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Sai Parenteral's Ltd IPO

Status: Upcoming

Overview

IPO date
24 Mar 2026 to 27 Mar 2026
Face value
₹ 5 per share
Price
₹ 372 to ₹392 per share
Issue Size
10,428,288 shares
(aggregating up to ₹ 408.79 Cr)
Allotment Date
30 Mar 2026
Listing at
NSE
Issue type
Book Building
Sector
Pharmaceuticals

Objectives of Sai Parenteral's Ltd IPO

Sai Parenteral's Ltd IPO Strategy

About Sai Parenteral's Ltd

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T&C*

Strengths vs Risks of Sai Parenteral's Ltd

Know the pros & cons

Strengths

  • arrowDiversified generic formulations player with an established track record.
  • arrowStrategically located and accredited Manufacturing Facilities.
  • arrowStrong focus on CDMO business.
  • arrowWell-established sales network in India and overseas.
  • arrowTrack record of value-accretive acquisitions.
  • arrowExperienced Promoters and Senior Management with extensive domain knowledge.

Risks

  • arrowThe company's Manufacturing Facilities are concentrated in Hyderabad, Telangana and Ongole, Andhra Pradesh. The company is exposed to risks originating from slowdown or shutdown, economic, regulatory, political and other changes in this region, including natural disasters, which could adversely affect its business, results of operations and financial condition.
  • arrowOut of its diversified product portfolio, approximately 44.78%, 47.64% and 92.03% during the Fiscals 2025, 2024 and 2023, respectively of the company's Net Revenue from Operations was derived from the sale of injectables. Any reduction in demand for these products may adversely affect its business, financial condition, results of operations and cash flows.
  • arrowThe company's Manufacturing Facilities are subject to periodic inspections and audits by regulatory authorities and customers. The company may be subject to regulatory action which may damage its reputation, leading to an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowMajority of its key raw material purchases, being APIs, excipients and intermediates, are sourced from a diversified supplier base, and the company does not enter into is not any long-term contractual agreements with them. Any reduction of supplies or discontinuation of supplies from its top suppliers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows. Any fluctuation in prices of its raw materials may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
  • arrowThe company's success depends on its ability to successfully develop and commercialize new products in a timely manner. Any failures to do so could adversely affect the company's business, results of operations and financial condition.
  • arrowThe company's business is dependent on the sale of products to a limited number of customers for a significant portion of its revenues. The loss of one or more such customers or the deterioration of their financial condition or prospects could adversely affect its business, results of operations and financial condition.
  • arrowThe company's international business exposes us to complex management, legal, tax and economic risks, which could adversely affect its business, results of operations and financial condition.
  • arrowThere are outstanding legal proceedings involving the Company, Promoters, some of its Directors and, the company's Material Subsidiary.
  • arrowThe company plans to expand and/or upgrade its Manufacturing Facilities from the Net Proceeds of the Fresh Issue and will be required to briefly stop operations in Unit I and II till such plans are completed. The company has estimated a period of 6 months for this disruption before both these units can resume operations. The company is also dependent on third-party contractors and specialist agencies who will be executing the proposed expansion and/or upgradation plans.
  • arrowThe Indian pharmaceutical market is subject to extensive regulation and its failures to comply with the existing and future regulatory requirements in the pharmaceutical market could adversely affect the company's business, results of operations and financial condition.
  • arrowThe company is in the process of acquiring Noumed Pharmaceuticals Pty Limited, an Australia-based pharmaceutical company, to further strengthening its Branded Generic Formulation and CDMO businesses.
  • arrowNoumed is developing its first manufacturing facility in Adelaide, South Australia. The Company does not have any experience of developing and operating a manufacturing facility in any overseas jurisdiction.
  • arrowThe company is yet to place orders for the expansion and upgradation of its Units I, II, III and IV proposed to be funded through the Net Proceeds from the Fresh Issue. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the machinery and equipment in a timely manner, or at all, it may result in time and cost over-runs and its business, results of operations, financial condition and cash flows may be adversely affected.
  • arrowAny failures to explore and exploit opportunities in the global injectables market may affect its future growth, business prospects, results of operations and cash flows.
  • arrowThe company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business. Any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
  • arrowThe company's Statutory Auditors has included a remark in connection with the Companies (Auditor's Report) Order, 2020/ Companies (Auditor's Report) Order, 2016.
  • arrowThe company's CDMO agreements impose several contractual obligations upon the Company. If the company is unable to meet these contractual obligations and/ or the company's customers perceive any deficiency in the company's products, the company may face legal and financial consequences damaging to its reputation which may in-turn adversely impact the company's business, results of operations and financial condition.
  • arrowThe company is exposed to the risk of blacklisting by government authorities, which could prevent the company from bidding for government tenders. Any such action could have a disproportionate adverse impact on its business, results of operations, cash flows, and reputation.
  • arrowThe company has in the past and may in the future incur additional costs or liquidated damages in the event of disputes, claims, defects or delays.
  • arrowThe company supply Branded Generic Formulations to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market.
