New Delhi, March 24 The initial public offering of Sai Parenteral's Ltd, a diversified pharmaceutical formulation company, received 4% subscription on the first day of bidding on Tuesday.
According to NSE data, the IPO received bids for 3,35,350 shares against 75,22,486 shares on offer.
The category for non-institutional investors received 15% subscription, while the Retail Individual Investors (RIIs) portion received 3% subscription.
Sai Parenteral's Ltd garnered over Rs 122 crore from anchor investors on Monday.
The company's public offering will conclude on March 27.
The IPO includes a fresh issue of up to Rs 285 crore and an offer-for-sale of up to nearly 31.57 lakh equity shares. The price band has been fixed at Rs 372-392 per share.
The proceeds from the IPO will support the firm's expansion, particularly in strengthening its global formulations business and expanding its Contract Development and manufacturing organization capabilities across both injectable products and oral solid dosage formulations.