Sai Parenteral IPO sees tepid demand; apply or avoid? Anil Singhvi weighs in

Sai Parenteral IPO: Sai Parenteral Limited's Rs 408.79 crore initial public offering (IPO) entered its final day of public bidding on March 27, 2026. The public offer is a mix of fresh issue and offer for sale (OFS) of shares. The public offer continues to witness muted investor interest and was subscribed to only 44 per cent by 11:50 am, according to the provisional exchange data.

Sai Parenteral's IPO subscription status

As of 11:50 am, the IPO had received subdued demand from investors, with bids for 33.23 lakh shares out of the net offer, resulting in a 0.44 times the overall subscription.

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• The Qualified Institutional Buyers (QIBs) portion has booked 12.60 0.60 times, with 12.60 lakh shares bid out of 21.12 lakh shares reserved.
• The Non-Institutional Investors (NIIs) category has booked 1.10 times, with bids for 17.77 lakh shares out of the 16.22 lakh reserved.
• Retail Individual Investors (RIIs) have booked 0.08 times the allotted shares, with 2.85 lakh shares bid out of the 37.86 lakh shares allotted.

Anil Singhvi's take on Sai Parenteral's IPO

Earlier on Friday, market expert Anil Singhvi, Managing Editor at Zee Business, shared his insights on Sai Parenteral Limited's business profile and highlighted key positives and negatives.

Key positives

• Diversified generic formulation player
• Strong growth track record
• Strong growth in the CDMO business
• Expanding presence in the international market
• The acquisition of the Australian company will boost business significantly

Key negatives

• The top 5 customers account for 53 per cent of the revenue in the generic business
• Huge working capital requirement
• Negative operating cash flow due to a rise in debtors and inventories
• Expensive valuations
• Other much bigger listed players are trading at cheaper valuations

Sai Parenteral's IPO: Apply or avoid?

Market guru Anil Singhvi has advised investors to 'AVOID' the Sai Parenteral's IPO for now. According to him, investors can consider buying the stock post-listing
after getting clarity on future plans.

For high-risk investors, Singhvi advised that they can apply but also suggested to keep strict stop-loss post listing to avoid capital loss.

Sai Parenteral IPO issue details

The IPO is a book-built issue of Rs 408.79 crore, consisting of a mix of fresh issue of 0.73 crore shares and an offer-for-sale (OFS) of 0.32 crore shares.

Sai Parenteral IPO key dates

Subscription date: The IPO will remain open for public bidding till March 27, 2026.

Allotment date: The basis of allotment of the IPO shares is expected to be finalised on March 30, 2026.

Listing date: The IPO stock is expected to list on both the stock exchanges (BSE and NSE) on April 2, 2026.

Sai Parenteral IPO lead manager and registrar details

According to the company's red-herring prospectus (RHP), Arihant Capital Markets Ltd is the book-running lead manager, while Bigshare Services Pvt Ltd is the registrar of the issue.

Sai Parenteral IPO price band & lot size

Sai Parenteral has priced its public offer at Rs 372 to Rs 392 per equity share, giving the company a valuation of around Rs 1,731.83 crore.

Investors could bid in a lot size of 38 shares, with the minimum amount of investment required by a retail investor being Rs 14,896 (based on the upper end of the price band).

Sai Parenteral's Limited Company Profile

Founded in 2001, Sai Parenterals Ltd. is a pharmaceutical company engaged in the development, manufacturing, and commercialisation of a wide range of formulations.

The business is structured across two key verticals: branded generic formulations and Contract Development and Manufacturing Organisation (CDMO) services, catering to both domestic and global markets.

Its portfolio covers diverse therapeutic segments such as cardiovascular care, neuropsychiatry, diabetes management, respiratory treatments, anti-infectives, gastrointestinal care, dermatology, pain management, and vitamins, minerals, and supplements (VMS). The company offers products in multiple dosage formats, including injectables, tablets, capsules, oral liquids, and topical formulations like ointments.