  • arrowAny manufacturing or quality control concerns, could result in breaches of relevant agreements, and termination of agreements by its customers, distributors and super -stockist, which could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe award of contracts for the supply of formulations to government departments, institutions and agencies are awarded through the competitive bidding process. The company may not be able to qualify for, compete and win future supply contracts, which could adversely affect its business and results of operations.
  • arrowThe Company may be unable to successfully develop, obtain approvals and/or commercialise new formulations, which could adversely affect the growth prospects and competitive position of our CDMO business.
  • arrowThe company's Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity. Any shortage or disruption in electricity may lead to disruption in operations, higher operating cost and consequent decline in the company's operating margins.
  • arrowThe company's operations are labour intensive, and the company may be subject to strikes, work stoppages or increased wage demands by the company's employees, which could adversely affect its business, results of operations and financial condition.
  • arrowCertain legal proceedings have been initiated against the company for which we have not been served with summons, notices or related case papers, which limits its ability to make complete disclosures in this Draft Red Herring Prospectus.
  • arrowThe company's employees and customers may engage in misconduct or other improper or illegal activities, including misrepresentation, non-compliance with regulatory requirements and breach of contractual obligations.
  • arrowThe company's inability to successfully implement its business plan and growth strategy could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
  • arrowThe company operates in a market that is highly competitive to provide outsourced pharmaceutical manufacturing services, particularly for Branded Generic Formulations and CDMO operator, to customers in India and other jurisdictions.
  • arrowThe company may pursue strategic acquisitions for inorganic growth. However, the integration of such acquisitions could result in operating difficulties, dilution and other adverse consequences.
  • arrowThe failures, inadequacy or breach of its information technology systems or the company's business processes regarding confidential information and other data, unauthorized access to its confidential information or violations of data protection laws could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. Further, failures to maintain confidential information of its customers, especially of the company's CDMO customers, could adversely affect its results of operations and/or, damage the company's reputation.
  • arrowThe company is dependent on third parties for the transportation and timely delivery of its products to customers and delivery of raw materials to the company's facilities. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect its business.
  • arrowAny termination or failures by the company to renew the lease and license agreements for its Registered Office in an acceptable and timely manner, or at all, could adversely affect the company's business and results of operations.
  • arrowThe company's Promoters have extended personal guarantees with respect to loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
  • arrowThe company is dependents on its Promoters, Senior Management Personnel and Key Managerial Personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThere have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
  • arrowThe company's business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, cash flows and financial condition.
  • arrowThe company's inability to collect receivables and instances of payment default by its customers could result in the reduction of the company's profits and affect its cash flows, adversely affecting business, results of operations, financial condition and cash flows.
  • arrowThe Pro Forma Consolidated Financial Information included in this Draft Red Herring Prospectus may not accurately reflect its future financial condition, results of operations, cash flows and business
  • arrowThe Company has availed unsecured borrowing which is repayable on demand.
  • arrowThe company's insurance coverage may not be sufficient or adequate to cover its losses and liabilities. If the company suffer a large uninsured loss or an insured loss that significantly exceeds its insurance coverage, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • arrowThe company's inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.
  • arrowThe company is subject to the risk of loss due to fire, accidents and other hazards as its manufacturing, and research and development processes utilize materials that are highly flammable and hazardous. Any failures to comply with existing and future regulatory requirements or non-compliance with and changes in, safety, health, environmental and labour laws and other applicable regulations, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • arrowThe company has certain contingent liabilities, which, if they materialize, may affect its results of operations, financial condition and cash flows.
  • arrowIf the company fails to establish and maintain effective internal control over its financial reporting, the company's may have misstatements in the company's financial statements and the company may not be able to report our financial results in a timely manner and as a result current and potential investors could lose confidence in the company's financial reporting.
  • arrowThe company is subject to diverse regulatory requirements in the jurisdiction where the company's subsidiary operate, and non-compliance with such laws or foreign exchange regulations could adversely impact its manufacturing operations, business, financial condition, and results of operations.
  • arrowAn inability or delay in launching new generic pharmaceutical products due to successful efforts by the innovator of the pharmaceutical to limit the use of generics through any legislative, regulatory and judicial measures, including patent extensions, may adversely affect its business, results of operations and financial condition.
  • arrowReforms in the healthcare industry and the uncertainty associated with pharmaceutical pricing, reimbursement and related matters could adversely affect the marketing, pricing and demand for its products.
  • arrowFraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
  • arrowAny variation in the utilization of the Net Proceeds of the Offer shall be subject to certain compliance requirements, including prior approval of the Shareholders of our Company.
  • arrowThe company has in the past entered into related party transactions and may continue to do so in the future. the company cannot assure you that the company could not have achieved more favourable terms had such transactions not been entered into with related parties.
  • arrowThis Draft Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Marketysers Global Consulting LLP, which the company has commissioned and paid for, for the purpose of confirming our understanding of the industry the company operate in, exclusively in connection with the Offer.
  • arrowInformation relating to the installed manufacturing capacity, actual production and capacity utilization of its Manufacturing Facilities included in this Draft Red Herring Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
  • arrowCertain non-GAAP measures and other statistical information relating to its operations and financial performance have been included in this Draft Red Herring Prospectus. These non-GAAP measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
  • arrowProceeds from the Offer for Sale portion of this Offer will not be available to the company.
  • arrowThe company has, in the last year, issued Equity Shares at a price that could be lower than the Offer Price.
  • arrowThe company's funding requirements and deployment of the Net Proceeds are based on current circumstances of its business and may be subject to change based on various factors. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
  • arrowAny sale of Equity Shares by its Promoters or future issuance of Equity Shares, or convertible securities or other equity-linked securities by us may dilute your shareholding and adversely affect the trading price of the Equity Shares.
  • arrowInvestors may be subject to Indian taxes arising out of income arising on distribution of dividend and sale of the Equity Shares.
  • arrowHolders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • arrowQIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Investors and Eligible Employees Bidding in the Employee Reservation Portion are not permitted to withdraw their Bids after Bid/Offer Closing Date.
  • arrowThe company's Material Subsidiary, Revat Laboratories Private Limited, was directed by the Drugs Control Administration (DCA) to cease all manufacturing activities due to non-compliance with Schedule M of the Drugs and Cosmetics Act, 1940. Any similar instance in the future may have a material impact on its business, financial condition and results of operations.
  • arrowThe company has in the past and may in the future incur additional costs or liquidated damages in the event of disputes, claims, defects or delays.
  • arrowThe company supply Branded Generic Formulations to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market.
  • arrowAny manufacturing or quality control concerns, could result in breaches of relevant agreements, and termination of agreements by the company's customers, distributors and super-stockist, which could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe award of contracts for the supply of formulations to government departments, institutions and agencies are awarded through the competitive bidding process. the company may not be able to qualify for, compete and win future supply contracts, which could adversely affect its business and results of operations.
  • arrowThe Company may be unable to successfully develop, obtain approvals and/or commercialise new formulations, which could adversely affect the growth prospects and competitive position of its CDMO business.
  • arrowThe company's Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity. Any shortage or disruption in electricity may lead to disruption in operations, higher operating cost and consequent decline in the company's operating margins.
  • arrowThe company's operations are labour intensive, and the company may be subject to strikes, work stoppages or increased wage demands by its employees, which could adversely affect the company's business, results of operations and financial condition.
  • arrowCertain legal proceedings have been initiated against the company for which the company has not been served with summons, notices or related case papers, which limits its ability to make complete disclosures in this Red Herring Prospectus.
  • arrowThe company's employees and customers may engage in misconduct or other improper or illegal activities, including misrepresentation, non-compliance with regulatory requirements and breach of contractual obligations.
  • arrowThe company's inability to successfully implement its business plan and growth strategy could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
  • arrowThe company operates in a market that is highly competitive to provide outsourced pharmaceutical manufacturing services, particularly for Branded Generic Formulations and CDMO operator, to customers in India and other jurisdictions.
  • arrowThe company may pursue strategic acquisitions for inorganic growth. However, the integration of such acquisitions could result in operating difficulties, dilution and other adverse consequences.
  • arrowThe failure, inadequacy or breach of its information technology systems or the company's business processes regarding confidential information and other data, unauthorized access to its confidential information or violations of data protection laws could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. Further, failures to maintain confidential information of its customers, especially of its CDMO customers, could adversely affect the company's results of operations and/or, damage its reputation.
  • arrowThe company is dependent on third parties for the transportation and timely delivery of the company's products to customers and delivery of raw materials to the company's facilities. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect its business.
  • arrowAny termination or failures by the company to renew the lease and license agreements for its Registered Office in an acceptable and timely manner, or at all, could adversely affect the company's business and results of operations.
