Sai Parenterals was incorporated on January 12, 2001. The company is a diversified pharmaceutical formulations business engaged in branded generics and CDMO products for domestic and international markets. Its portfolio spans multiple therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, VMS, analgesics, and dermatology, with dosage forms such as injectables, tablets, capsules, liquids, and ointments
| Bidding Dates |
|---|
| 24 Mar 2026 - 27 Mar 2026 |
| Subscription |
|---|
| 1.05x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,136 | 1 | 13 | 38 | 10.4 M | ₹372 - ₹392 | 51.16 % | ₹3879.3 M - ₹4087.9 M | RHP DOC |
Sai Parenterals IPO SUBSCRIPTION STATUS
27 Mar '26Sai Parenterals IPO overall subscription rate was 1.05 times the total available shares
Sai Parenterals IPO retail subscription rate was 0.12 times in the retail segment
Sai Parenterals IPO non-institutional investor subscription rate was 2.36 times in the non-institutional investor category
Sai Parenterals IPO Qualified Institutional Bidder subscription rate was 1.71 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
- | - | - | - |
27 Mar 2026 (Day 4) | 0.12x | 2.36x | 1.71x |
25 Mar 2026 (Day 3) | 0.05x | 1.01x | 0.6x |
24 Mar 2026 (Day 2) | 0.03x | 0.15x | 0x |
Sai Parenterals FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 86.9 | 7.8 | -66.0 | -68.1 | 18.7% |
| FY25 | 163.1 | 14.5 | 33.1 | 24.5 | 24.2% |
| FY24 | 153.8 | 8.4 | -29.8 | -64.8 | 20.6% |
| FY23 | 96.8 | 4.4 | -12.8 | -28.5 | 18.2% |
Sai Parenterals IPO SUBSCRIPTION STATUS DETAILS
Sai Parenterals had 10.4 M shares on offer
Sai Parenterals IPO offer price was in the range ₹372 - ₹392
Sai Parenterals IPO minimum Investment was ₹14136
Sai Parenterals IPO issue size was ₹ 3879.3 M - ₹ 4087.9 M
Sai Parenterals had a minimum lot size of 38 Shares per application
Sai Parenterals NUMBER OF SHARES ON OFFER
Sai Parenterals IPO IMPORTANT DATES
| Issue Open Date | 24 Mar 2026 |
| Issue close Date | 27 Mar 2026 |
| Allotment Date | 30 Mar 2026 |
| Refund Date | 01 Apr 2026 |
| Demat Account Credit Date | 01 Apr 2026 |
| Listing Date | 02 Apr 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Sai Parenterals Allotment Status | Exchange/ Registrar |
Sai Parenterals IPO subscription opened on 24 Mar 2026, and closed on 27 Mar 2026
IPO allotment for Sai Parenterals was finalized on Monday, 30 Mar 2026
IPO listing for Sai Parenterals was on NSE and BSE on Thursday, 02 Apr 2026
Sai Parenterals IPO LISTING GAINS
| Issue Price (adjusted) | 392.0 |
| Listing Open Price | 400.0 |
| Listing Close Price | 405.7 |
| Listing Gain% | 2.0% |
| Current Gain% | 45.3% |
Sai Parenterals Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sai Parenterals Ltd. | 569.7 | 2516.9 | 176.5 | -130.8 | 6.5 | 2.9 | 1 | 389.5 | 137.9 | 14.3 | -1.3 | 3.2 | -1.3 |
| Sun Pharmaceutical Industries Ltd. | 1945 | 466670.7 | 38.6 | 2.3 | 7.8 | 13.7 | 10.6 | 60433.8 | 10.8 | 11479.4 | 5 | 50.4 | 16.6 |
| Divi's Laboratories Ltd. | 8275 | 219675.3 | 75.1 | 2.8 | 19.6 | 15.3 | 12.8 | 11067 | 14 | 2568 | 17.2 | 110.2 | 26.8 |
| Torrent Pharmaceuticals Ltd. | 4924 | 187293.2 | 85.9 | 9.6 | 11.9 | 25.8 | 4.9 | 13886.2 | 20.3 | 2163.4 | 13.2 | 57.3 | 8.9 |
| Cipla Ltd. | 1463.8 | 118253.6 | 35.1 | -0.9 | 4.2 | 11.3 | 9.1 | 29044.6 | 2.2 | 3879.2 | -26.4 | 41.7 | -37.5 |
| Zydus Lifesciences Ltd. | 1114.2 | 112114.6 | 22.2 | 2.3 | 4.1 | 18.6 | 9.6 | 27657.9 | 17.6 | 5040 | 11.4 | 50.1 | 9.6 |
Sai Parenterals INFORMATION ON IPO ISSUE
About Sai Parenterals
Sai Parenterals was incorporated on January 12, 2001. The company is a diversified pharmaceutical formulations business engaged in branded generics and CDMO products for domestic and international markets. Its portfolio spans multiple therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, VMS, analgesics, and dermatology, with dosage forms such as injectables, tablets, capsules, liquids, and ointments
Object of the Issue
