Sai Life Sciences Ltd has submitted its draft red herring prospectus (DRHP) to SEBI, the capital market regulator, for its upcoming initial public offering (IPO).
Sai Life Sciences provides comprehensive services to biotechnology and pharmaceutical companies globally, covering the entire drug research, development, and manufacturing process for small molecule new chemical entities (NCE).
In its IPO, the company plans to raise funds by issuing equity shares with a face value of one rupee each. The offering includes up to ₹800 crores through newly issued equity shares and up to 61,573,120 equity shares from existing shareholders who are selling part of their holdings.
The major selling shareholders listed in the DRHP include Sai Quest Syn Private Ltd, TPG Asia VII SF Pte Ltd, and various individuals associated with the company.
TPG Asia VII SF Pte Ltd currently holds a 39.69% stake in Sai Life Sciences.
The proceeds from the IPO will primarily be used to repay existing loans, with up to ₹600 crores earmarked for this purpose, along with funds for general corporate needs.
According to a F&S Report, Sai Life Sciences has shown the highest revenue and EBITDA growth among its listed Indian peers in the clinical research, development, and manufacturing organization (CRDMO) sector from FY 2022 to FY 2024.
The company’s peers in the market include Divi’s Laboratories Ltd, Suven Pharmaceuticals Ltd, and Syngene International Ltd.
The IPO’s book running lead managers are Morgan Stanley India Company Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd, and IIFL Securities Ltd.
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