Sai Life Sciences shares list at 20% premium on BSE, outperform GMP trend

Sai Life Sciences shares listed at Rs 660 apiece, reflecting a premium of Rs 111 or 20.2 per cent against the issue price of Rs 549

Sai Life Sciences IPO listing today: Sai Life Sciences shares made a decent debut on Dalal Street on Wednesday, December 18, 2024. The company's stock listed at Rs 660 apiece, reflecting a premium of Rs 111 or 20.2 per cent against the issue price of Rs 549.

 

On the NSE, the stock was listed at Rs 650, a premium of Rs 101 or 18.3 per cent against the issue price.

 

The listing followed grey market trends, as the company's shares were trading at Rs 621 apiece in the grey market, indicating a premium (GMP) of Rs 72 or 13.11 per cent over the issue price of Rs 549, according to sources tracking unofficial markets.

 

The Rs 3,042.62 crore IPO of Sai Life Sciences comprised a fresh issue and an offer for sale of equity shares. The IPO, offered in a price band of Rs 522-Rs 549 with a lot size of 27 shares, opened on Wednesday, December 11, 2024, and closed on Friday, December 13, 2024, with an overall subscription of 10.26 times.

 

As per NSE data, Qualified Institutional Buyers (QIBs) showed the highest demand, subscribing to 30.90 times the quota reserved for them. This was followed by Non-Institutional Investors (NIIs) at 4.92 times, and Retail Individual Investors (RIIs) at 1.37 times.

 

KFin Technologies served as the registrar for the issue, while Kotak Mahindra Capital Company, Jefferies India Private, Morgan Stanley India Company, and IIFL Securities acted as the book-running lead managers.

 

In its Red Herring Prospectus (RHP), Sai Life Sciences stated that it would use the proceeds from the fresh issue for the repayment or prepayment, in full or part, of certain outstanding borrowings and for general corporate purposes.

 

Incorporated in January 1999, Sai Life Sciences is engaged in the research, development, and manufacturing of small-molecule new chemical entities. The company provides contract research (CRO) and contract development and manufacturing (CDMO) services to global pharmaceutical and biotech firms.

 

As of September 30, 2024, the company employed 3,135 individuals, including 2,353 scientific staff. It caters to clients across the US, UK, Europe, and Japan, with a business development team comprising 16 professionals based in these regions.