 "Sai Life Sciences IPO opens on Dec 11: Check GMP and other key details")
Sai Life Sciences IPO: The initial public offering (IPO) of Sai Life Sciences is set to open for public subscription on Wednesday, December 11, 2024. Meanwhile, the company’s unlisted shares were commanding a decent premium in the grey market on Monday, December 9, 2024. Sai Life Sciences shares were trading at Rs 584 apiece, reflecting a grey market premium (GMP) of Rs 35 or 6.38 per cent per share against the upper end of the IPO price band of Rs 549, according to sources tracking unofficial market activities.
At the upper end, Sai Life Sciences seeks to raise Rs 3,042.62 crore from the public offering, which comprises a fresh issue of up to 17,304,189 equity shares and an offer for sale of up to 38,116,934 equity shares, each with a face value of Re 1. Bidding for anchor investors is scheduled to take place on Tuesday, December 10, 2024.
Sai Life Sciences IPO will be available at a price band of Rs 522-549 per share, with a minimum lot size of 27 shares. Accordingly, investors can bid for a minimum of 27 shares and in multiples thereof. A retail investor would require a minimum of Rs 14,823 to bid for one lot or 27 shares of Sai Life Sciences IPO. For a maximum bid under Rs 2,00,000, retail investors can apply for up to 13 lots, totaling 351 shares. ALSO READ: Mobikwik IPO GMP
The IPO will close for public subscription on Friday, December 13, 2024. Following the closure of the subscription window, the basis of allotment for Sai Life Sciences IPO shares is expected 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 list on the BSE and NSE on Wednesday, December 18, 2024.
KFin Technologies is the registrar for the Sai Life Sciences IPO, while Kotak Mahindra Capital Company, Jefferies India, Morgan Stanley India Company, and IIFL Securities are the book-running lead managers for the issue.
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As outlined in the Red Herring Prospectus filed by the company, it will not receive any proceeds from the offer for sale, as each of the selling shareholders will be entitled to their respective portion of the proceeds from the offer for sale after deducting offer-related expenses and applicable taxes. Sai Life Sciences, however, proposes to utilise the net proceeds from the fresh issue towards funding the repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company and for general corporate purposes.
Sai Life Sciences provides research, development, and manufacturing services to biotech and pharma companies. The company offers integrated services across discovery, development, and manufacturing. Its services include chemistry, manufacturing, control, and contract research and development. Sai Life Sciences operates globally, with clients in the US, UK, Europe, and Japan.