  • arrowThe company's Promoters have extended personal guarantees with respect to loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
  • arrowThe company is dependent on its Promoters, Senior Management Personnel and Key Managerial Personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThere have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • arrowSome of its Directors does not have prior experience of directorship in any of the companies listed on recognized stock exchanges, and therefore, will be able to provide only limited guidance in relation to the post-listing affairs of the Company.
  • arrowAny future under-utilization of its manufacturing capacity may have an adverse effect on the company's business, future prospects and future financial performance.
  • arrowThe company's business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, cash flows and financial condition.
  • arrowThe company's inability to collect receivables and instances of payment default by its customers could result in the reduction of the company's profits and affect its cash flows, adversely affecting business, results of operations, financial condition and cash flows.
  • arrowThe Pro Forma Consolidated Financial Information included in this Red Herring Prospectus may not accurately reflect its future financial condition, results of operations, cash flows and business.
  • arrowThe Company has availed unsecured borrowing which is repayable on demand.
  • arrowThe company has acquired its Unit III and Unit IV through a slump sale and have not obtained an independent valuation report prior to such acquisition.
  • arrowThe company's insurance coverage may not be sufficient or adequate to cover its losses and liabilities. If the company suffers a large uninsured loss or an insured loss that significantly exceeds the company's insurance coverage, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • arrowThe company's inability to meet its obligations, including financial and other covenants under the company's debt financing arrangements could adversely affect its business, financial condition, cash flows and results of operations.
  • arrowThe company's inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.
  • arrowThe company is subject to the risk of loss due to fire, accidents and other hazards as its manufacturing, and research and development processes utilize materials that are highly flammable and hazardous. Any failures to comply with existing and future regulatory requirements or non-compliance with and changes in, safety, health, environmental and labour laws and other applicable regulations, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • arrowThe company has certain contingent liabilities, which, if they materialize, may affect its results of operations, financial condition and cash flows.
  • arrowThe company's ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
  • arrowIf the company fails to establish and maintain effective internal control over its financial reporting, the company may have misstatements in the company's financial statements and the company may not be able to report its financial results in a timely manner and as a result current and potential investors could lose confidence in the company's financial reporting.
  • arrowThe company is subject to diverse regulatory requirements in the jurisdiction where its subsidiaries operate, and non-compliance with such laws or foreign exchange regulations could adversely impact the company's manufacturing operations, business, financial condition, and results of operations.
  • arrowAn inability or delay in launching new generic pharmaceutical products due to successful efforts by the innovator of the pharmaceutical to limit the use of generics through any legislative, regulatory and judicial measures, including patent extensions, may adversely affect its business, results of operations and financial condition.
  • arrowThe company may be unable to obtain and maintain the intellectual property rights for its product and the company's proprietary information.
  • arrowReforms in the healthcare industry and the uncertainty associated with pharmaceutical pricing, reimbursement and related matters could adversely affect the marketing, pricing and demand for its products.
  • arrowThe company will be controlled by the company's Promoters and members of the Promoter Group so long as they hold a majority of the Equity Shares, which will allow them to influence the outcome of certain matters submitted for approval of its Shareholders and their interests may differ from those of the other Shareholders.
  • arrowFraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.
  • arrowAny variation in the utilization of the Net Proceeds of the Offer shall be subject to certain compliance requirements, including prior approval of the Shareholders of the Company.
  • arrowThis Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Marketysers Global Consulting LLP, which the company has commissioned and paid for, for the purpose of confirming its understanding of the industry the company operates in, exclusively in connection with the Offer.
  • arrowInformation relating to the installed manufacturing capacity, actual production and capacity utilization of The company's Manufacturing Facilities included in this Red Herring Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
  • arrowCertain non-GAAP measures and other statistical information relating to the company's operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
  • arrowProceeds from the Offer for Sale portion of this Offer will not be available to the company.
  • arrowThe company's funding requirements and deployment of the Net Proceeds are based on current circumstances of the company's business and may be subject to change based on various factors. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
  • arrowAny sale of Equity Shares by the company's Promoters or future issuance of Equity Shares, or convertible securities or other equity-linked securities by the company may dilute your shareholding and adversely affect the trading price of the Equity Shares.
  • arrowInvestors may be subject to Indian taxes arising out of income arising on distribution of dividend and sale of the Equity Shares.
  • arrowHolders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • arrowQIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Offer Closing Date.

