TPG-backed Sai Life Sciences mops up Rs 913 crore via anchor book, Rs 3,043-crore IPO to open for public on December 11

Sai Life Sciences IPO

Sai Life Sciences, which is backed by the global private equity major TPG Capital, has raised Rs 912.78 crore from marquee institutional investors via anchor book on December 10, a day before the issue opening.

The Rs 3,043-crore IPO is set to open for public subscription on December 11, and close on December 13. It is a combination of fresh issuance of Rs 950 crore worth of shares, and an offer-for-sale of 3.81 crore shares worth Rs 2,092.6 crore by existing shareholders including promoter and investors.

Promoter Sai Quest Syn, and investors TPG Asia VII SF Pte and HBM Private Equity India are the biggest selling shareholders in the offer-for-sale. The price band for the offer has been fixed at Rs 522-549 per share.

The Hyderabad-based contract research, development, and manufacturing organization (CRDMO) has finalised allocation of 1.66 crore equity shares to anchor investors at a price of Rs 549 per share.

Sai Life Sciences has attracted several marquee names in the anchor book including INQ Holdings, Smallcap World Fund, Fidelity, Blackrock, Abu Dhabi Investment Authority, Goldman Sachs, TIMF Holdings, Morgan Stanley, and Eastspring Investments.

Furthermore, HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, Kotak Mahindra AMC, Aditya Birla Sun Life AMC, DSP MF, Mirae Asset, SBI Life Insurance, UTI Mutual Fund, Whiteoak Capital, Bandhan Mutual Fund, Franklin, HSBC MF, Invesco, Max Life Insurance, Aditya Birla Sun Life Insurance, and Kotak Mahindra Life Insurance among domestic institutional investors also invested in the company that provides drug discovery, development, and manufacturing value chain, for small molecule new chemical entities (NCE), to global pharmaceutical and biotechnology firms.

"Out of the total allocation of 1.66 crore equity shares to the anchor investors, 61.34 lakh equity shares were allocated to 14 domestic mutual funds, which applied through a total of 33 schemes," the company said in its filing to exchanges on Tuesday.

Sai Life Sciences is one of the largest integrated CRDMOs among listed Indian peers (Divis Laboratories, Suven Pharmaceuticals, and Syngene International) in terms of revenue for FY24.

The trading in Sai Life Sciences shares will start on the bourses effective December 18. The merchant bankers handling the public issue are Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India, and Morgan Stanley India Company.