The Sai Parenteral’s IPO plans to raise ₹409 crore by issuing 1,04,28,288 shares. These shares have a nominal value of ₹5 each. The offering will start taking bids from March 24, 2026. Applications can be submitted until the subscription period ends on March 27, 2026. The allotment has been proposed for March 30, 2026. The IPO will make its debut on April 2, 2026, on NSE and BSE.
The shares in this issue have a price range from ₹372 to ₹392. Each application will be made in lots of 38 shares. The investment amount for individual investors is ₹14,896. The sNII category has to participate with at least ₹2,08,544 for 14 lots (532 shares). The bidding for the bNII category starts at 68 lots (2,584), translating to an outlay of ₹10,12,928.
Sai Parenteral’s IPO Details
The important particulars of this offering are presented in the table below:
| Particulars | Details |
| IPO Opens | March 24 2026 |
| IPO Closes | March 27, 2026 |
| Face Value | ₹5 per share |
| Issue Type | Mainboard Book-built |
| Issue Price | – |
| Price Band | ₹372 to ₹392 |
| Lot Size | 38 Shares |
| Listing at | BSE, NSE |
| Fresh Issue | 72,70,408 shares (₹285 Crore) |
| Offer for Sale(OFS) | 31,57,880 shares (₹124 Crore) |
| Total Issue | 1,04,28,288 shares (₹409 Crore) |
| Minimum Investment | ₹14,896 |
Sai Parenteral’s IPO Timeline
The following table outlines key details of this issue:
| Particulars | Details |
| IPO Opens | March 24, 2026 |
| IPO Closes | March 27, 2026 |
| Tentative Allotment | March 30, 2026 |
| Initiation of Refunds | April 1, 2026 |
| Demat Credit of Shares | April 1, 2026 |
| Listing Scheduled | April 2, 2026 |
| UPI mandate cut-off | March 27, 2026 (5:00 PM) |
Sai Parenteral’s Key Performance Indicators
The Sai Parenteral’s key performance indicators (KPIs) are provided below:
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 15.75 | 15.67 | 16.82 |
| ROCE (%) | 21.04 | 20.52 | 28.92 |
| Debt Equity (times) | 2.18 | 1.55 | 0.98 |
| RoNW (%) | 15.09 | 11.01 | 15.09 |
| PAT Margin (%) | 4.52 | 5.47 | 8.88 |
| EBITDA margin (%) | 18.22 | 20.62 | 24.18 |
| Price Book Value | – | – | 10.89 |
Sai Parenteral’s Financials
An overview of Sai Parenteral’s key financial figures is given below:
| Particulars (in ₹ million) | 2023 | 2024 | 2025 |
| Total Assets | 1,339.63 | 2,681.01 | 2,723.91 |
| Revenue | 970.28 | 1,551.80 | 1,637.43 |
| Profit | 43.76 | 84.15 | 144.54 |
Subscription Status of the Sai Parenteral’s IPO
Since Sai Parenteral’s IPO has not opened yet, subscription data is currently unavailable. The information will be updated once the issue starts on March 24, 2026.
Bids can be submitted between 10:00 AM and 5:00 PM during the offer period.
Sai Parenteral’s IPO GMP Today
With a ₹0 grey market premium, the Sai Parenteral’s IPO indicates limited interest from the investors. The GMP has been stable for three days, pointing to no listing gains. The shares are expected to debut with a listing price of ₹392.
| GMP Date | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|
| 19-03-2026 | ₹0  | ₹392 (0.00%) | ₹0 | 19-Mar-2026 21:55 |
| 18-03-2026 | ₹0 | ₹392 (0.00%) | ₹0 | 18-Mar-2026 24:28 |
| 17-03-2026 | ₹0 | ₹ (%) | 17-Mar-2026 12:45 |
Note: The GMP is based on unofficial market activity. It is only indicative and should not be considered as investment advice.
Sai Parenteral’s IPO Reservation
For different investor segments, the shares are allocated as per the following structure:
| Investor Category | Reservation |
| QIB Shares | Maximum 50% |
| NII (HNI) Shares | Minimum 15% |
| Retail Shares | Minimum 35% |
| Total Shares | 100% |
Sai Parenteral’s IPO Lot Size
Applications have to be submitted in accordance with the given lot size requirements:
| Investor Type | Lots | Shares | Amount |
| Minimum Bid for Retail Investors | 1 | 38 | ₹14,896 |
| Maximum Bid for Retail Investors | 13 | 494 | ₹1,93,648 |
| S-HNI – Minimum Bid | 14 | 532 | ₹2,08,544 |
| S-HNI – Maximum Bid | 67 | 2,546 | ₹9,98,032 |
| B-HNI – Minimum Bid | 68 | 2,584 | ₹10,12,928 |
Sai Parenteral’s IPO Anchor Investors
The information about anchor participation in this offering is as follows:
| Particulars | Details |
| Anchor Bidding Opens | March 23, 2026 |
| Shares Offered | Not Yet Announced |
| Portion Size | 60% of the QIB portion |
| 50% Shares Lock-in (30 Days) | April 29, 2026 |
| Remaining shares Lock-in (90 Days) | June 28, 2026 |
Sai Parenteral’s IPO Prospectus
For more insights into this offering, you may review these documents:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed Yet |
About Sai Parenteral’s
Sai Parenterals started as Sai Parenterals Private Limited in January 2001. The company is currently led by Anil Kumar Karusala, who is the Chairman and Managing Director, along with promoters Aruna Karusala and Vijitha Gorrepati. Sai Parenteral’s is engaged in research and development of pharmaceutical formulations. It offers generic products and contract manufacturing services.
