Sai Life Sciences, one of the key players in the contract research, development, and manufacturing (CRDMO) sector, made its debut on the Indian stock exchanges today, December 18. Shares of the company hit Dalal Street with a premium of 18 per cent to the issue price.
On BSE it got listed at Rs 660 and on NSE it was listed at Rs 650.
Grey Market Premium
Ahead of its official listing of the public issue, Sai Life Sciences shares indicated a Grey Market Premium (GMP) of Rs 72, with an expected listing price of Rs 621 per share. This suggested a potential 13.11 per cent premium over the upper IPO price band of Rs 549.
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IPO Details: A Mix of Fresh Issue and OFS
Sai Life Sciences IPO, a mainboard issue concluded its subscription phase last week, that is from December 11 to December 13 captured investor interest.
The mainboard IPO, it was a book-built issue, valued at Rs 3,042.62 crores. Furthermore, the issue comprised two components where, the fresh issue featuring 1.73 crore shares, aggregating Rs 950 crores, and Offer for Sale (OFS) of 3.81 crore shares, amounting to Rs 2,092.62 crores.
The price band for the public issue was set between Rs 522 and Rs 549 per share, with retail investors needing a minimum investment of Rs 14,823 for one lot of 27 shares. Larger investors could opt for more substantial investments, such as Rs 2,07,522 for 14 lots or Rs 10,07,964 for 68 lots.
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Who Managed the IPO?
The IPO was managed by prominent book-running lead managers such as Kotak Mahindra Capital, Jefferies India, Morgan Stanley India, PIIFL Securities,
The share allocation and related processes were handled by KFin Technologies,
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