Sai Life Science Files Draft IPO Papers With SEBI
The Hyderabad-based global pharmaceutical company's IPO consists of a fresh issue of equity shares worth Rs 800 crore and an offer-for-sale of 6.15 crore shares.
TPG Group-backed Sai Life Science Ltd. has filed preliminary papers with the market regulator, the Securities and Exchange Board of India, to raise funds via an initial public offering.
The Hyderabad-based global pharmaceutical company's IPO consists of a fresh issue of equity shares worth Rs 800 crore and an offer-for-sale of 6.15 crore shares, according to the draft red herring prospectus.
Sai Quest Syn Pvt. will be the only promoter-selling shareholder, while TPG Asia VII SF Pte Ltd., an affiliate company of the TPG Group, will offload 4.57 crore shares. HBM Private Equity India will be the other shareholder, selling up to 68.62 lakh shares.
Currently, Sai Quest Syn holds a 5.61% stake in the company, TPG owns 39.69% of the shares, and HBM Private Equity India has a 5.5% stake.
Of the IPO proceeds, funds to the tune of Rs 600 crore will be used for debt payment, and a portion will be used for corporate general purposes, the draft papers filed on Friday showed.
Kotak Mahindra Capital Company Ltd., IIFL Securities Ltd., Jefferies India Pvt. and Morgan Stanley India Co. will be the book-running lead managers for the issue.
Sai Life Sciences provides end-to-end services across the drug discovery, development, and manufacturing value chain, from small-molecule new chemical entities to global pharmaceutical innovator companies and biotechnology firms.
As of March 31, 2024, their company's CDMO product portfolio included more than 150 innovator pharmaceutical products, including 38 products that were supplied for the manufacturing of 28 commercial drugs.
