New Delhi, March 23 Sai Parenteral's Ltd, a diversified pharmaceutical formulation company, raised over Rs 122 crore from anchor investors on Monday, a day before its initial public offering (IPO) opens for subscription.
Morgan Stanley Asia (Singapore) Pte Ltd, Kotak Lifesciences Fund, Quant Mutual Fund, Kotak Mahindra Life Insurance Company, and India Emerging Giants Funds Ltd are the anchor investors, according to a circular uploaded on the BSE website.
The Hyderabad-based company has allotted 31,28,485 equity shares to these funds at Rs 392 apiece, which is also the upper price band for the IPO. This brings the total transaction size to Rs 122.63 crore.
The company's maiden public offering will open for subscription on March 24 and close on March 27.
The IPO comprises a fresh issue of up to Rs 285 crore and an offer-for-sale of up to nearly 32 lakh equity shares. The price band has been fixed at Rs 372-392 per share.
The proceeds from the IPO will 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.