Sai Parenteral's Ltd Peer Comparison

Understand the company’s industry standing

Sai Parenteral's Limited
Sai Life Sciences Limited
Innova Captab Limited
Face Value
5
1
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
163.11
1694.57
1243.68
EPS-Basis
5.43
8.83
22.41
EPS-Diluted
5.43
8.61
22.41
NAV Per Share
35.98
102.12
167.66
P/E-Basic EPS
---
107.7
32.45
P/E-Diluted EPS
---
---
---
RONW(%)
15.09
7.99
13.37
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 24 Mar 2026 & closes on 27 Mar 2026.

Sai Parenteral's Limited was originally incorporated as Sai Parenteral's Private Limited', a Private Limited Company on January 12, 2001, with the Registrar of Companies, at Hyderabad. Thereafter, Company was converted into a Public Limited Company and the name of Company was changed to Sai Parenteral's Limited' w.e.f January 17, 2022. Sai Parenteral's is a diversified pharmaceutical formulations company engaged in the business of Branded Generic Formulations and Contract Development and Manufacturing Organization (CDMO) products and services for the domestic and international markets. Company has developed a comprehensive and diversified portfolio of complex pharmaceutical products, covering both high-value and high-volume categories addressing critical therapeutic needs across the multiple disease areas. The key therapeutic areas include cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics and dermatology products in dosage forms such as injectables, tablets, capsules, liquid orals and ointments. The Company acquired Unit-I and Unit-II in 2016. It launched Prefilled technology equipment at Unit-I in FY 2021. Company has undertaken strategic acquisitions that expanded the manufacturing, technological and CDMO capabilities, diversified the product range and increased geographical presence in regulated and semi regulated markets. In February 2022, Company acquired Unit III facility located at IDA Bhongir, Hyderabad and accredited by the Therapeutic Goods Administration (TGA), Australia. In September 2022, Company acquired Unit IV facility accredited with Pharmaceutical Inspection Co-operation Scheme (PIC/S) and WHO-GMP. It started the export business in 2023 after acquiring two internationally accredited manufacturing units in Hyderabad, Telangana. In February 2024, Company further expanded its domestic presence by making Revat Laboratories as a wholly owned subsidiary. The Company has incorporated a wholly owned subsidiary, Sai Parenterals Pte. Limited in Singapore in FY25. Company is planning the Initial Public Offer by issuing 3,500,000 equity shares having the face value of Rs 5 each through Offer for Sale and by raising Rs 285 Cr equity shares through Fresh Issue.

