Sai Parenteral’s IPO is a bookbuilt issue of Rs 408.79 crore. It combines a fresh issue of 0.73 crore shares, aggregating to ₹285.00 crore, and an offer for sale of 0.32 crore shares, aggregating to ₹123.79 crore.
The IPO opens for subscription on March 24, 2026, and closes on March 27, 2026. The allotment is expected to be finalized on Monday, March 30, 2026. The price band for the IPO is set at ₹372 to ₹392 per share, and the minimum lot size for an application is 38 shares.
Company Summary
Incorporated in 2001, Sai Parenteral Ltd. is a diversified pharmaceutical formulations company with expertise in research, development, and manufacturing.
The company operates in two segments: Branded Generic Formulations and Contract Development and Manufacturing Organisation (CDMO) products and services for domestic and international markets.
The product portfolio spans multiple therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals, and supplements (VMS), analgesics, and dermatology. Offerings are across dosage forms such as injectables, tablets, capsules, liquid orals, and ointments.
Sai Parenteral serves a wide customer base comprising central and state government agencies, pharmaceutical companies, public and private hospitals, and super stockists in India. The company entered exports in FY 2023 after acquiring two internationally accredited facilities in Hyderabad, Telangana, and now supplies to regulated and semi-regulated markets in Australia, New Zealand, Southeast Asia, the Middle East, and Africa.
The company owns and operates five manufacturing facilities in India. Four are located in Hyderabad, Telangana, comprising a GMP-compliant injectable unit, a WHO-GMP injectable unit, a TGA-Australia- and PIC/S-accredited solid oral dosage unit, and a WHO-GMP cephalosporin facility. Its wholly owned subsidiary, Revat Laboratories, operates a GMP-certified facility in Ongole, Andhra Pradesh.
As of December 31, 2025, Sai Parenteral Ltd. employed 298 full-time employees.
Company Strengths
- Diversified generic formulations player with an established track record.
- Strategically located and accredited Manufacturing Facilities.
- Strong focus on CDMO business.
- Well-established distribution network in India and overseas.
- Track record of value-accretive acquisitions.
- Experienced Promoters and Senior Management with extensive domain knowledge.
Company Financials
| Period Ended | 30 Sept 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 376.24 | 272.39 | 268.1 | 133.96 |
| Total Income | 89.43 | 163.74 | 155.18 | 97.03 |
| Profit After Tax | 7.76 | 14.43 | 8.42 | 4.38 |
| EBITDA | 16.24 | 39.44 | 31.7 | 17.64 |
| Net Worth | 209.37 | 95.78 | 76.4 | 31.49 |
| Reserves and Surplus | 188.84 | 80.36 | 61.3 | 24.34 |
| Total Borrowing | 76.07 | 93.95 | 118.79 | 68.55 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Capacity expansion and upgradation of manufacturing facilities
- Establishment of a new R&D Centre;
- Repayment/prepayment of certain outstanding borrowings
- Working capital requirements
- Investment in wholly owned subsidiary, Sai Parenterals Pte Limited (Singapore), in relation to the proposed acquisition of Noumed Pharmaceuticals Pty Limited (Australia)
- General corporate purposes
Promoters of the company
Anil Kumar Karusala, Vijitha Gorrepati and Karusala Aruna are company promoters.
IPO Details
| IPO Date | March 24, 2026 to March 27, 2026 |
| Listing Date | April 02, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹372 to ₹392 per share |
| Lot size | 38 shares |
| Total Issue size | 1,04,28,288 shares (aggregating upto ₹409.00 Cr ) |
| Fresh Issue | 72,70,408 shares (aggregating upto ₹285.00 Cr ) |
| Offer for Sale | 31,57,880 shares of ₹5 (aggregating upto ₹124.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 3,69,08,823 shares |
| Share Holding Post Issue | 4,41,79,231 shares |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 38 | ₹14,896.00 |
| Retail (Max) | 13 | 494 | ₹1,93,648.00 |
| S-HNI (Min) | 14 | 532 | ₹2,08,544.00 |
| S-HNI (Max) | 67 | 2,546 | ₹9,98,032.00 |
| B-HNI (Min) | 68 | 2,584 | ₹10,12,928.00 |
Allotment Schedule
| Basis of Allotment | Mon, 30 Mar, 2026 |
| Initiation of Refunds | Wed, 1 Apr, 2026 |
| Credit of Shares to Demat | Wed, 1 Apr, 2026 |
| Tentative Listing Date | Thu, 2 Apr, 2026 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Source – SEBI, Chittorgarh
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