Sai Life Sciences IPO Day 3: Issue subscribed 10.26 times at close. Check GMP, allotment and listing date

The initial public offering (IPO) of the digital payments platform Sai Life Sciences sailed through on the second day of the bidding process. The Rs 3,042 crore IPO was subscribed 10.26 times at close, with institutional investors leading the bidding.

The issue, which is a fresh issue of 1.73 crore shares and an OFS of 3.81 crore shares, will close today. The company said that it would use the proceeds from its IPO to repay its debts and for general corporate purposes.

Sai Life Sciences IPO: Price band

The company has set a price band of Rs 522-549 per share for its IPO, where investors can bid for 27 shares in one lot.

Sai Life Sciences IPO: GMP today

The GMP for Sai Life Sciences shares is around Rs 19, indicating a 3% premium over the issue price.

Sai Life Sciences IPO: Review

Analysts are neutral on the IPO as the offer structure is more tilted towards an OFS with limited direct benefits to the company.

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"Its financial performance has been positive with a sharp rise in profitability. The IPO is significantly overvalued. Given the high valuation and limited direct benefits to the company from the IPO, a cautious approach is recommended," said Swastika Investmart.

About Sai Life Sciences IPO

Sai Life Sciences provides end-to-end services across the drug discovery, development, and manufacturing value chain, for small molecule New Chemical Entities (NCE), to global pharmaceutical innovator companies and biotechnology firms.

The global small molecule contract research, development and manufacturing organization industry is forecasted to reach $159 billion by 2028 (comprising approximately 53% of the overall global contract research, development and manufacturing organization industry), driven by increasing pharmaceutical and biotech research & development outsourcing, continued demand for small molecules and growing demand for cost-effective drugs.

Kotak Mahindra Capital Company Ltd, IIFL Capital Services Ltd (formerly IIFL Securities Ltd), Jefferies India and Morgan Stanley India Company are the book running lead managers, while KFin Technologies is the registrar for the IPO.

Sai Life Sciences IPO: Opening Date, Allotment and Listing Date

The Sai Life Sciences IPO opened for public subscription on December 11 and the issue will be closing on December 13.

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