Hyderabad, March 17 Sai Parenteral's Ltd, a diversified pharmaceutical formulation company, announced on Tuesday that it has fixed the price band for its proposed IPO at ₹372-₹392 per share.
The company has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) as well as the Stock Exchanges for its proposed Initial Public Offering.
The IPO comprises a fresh issue of up to ₹285 crore and an offer-for-sale of up to nearly 32 lakh equity shares.
The company intends to list its equity shares on the Stock Exchanges (National Stock Exchange and Bombay Stock Exchange).
The RHP is available on the websites of SEBI, BSE and NSE, as well as on the BRLM and company’s website, a press release from the city-based firm said.
Anil KK, Chairman & Managing Director, SAI Parenteral's Limited, commented on this milestone: “The proposed Initial Public Offering represents an important milestone in SAI's growth journey. It reflects the progress we have made as an organization and provides us with an opportunity to further accelerate our strategic objectives.
The proceeds from the IPO will support the next phase of the firm’s expansion, particularly in strengthening our global formulations business and expanding its Contract Development and Manufacturing Organisation capabilities across both injectable products and oral solid dosage formulations, he said.