Sai Parenteral's Ltd IPO will close on 27 Mar 2026.

  • Diversified generic formulations player with an established track record.
  • Strategically located and accredited Manufacturing Facilities.
  • Strong focus on CDMO business.
  • Well-established sales network in India and overseas.
  • Track record of value-accretive acquisitions.
  • Experienced Promoters and Senior Management with extensive domain knowledge.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Anil Kumar Karusala 4558597 12.35 4558597 9.63
2 Vijitha Gorrepati 12773394 34.61 12773394 26.98
3 Karusala Aruna 3268010 8.85 3268010 6.9
4 Kunal Kakumanu 2000000 5.42 2000000 4.23

  • The company's Manufacturing Facilities are concentrated in Hyderabad, Telangana and Ongole, Andhra Pradesh. The company is exposed to risks originating from slowdown or shutdown, economic, regulatory, political and other changes in this region, including natural disasters, which could adversely affect its business, results of operations and financial condition.
  • Out of its diversified product portfolio, approximately 44.78%, 47.64% and 92.03% during the Fiscals 2025, 2024 and 2023, respectively of the company's Net Revenue from Operations was derived from the sale of injectables. Any reduction in demand for these products may adversely affect its business, financial condition, results of operations and cash flows.
  • The company's Manufacturing Facilities are subject to periodic inspections and audits by regulatory authorities and customers. The company may be subject to regulatory action which may damage its reputation, leading to an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • Majority of its key raw material purchases, being APIs, excipients and intermediates, are sourced from a diversified supplier base, and the company does not enter into is not any long-term contractual agreements with them. Any reduction of supplies or discontinuation of supplies from its top suppliers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows. Any fluctuation in prices of its raw materials may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
  • The company's success depends on its ability to successfully develop and commercialize new products in a timely manner. Any failures to do so could adversely affect the company's business, results of operations and financial condition.
  • The company's business is dependent on the sale of products to a limited number of customers for a significant portion of its revenues. The loss of one or more such customers or the deterioration of their financial condition or prospects could adversely affect its business, results of operations and financial condition.
  • The company's international business exposes us to complex management, legal, tax and economic risks, which could adversely affect its business, results of operations and financial condition.
  • There are outstanding legal proceedings involving the Company, Promoters, some of its Directors and, the company's Material Subsidiary.
  • The company plans to expand and/or upgrade its Manufacturing Facilities from the Net Proceeds of the Fresh Issue and will be required to briefly stop operations in Unit I and II till such plans are completed. The company has estimated a period of 6 months for this disruption before both these units can resume operations. The company is also dependent on third-party contractors and specialist agencies who will be executing the proposed expansion and/or upgradation plans.
  • The Indian pharmaceutical market is subject to extensive regulation and its failures to comply with the existing and future regulatory requirements in the pharmaceutical market could adversely affect the company's business, results of operations and financial condition.
  • The company is in the process of acquiring Noumed Pharmaceuticals Pty Limited, an Australia-based pharmaceutical company, to further strengthening its Branded Generic Formulation and CDMO businesses.
  • Noumed is developing its first manufacturing facility in Adelaide, South Australia. The Company does not have any experience of developing and operating a manufacturing facility in any overseas jurisdiction.
  • The company is yet to place orders for the expansion and upgradation of its Units I, II, III and IV proposed to be funded through the Net Proceeds from the Fresh Issue. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the machinery and equipment in a timely manner, or at all, it may result in time and cost over-runs and its business, results of operations, financial condition and cash flows may be adversely affected.
  • Any failures to explore and exploit opportunities in the global injectables market may affect its future growth, business prospects, results of operations and cash flows.
  • The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business. Any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
  • The company's Statutory Auditors has included a remark in connection with the Companies (Auditor's Report) Order, 2020/ Companies (Auditor's Report) Order, 2016.
  • The company's CDMO agreements impose several contractual obligations upon the Company. If the company is unable to meet these contractual obligations and/ or the company's customers perceive any deficiency in the company's products, the company may face legal and financial consequences damaging to its reputation which may in-turn adversely impact the company's business, results of operations and financial condition.
  • The company is exposed to the risk of blacklisting by government authorities, which could prevent the company from bidding for government tenders. Any such action could have a disproportionate adverse impact on its business, results of operations, cash flows, and reputation.
  • The company has in the past and may in the future incur additional costs or liquidated damages in the event of disputes, claims, defects or delays.
