IPO Overview
Incorporated in 2001, Sai Parenteral’s 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.
Its product portfolio spans multiple high-demand therapeutic areas, including cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, dermatology, and vitamins, minerals and supplements — offered in various dosage forms such as injectables, tablets, capsules, liquid orals, ointments and dry syrups, with particular strength in sterile injectable manufacturing for critical care and penicillin-based therapies.
The company owns and operates five manufacturing facilities in India — four in Hyderabad, Telangana, and one in Ongole, Andhra Pradesh — and its facilities hold global accreditations including WHO-GMP, TGA-Australia, and PIC/S.
The company plans to raise around ₹409 crore via IPO, comprising a fresh issue of ₹285 crore and an offer for sale of up to 31,57,880 equity shares, with listing on BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Bidding Date | 23 March 2026 |
| IPO Open Date | 24 March 2026 |
| IPO Close Date | 27 March 2026 |
| Allotment Date | 30 March 2026 (Expected) |
| Refund Initiation | 01 April 2026 |
| Credit to Demat | 01 April 2026 |
| Listing Date | 02 April 2026 (Tentative) |
| Price Band | ₹372 – ₹392 per share |
| Face Value | ₹5 per share |
| Lot Size | 38 shares |
| Minimum Investment (Retail) | ₹14,896 (1 lot) |
| Minimum Investment (sNII) | ₹2,08,544 (14 lots = 532 shares) |
| Minimum Investment (bNII) | ₹10,12,928 (68 lots = 2,584 shares) |
| Issue Size | ₹408.79 crore |
| Fresh Issue | ₹285.00 crore |
| Offer For Sale (OFS) | 31,57,880 shares (~₹123.79 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Under the OFS, the selling shareholders include investor shareholders: 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.
The promoters are not part of the OFS — fresh issue proceeds go entirely to the company for business growth.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds as follows:
- Capacity expansion and upgradation of manufacturing facilities (Units I, II, III & IV) — ₹110.80 crore
- Establishment of a new R&D Centre — ₹18.02 crore
- Repayment / prepayment of certain outstanding borrowings — ₹14.30 crore
- Working capital requirements — ₹33 crore
- Repayment of bridge loan and term loan availed for investment in wholly-owned subsidiary Sai Parenterals Pte (Singapore), related to the acquisition of Noumed Pharmaceuticals Pty (Australia) — ₹35.64 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Arihant Capital Markets Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Anil Kumar Karusala, Vijitha Gorrepati, and Karusala Aruna.
The promoters bring extensive domain knowledge and experience in the pharmaceutical industry.
- Total Employees (as of Dec 31, 2025): 298
Company Details
Sai Parenteral’s Limited is a diversified pharmaceutical formulations company engaged in the research, development, and manufacturing of a wide range of pharmaceutical products, operating across two key segments: branded generic formulations and CDMO services, catering to both domestic and international markets.
Therapeutic Areas Covered:
- Cardiovascular
- Neuropsychiatry
- Anti-Diabetic
- Respiratory Health
- Antibiotics
- Gastroenterology
- Dermatology
- Vitamins, Minerals & Supplements (VMS)
- Analgesics
Dosage Forms:
- Sterile Injectables (critical care & penicillin-based)
- Tablets & Capsules
- Liquid Orals, Ointments, Dry Syrups
Manufacturing Facilities:
- 4 units in Hyderabad, Telangana
- 1 unit via subsidiary Revat Laboratories in Ongole, Andhra Pradesh
- The company began exporting in FY2023 after acquiring internationally accredited manufacturing units.
Global Expansion:
- The company recently expanded its global footprint by acquiring a majority stake in Australia-based Noumed Pharmaceuticals, enhancing its presence in regulated markets.
Certifications / Accreditations:
- WHO-GMP
- TGA-Australia
- PIC/S (Pharmaceutical Inspection Co-operation Scheme)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹155.18 | ₹8.42 | ₹31.70 |
| FY25 | ₹163.74 | ₹14.43 | ₹39.40 |
Key Financial Metrics
- PAT grew nearly 72% from ₹8.4 crore in FY24 to ₹14.45 crore in FY25; EBITDA rose 24% over the same period.
- PAT increased from ₹4.38 crore in FY23 to ₹14.43 crore in FY25, reflecting consistent profitability improvement over 3 years.
- Borrowings reduced from ₹118.79 crore in FY24 to ₹76.07 crore as of September 2025, indicating an improving balance sheet.
Company Strengths
- Strong and rapidly scaling CDMO operations since FY22, supported by acquisitions of internationally accredited facilities enabling entry into regulated markets.
- Diversified product portfolio with capabilities across various therapeutic areas and multiple dosage forms, including sterile injectables.
- Manufacturing accreditations from TGA-Australia, PIC/S, and WHO-GMP, enabling supply to regulated and semi-regulated international markets.
- Well-established distribution network in India and overseas, with a track record of value-accretive acquisitions.
- Global footprint expansion through the acquisition of Noumed Pharmaceuticals (Australia), opening regulated market opportunities.
- Consistent PAT growth over 3 years and a steadily improving balance sheet with declining borrowings.
Key Risks & Challenges
- High concentration of manufacturing facilities in Telangana and Andhra Pradesh, exposing the company to regional disruption risks.
- Regulatory exposure — strict quality compliance requirements across multiple international markets increase compliance costs and risk of regulatory action.
- Supplier dependency — concentrated supplier base poses supply chain vulnerability.
- Relatively modest revenue scale (~₹163 crore) for a mainboard IPO raising ₹409 crore — raises questions around valuation comfort.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
