Wed Dec 11 18:20:05 UTC 2024: ## Sai Life Sciences IPO Receives Tepid Response on Day 1
**Mumbai, December 11, 2024** – Sai Life Sciences’ initial public offering (IPO), aiming to raise Rs 3,043 crore, received a lukewarm response on its first day of bidding. While Qualified Institutional Buyers (QIBs) oversubscribed their allocation by 2.52 times, Non-Institutional Investors (NIIs) and retail investors showed significantly less enthusiasm, subscribing only 0.16 times and 0.18 times, respectively, resulting in an overall subscription rate of just 0.84 times as of 4:49 PM today.
The IPO comprises a fresh issue of Rs 950 crore and an offer-for-sale (OFS) of 3.81 crore shares worth Rs 2,092.6 crore. Promoter Sai Quest Syn, along with investors TPG Asia VII SF Pte and HBM Private Equity India, are the major sellers in the OFS. The IPO price band is set between Rs 522 and Rs 549 per share.
Despite the underwhelming overall subscription, several prominent investors participated, including HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, SBI Life Insurance, Mirae Asset, and Kotak Mahindra AMC. The company, established in 1999, specializes in research, development, and manufacturing for the pharmaceutical industry, boasting collaborations with 18 of the top 25 pharmaceutical companies globally. Sai Life Sciences operates across key markets including the US, UK, Europe, and Japan.
The company’s shares are scheduled to list on December 18, 2024. While the strong QIB interest suggests potential for future growth, the low participation from retail and NII investors raises questions about the overall market sentiment towards the IPO.
First Piper 