Sai Parenteral's IPO Draws Strong Interest Amid Diverse Investment Categories

Sai Parenteral's Ltd, a pharmaceutical formulation company, saw its IPO subscribed 41% on the second day. The IPO aims to raise funds for business expansion, with a subscription breakdown showing varied interest across investor categories. The offering includes a fresh issue and an offer-for-sale of equity shares.

Sai Parenteral's Ltd, a prominent player in the pharmaceutical formulation industry, witnessed robust interest in its initial public offering (IPO) on the second day of share sales, garnering 41% subscription.

Bidding statistics reveal that 30,82,788 shares were applied for, against the 75,22,486 shares on offer, according to data from the National Stock Exchange (NSE). The non-institutional investor category was fully subscribed, while Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) accounted for 60% and 5% of the bids, respectively.

The IPO proceeds aim to bolster the company's global formulations business and expand its Contract Development and Manufacturing Organization (CDMO) capabilities, with the price band set between Rs 372 and Rs 392 per share. Anchor investors have already committed over Rs 122 crore, reinforcing confidence in Sai Parenteral's growth strategy.

(With inputs from agencies.)