoters.
Company Overview
Sai Parenteral's – Company Overview
- Incorporated in 2001, Sai Parenteral's Limited is a diversified pharmaceutical formulations company with strong capabilities in research, development, and manufacturing.
- The company operates across two key segments:
- Branded Generic Formulations
- CDMO (Contract Development and Manufacturing Organisation) services for domestic and international markets
Product Portfolio
- Covers multiple therapeutic areas including:
- Cardiovascular, Neuropsychiatry, Anti-diabetic, Respiratory, Antibiotics, Gastroenterology, Dermatology, and VMS (Vitamins, Minerals & Supplements)
- Available in dosage forms such as injectables, tablets, capsules, liquid orals, and ointments
- The company serves a wide customer base including government agencies, hospitals, pharma companies, and distributors across India.
- It expanded into exports in FY 2023 and now supplies to markets like Australia, New Zealand, Southeast Asia, the Middle East, and Africa.
Manufacturing & Infrastructure
- Operates 5 manufacturing facilities in India:
- 4 units in Hyderabad (Telangana) including WHO-GMP, GMP, TGA-Australia & PIC/S accredited facilities
- 1 unit in Ongole (Andhra Pradesh) through its subsidiary Revat Laboratories
- As of December 31, 2025, the company had 298 full-time employees.
Company Strengths
- Diversified generic formulations player with an established track record.
- Strategically located and accredited Manufacturing Facilities.
- Strong focus on CDMO business.
- Well-established distribution network in India and overseas.
- Track record of value-accretive acquisitions.
- Experienced Promoters and Senior Management with extensive domain knowledge.
Use of Proceeds
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1) | Capacity expansion and upgradation of manufacturing facilities | 110.80 |
| 2) | Establishment of a new R&D Centre; | 18.02 |
| 3) | Repayment / prepayment of certain outstanding borrowings | 14.30 |
| 4) | Working capital requirements | 33.00 |
| 5) | Investment in wholly owned subsidiary, Sai Parenterals Pte Limited (Singapore), in relation to the proposed acquisition of Noumed Pharmaceuticals Pty Limited (Australia); and | 35.64 |
| 6) | General corporate purposes | |
| Total | 211.76 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Sai Parenteral's IPO Peer Comparison
Sai Parenteral's peer comparison with similar listed entities. (As on March 28, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Sai Parenteral's Limited | 5.43 | 5.43 | 35.98 | - | 15.09 | - | Consolidated |
| Sai Life Sciences Limited | 8.83 | 8.61 | 102.12 | 107.70 | 7.99 | 7.45 | Consolidated |
| Innova Captab Limited | 22.41 | 22.41 | 167.66 | 32.45 | 13.37 | 5.26 | Consolidated |
| Senores Pharmaceuticals Limited | 16.12 | 16.12 | 176.37 | 64.30 | 7.18 | 3.24 | Consolidated |
| Gland Pharma Limited | 42.40 | 42.40 | 555.41 | 44.71 | 7.63 | 2.87 | Consolidated |
Quick Info
| Sector | Pharmaceuticals |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹1,731.83 Cr |
Important Dates
| IPO Open | Mar 24, 2026 |
| IPO Close | Mar 27, 2026 |
| Allotment Date | Mar 30, 2026 |
| Credit to Demat | Apr 01, 2026 |
| Listing Date | Tentative: Apr 02, 2026 |
Lead Manager(s)
Arihant Capital Markets Ltd.
Registrar
Bigshare Services Pvt.Ltd.
+91-22-6263 8200
Description
- IPO Type: Book build issue aggregating to ₹408.79 crores.
- Issue Structure: Combination of a fresh issue of 0.73 crore shares (₹285.00 crores) and an offer for sale of 0.32 crore shares (₹123.79 crores).
- IPO Dates: The issue opens on March 24, 2026 and closes on March 27, 2026.
- Allotment Date: Expected to be finalized on March 30, 2026.
- Listing Details: Shares are proposed to be listed on National Stock Exchange of India and BSE Limited with a tentative listing date of April 2, 2026.
- Retail Investment Requirement: Minimum 1 lot (38 shares) amounting to approximately ₹14,896 at the upper price band.
- sNII Investment Requirement: Minimum 14 lots (532 shares) amounting to approximately ₹2,08,544.
- bNII Investment Requirement: Minimum 68 lots (2,584 shares) totaling around ₹10,12,928.
- IPO Price Band: ₹372 to ₹392 per equity share.
- Lot Size: 38 shares per lot.
This IPO offers investors an opportunity to participate in the pharmaceutical sector, subject to market risks.