Latest News | Sai Life Sciences' IPO Subscribed 1.25 Times on Day 2 of Bidding

New Delhi, Dec 12 (PTI) The initial public offering (IPO) of Sai Life Sciences Ltd got subscribed 1.25 times on Thursday, the day two of the share sale.

Sai Life Sciences Rs 3,043-crore IPO received bids for 4,86,23,247 shares against 3,88,29,848 shares on offer, as per NSE data.

Also Read | RRB JE Exam 2024 Admit Card Out at rrbapply.gov.in: Hall Ticket for 7,951 Junior Engineer Posts CBT 1 Examination Released, Know Steps To Download.

The quota for Qualified Institutional Buyers (QIBs) fetched 3.32 times subscription while the non-institutional investors portion got subscribed 59 per cent. The category for retail individual investors (RIIs) received 42 per cent subscription.

The issue, with a price band of Rs 522-549 apiece, will conclude on Friday.

Also Read | What Is Mahila Samman Yojana, Announced by Arvind Kejriwal? Know Everything Including Eligibility, Benefits and How to Apply.

Private equity major TPG Capital-backed Sai Life Sciences on Tuesday collected Rs 913 crore from anchor investors.

The Rs 3,043-crore IPO has 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, by a promoter, investor shareholders and other shareholders.

Under the OFS, one of the promoter entities Sai Quest Syn Pvt Ltd and investor shareholders -- TPG Asia VII SF Pte Ltd and HBM Private Equity India -- will partly offload their respective stakes.

At present, Sai Quest Syn holds a 5.61 per cent stake in the company, TPG owns 39.69 per cent, and HBM Private Equity India 5.5 per cent.

Of the IPO proceeds, funds to the tune of Rs 600 crore will be used for debt payment and a portion for corporate general purposes.

Hyderabad-based Sai Life Sciences provides end-to-end services across the drug discovery, development and manufacturing value chain for small molecule new chemical entities (NCE) to global pharmaceutical innovator companies and biotechnology firms.

Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India Private Ltd, and Morgan Stanley India Company are the book-running lead managers to the offer.

The shares are proposed to be listed on the BSE and the NSE.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)