Sai Life Sciences IPO Gains Strong Initial Interest

Sai Life Sciences' initial public offering (IPO) was subscribed 84% on its first day. The Hyderabad-based company's Rs 3,043-crore IPO includes a fresh issue of Rs 950 crore and an offer for sale of Rs 2,092 crore. Proceeds will aid debt payment and corporate purposes.

The initial public offering (IPO) of Sai Life Sciences attracted an 84% subscription on its first day, according to the National Stock Exchange (NSE) data. The share sale saw bids for 3,27,98,169 shares against the 3,88,29,848 shares on offer.

The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 2.62 times, while Retail Individual Investors (RIIs) secured 18% of their share. Non-institutional investors accounted for 15% of the subscription.

Backed by private equity major TPG Capital, Sai Life Sciences raised Rs 913 crore from anchor investors before the IPO. The offering, priced between Rs 522 and Rs 549 per share, will conclude on Friday. The total IPO size is Rs 3,043 crore, including a fresh issue of equity shares worth Rs 950 crore and an offer for sale (OFS) of 3.81 crore shares valued at Rs 2,092 crore.

(With inputs from agencies.)