- Capacity expansion and upgradation of manufacturing facilities
- Establishment of a new R&D centre
- Repayment/prepayment of certain outstanding borrowings
- Working capital requirements
- Investment in wholly owned subsidiary, Sai Parenterals Pte (Singapore), in relation to the proposed acquisition of Noumed Pharmaceuticals Pty (Australia)
- General corporate purposes
Sai Parenterals - PROMOTERS
| Name |
|---|
| Anil Kumar Karusala |
| Vijitha Gorrepati |
| Karusala Aruna |
Sai Parenterals - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Anil Kumar Karusala | Chairman & Managing Director |
| Vijitha Gorrepati | Whole Time Director |
| Karusala Aruna | Non-Executive Director |
| Seeta Ram Anjaneyulu Gorantla | Non-Executive Independent Director |
| Bhagyashri Dharmasa Zad | Non-Executive Independent Director |
| Kalidindi V Raju | Non-Executive Independent Director |
Sai Parenterals Book Running Lead Manager
Arihant Capital Markets Limited
mbd@arihantcapital.com
Sai Parenterals Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Sai Parenterals Strengths
Diversified generic formulations
The company has evolved from a parenteral formulations manufacturer to a diversified formulations business, offering multiple dosage forms across therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, VMS, analgesics, and dermatology
Well-established distribution network
The company has a strong presence in the institutional market, supported by its promoters and subsidiary, Revat Laboratories, supplying high-value and high-volume pharmaceutical formulations to central and state government agencies, PMBJP outlets, and ESI hospitals across India
Focus on CDMO business
The company began domestic CDMO operations in FY22 and expanded internationally in FY23 with the acquisition of two accredited manufacturing units, enabling entry into regulated and semi-regulated markets. These facilities, along with a dedicated R&D centre, support end-to-end development, and the proposed Noumed acquisition will further strengthen its CDMO presence, particularly in the OTC segment
Sai Parenterals Risks
International operations risk
The company’s international operations expose it to legal, tax, and economic risks. It currently supplies branded generics in over 10 regulated and semi-regulated markets and offers CDMO services globally, with plans to expand further through the proposed Noumed acquisition
Regulatory risks
The company operates in a heavily regulated Indian pharmaceutical market, where non-compliance with existing or future laws on manufacturing, safety, quality, environmental protection, and labour could adversely impact its business and financial condition
Manufacturing or quality control risks
Any manufacturing or quality control issues could lead to contract breaches and terminations, adversely affecting the company’s business, finances, and operations. The company’s pharmaceutical manufacturing facilities must strictly adhere to quality standards, customer specifications, and regulatory requirements to mitigate legal, financial, and reputational risks
IPO FAQs
This IPO consists of an offer for sale of up to Rs 123.8 crore, of 3,157,880 shares. It also consists of a fresh issue of Rs 285.0 crore.
The promoters of the company are Anil Kumar Karusala, Vijitha Gorrepati and Karusala Aruna.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 372.0 - 392.0.
The IPO application opens on Mar 24, 2026 and closes on Mar 27, 2026.
The minimum lot size for the IPO is 38. The maximum lot size for the IPO is 494.
For all category investors, the minimum application amount for this IPO is Rs. 14,136.0, the maximum value for this IPO is Rs 193,648.0.
This IPO will be allotted on Mar 30, 2026.
The refund will be credited to your account on Apr 01, 2026.
The allotted shares will be credited to your demat on Apr 01, 2026.
Sai Parenteral's Ltd.’s shares listed on the stock exchanges on Apr 02, 2026.