New Delhi, March 27 The initial public offering (IPO) of Sai Parenteral, a diversified pharmaceutical formulation company, was fully subscribed on the final day of bidding on Friday, thanks to investments from institutional investors.
The IPO received bids for 78,80,972 shares, compared to the 75,22,486 shares on offer, resulting in a 1.05 times subscription rate, according to NSE data.
The portion for non-institutional investors saw a 2.36 times subscription rate, while Qualified Institutional Buyers (QIBs) subscribed to 1.71 times. Retail investors' portion was covered to 12 per cent.
Sai Parenteral's Ltd raised more than Rs 122 crore from anchor investors on Monday.
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 set at Rs 372-392 per share.
The proceeds from the IPO will be used to support the company'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.