Sai Life Sciences IPO fully subscribed on Day 2; QIBs drive demand

Sai Life Sciences IPO Subscription status: Rs 3,042 crore public offering of Sai Life Sciences, which opened for subscription yesterday, December 11, 2024, has been fully subscribed on the second day of its subscription. As per data available on the National Stock Exchange (NSE), Sai Life Sciences received consolidated bids for 3,92,14,098 shares against 3,88,29,848 on offer, thus getting oversubscribed by 1.01 times as of around 2:00 PM on Thursday, December 12, 2024.

 

The highest subscription demand was seen among Qualified Institutional Buyers (QIBs), who oversubscribed their reserved category by 2.88 times. This was followed by Retail Individual Investors (RIIs) at 0.30 times, and Non-Institutional Investors (NIIs) at 0.30 times.

 

The Sai Life Sciences IPO, priced in the range of Rs 552–549 per share with a lot size of 27 shares, will close for subscription on Friday, December 13, 2024.

 

Meanwhile, the unlisted shares of Sai Life Sciences were trading at Rs 586 apiece, reflecting a grey market premium (GMP) of Rs 37 or 6.74 per cent per share over the upper end of the IPO price band of Rs 549, according to sources tracking unofficial market activities. Notably, Sai Life Sciences' IPO GMP has marginally dropped from Rs 39, recorded on Wednesday, December 11, 2024, when the issue opened for subscription.

 

The IPO has garnered attention from brokerages, including Swastika Investmart, Aditya Birla Money, and BP Equities. Among these, Aditya Birla Money and BP Equities have recommended subscribing to the offering for a long-term perspective. However, Swastika Investmart has assigned a Neutral rating to the IPO. READ MORE

 

The IPO lot size is 27 shares, meaning investors can bid for a minimum of 27 shares and in multiples thereof. A retail investor would require Rs 14,823 to bid for one lot of 27 shares of Sai Life Sciences' IPO, while Rs 1,92,699 would be needed to bid for the maximum 13 lots (351 shares).

 

For the Sai Life Sciences IPO, the basis of allotment is tentatively scheduled to be finalised on Monday, December 16, 2024, with shares credited to demat accounts by Tuesday, December 17, 2024. Sai Life Sciences shares are expected to debut on the BSE and NSE on Wednesday, December 18, 2024.

 

The company plans to utilise the net proceeds from the fresh issue toward funding the repayment or prepayment (in full or part) of certain outstanding borrowings and for general corporate purposes.

 

Sai Life Sciences provides customised services to biotech firms and global pharmaceutical companies. The company focuses on researching, developing, and manufacturing small-molecule new chemical entities.