Sai Parenteral's to launch IPO on March 24; eyes ₹285 crore via fresh issue

Sai Parenteral's IPO comprises a fresh issue of ₹285 crore and an offer for sale (OFS) of 3.2 million equity shares

Pharmaceutical formulations company Sai Parenteral's is set to launch its initial public offering (IPO) on Tuesday, March 24, 2026. The maiden public issue comprises a fresh issue of ₹285 crore and an offer for sale (OFS) of 3.2 million equity shares. 

 

Under the OFS, Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Devendra Chawla, Bhanwar Lal Chandok, Ashish Maheshwari, Sreelekha Ganta, Padma Guntupalli, Vijay Gondi, Nilesh Pravinchandra Doshi and Bhautik Mukund Shah are the investor selling shareholders. 

 

Sai Parenteral's IPO will close for public subscription on Friday, March 27. The allotment of shares is expected to be finalised on Monday, March 30. Shares of Sai Parenterals will make their debut on the NSE and BSE, tentatively on Thursday, April 2, 2026. The price band for the issue is yet to be announced. 

 

 

Bigshare Services is the registrar for the issue. Arihant Capital Markets is the sole book-running lead manager. 

 

According to the red herring prospectus (RHP), the company plans to utilise ₹110.8 crore from the net fresh issue proceeds for capacity expansion and upgradation of manufacturing facilities, ₹18 crore for establishment of a new R&D centre, ₹14.3 crore for repayment or prepayment of certain outstanding borrowing. Additionally, ₹33 crore for working capital requirements and ₹35.64 crore for Repayment of bridge loan and term loan availed for investment in wholly owned subsidiary, Sai Parenteral's Pte Limited (Singapore), in relation to the acquisition of Noumed Pharmaceuticals Pty Limited (Australia). The remaining funds will be used for general corporate purposes. 

 

Sai Parenteral's offers a wide range of formulation products across therapeutic areas including cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, dermatology, analgesics, and vitamins/minerals/supplements (VMS). Its portfolio spans multiple dosage forms such as injectables, tablets, capsules, liquid orals, and ointments, with sterile manufacturing capabilities for critical care and penicillin-based therapies. The company also markets branded generic formulations to a broad customer base.

 

Sai Parenteral's exports to regulated and semi-regulated markets in Australia, New Zealand, Southeast Asia, the Middle East, and Africa via distributors. It operates five manufacturing facilities in India, four of which are located in Hyderabad, Telangana.

Sai Parenteral's financial snapshot

In the financial year ended March 31, 2025 (FY25), Sai Parenteral's reported revenue from operations of ₹163.1 crore compared to ₹153.7 crore in the previous fiscal. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) rose 24 per cent to ₹39.4 crore from ₹31.7 crore in FY24. The company posted a profit after tax of ₹14.45 crore in FY25, up nearly 72 per cent from ₹8.4 crore in FY24.