The company’s portfolio ranges in a variety of therapeutic areas like cardiovascular, respiratory, and dermatology. It also makes products in multiple dosage forms, including injectables, tablets, capsules, and liquid formulations. With certifications and strong production, the company has emerged as a reliable name in the pharma sector.
| Lead Manager | Arihant Capital Markets |
| Issue Registrar | Bigshare Services |
Objectives of the Sai Parenteral’s IPO
Funds raised via this issue are intended to meet these purposes:
| S. No. | Particulars | Amount (in ₹ million) |
| 1. | Manufacturing Capacity Expansion | 1,107.95 |
| 2. | New R&D Centre Setup | 180.23 |
| 3. | Pre-payment / Repayment of Borrowings | 143.02 |
| 4. | Working Capital Needs | 330.00 |
| 5. | Bridge and Term Loan Repayment | 356.41 |
| 6. | General Corporate Purposes | – |
Strengths of Sai Parenteral’s
The core strengths that support Sai Parenteral’s operations are:
- Diversified Operations: The company has evolved from only injectables to diversified formulations across many dosage forms and therapeutic areas. This supports growth and reduces dependence on any single product segment.
- Strategically Located Production: There are five manufacturing units operated by the company. Their proximity to ports and logistics hubs enables efficient distribution and cost-effective operations.
- Expanding CDMO Business: Supported by regulatory-compliant facilities, the company has strengthened its Contract Development and Manufacturing Organisation (CDMO) business. Long-term contracts provide stable revenue.
- Distribution Network: The company has a strong presence in India, along with growing exports to multiple countries. Its distribution network aids in generating consistent demand and improving the market reach.
Risks of Sai Parenteral’s
Reviewing the key risks of Sai Parenteral’s is crucial prior to investing:
- Geographical Concentration: The manufacturing units are concentrated in Telangana and Andhra Pradesh. This exposes the business to regional disruptions like policy changes or natural events, which could lead to the shutdown of operations.
- Raw Material Supply: The company sources its raw material from external suppliers without any long-term contracts in place. Price fluctuations or supply shortages may significantly impact production costs and margins.
- Tender Blacklisting: Sai Parenteral’s faces the risk of getting blacklisted by government authorities due to compliance or performance issues. This restricts participation in tenders and directly affects the revenue.
- International Operations Risk: The company operates globally, which exposes it to legal, tax, and currency risks. Changes in foreign regulations or volatility in the exchange rate may impact profitability and international expansion plans.
Sai Parenteral’s IPO Review
Sai Parenteral’s IPO combines growth potential with operational risks. The company benefits from diversification and CDMO expansion, but faces challenges like regional concentration, regulatory exposure, and supplier dependency.
The flat GMP indicates limited near-term gains. Investors should evaluate fundamentals carefully and consider participation only with a long-term investment horizon.
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Sai Parenteral’s IPO FAQs
Sai Parenteral’s IPO is a book-built public issue worth ₹409 crore, comprising a fresh issue of ₹285 crore and an offer for sale of ₹124 crore.
Investors can apply through ASBA via net banking or UPI using stockbroker platforms. Applications must be submitted between March 24 and March 27, 2026, within market hours during the IPO bidding period.
The IPO shows steady financial growth and diversification, but risks like regulatory exposure, supplier dependence, and weak GMP suggest a cautious approach. It may suit long-term investors rather than those seeking listing gains.
Current GMP is ₹0, indicating no expected listing gains. Returns will depend on post-listing performance and growth rather than short-term market sentiment.
Sai Parenteral’s IPO will open for subscription on March 24, 2026, and close on March 27, 2026.
The minimum lot size is 38 shares. Retail investors need a minimum investment of ₹14,896 to participate in this offering.
The allotment for Sai Parenteral’s IPO is expected to be finalised on March 30, 2026.
The shares are scheduled to be listed on BSE and NSE on April 2, 2026.
