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19 Nov 2024
Sai Life Sciences has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aimed at raising nearly Rs 5,000 crore.
The company plans to raise funds through the issuance of equity shares, comprising both newly issued shares and shares offered for sale by existing shareholders. The offer includes up to Rs 800 crore worth of newly issued equity shares and up to 61,573,120 equity shares to be sold by existing shareholders.
Sai Life Sciences provides comprehensive services to biotechnology and pharmaceutical companies globally, covering the entire drug research, development, and manufacturing value chain for small molecule new chemical entities (NCE).
The DRHP lists the selling shareholders as Sai Quest Syn Private Ltd, TPG Asia VII SF Pte Ltd, HBM Private Equity India, Bharathi Srivari, Anita Rudraraju Nandyala, Raju Penmasta, Dr. Dirk Walter Sartor, Jagdish Viswanath Dore, Rajagopal Srirama Tatta, and K Pandu Ranga Raju. TPG Asia VII SF Pte Ltd currently holds a 39.69% stake in the company.
The funds from the new equity issue will be used to repay existing loans up to Rs 600 crore and for general corporate purposes.
Sai Life Sciences is noted as the fastest-growing Indian clinical research, development, and manufacturing organization (CRDMO) in terms of revenue and EBITDA CAGR from FY 2022 to FY 2024, according to the F&S Report. The company's listed peers include Divi's Laboratories Ltd (P/E of 76.78), Suven Pharmaceuticals Ltd (P/E of 68.78), and Syngene International Ltd (P/E of 57.68).
The book running lead managers for the issue are Morgan Stanley India Company Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd, and IIFL Securities Ltd.
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