  • The company supply Branded Generic Formulations to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market.
  • Any manufacturing or quality control concerns, could result in breaches of relevant agreements, and termination of agreements by its customers, distributors and super -stockist, which could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The award of contracts for the supply of formulations to government departments, institutions and agencies are awarded through the competitive bidding process. The company may not be able to qualify for, compete and win future supply contracts, which could adversely affect its business and results of operations.
  • The Company may be unable to successfully develop, obtain approvals and/or commercialise new formulations, which could adversely affect the growth prospects and competitive position of our CDMO business.
  • The company's Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity. Any shortage or disruption in electricity may lead to disruption in operations, higher operating cost and consequent decline in the company's operating margins.
  • The company's operations are labour intensive, and the company may be subject to strikes, work stoppages or increased wage demands by the company's employees, which could adversely affect its business, results of operations and financial condition.
  • Certain legal proceedings have been initiated against the company for which we have not been served with summons, notices or related case papers, which limits its ability to make complete disclosures in this Draft Red Herring Prospectus.
  • The company's employees and customers may engage in misconduct or other improper or illegal activities, including misrepresentation, non-compliance with regulatory requirements and breach of contractual obligations.
  • The company's inability to successfully implement its business plan and growth strategy could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
  • The company operates in a market that is highly competitive to provide outsourced pharmaceutical manufacturing services, particularly for Branded Generic Formulations and CDMO operator, to customers in India and other jurisdictions.
  • The company may pursue strategic acquisitions for inorganic growth. However, the integration of such acquisitions could result in operating difficulties, dilution and other adverse consequences.
  • The failures, inadequacy or breach of its information technology systems or the company's business processes regarding confidential information and other data, unauthorized access to its confidential information or violations of data protection laws could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. Further, failures to maintain confidential information of its customers, especially of the company's CDMO customers, could adversely affect its results of operations and/or, damage the company's reputation.
  • The company is dependent on third parties for the transportation and timely delivery of its products to customers and delivery of raw materials to the company's facilities. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect its business.
  • Any termination or failures by the company to renew the lease and license agreements for its Registered Office in an acceptable and timely manner, or at all, could adversely affect the company's business and results of operations.
  • The company's Promoters have extended personal guarantees with respect to loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
  • The company is dependents on its Promoters, Senior Management Personnel and Key Managerial Personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
  • There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
  • The company's business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, cash flows and financial condition.
  • The company's inability to collect receivables and instances of payment default by its customers could result in the reduction of the company's profits and affect its cash flows, adversely affecting business, results of operations, financial condition and cash flows.
  • The Pro Forma Consolidated Financial Information included in this Draft Red Herring Prospectus may not accurately reflect its future financial condition, results of operations, cash flows and business
  • The Company has availed unsecured borrowing which is repayable on demand.
  • The company's insurance coverage may not be sufficient or adequate to cover its losses and liabilities. If the company suffer a large uninsured loss or an insured loss that significantly exceeds its insurance coverage, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • The company's inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.
  • The company is subject to the risk of loss due to fire, accidents and other hazards as its manufacturing, and research and development processes utilize materials that are highly flammable and hazardous. Any failures to comply with existing and future regulatory requirements or non-compliance with and changes in, safety, health, environmental and labour laws and other applicable regulations, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • The company has certain contingent liabilities, which, if they materialize, may affect its results of operations, financial condition and cash flows.
  • If the company fails to establish and maintain effective internal control over its financial reporting, the company's may have misstatements in the company's financial statements and the company may not be able to report our financial results in a timely manner and as a result current and potential investors could lose confidence in the company's financial reporting.
  • The company is subject to diverse regulatory requirements in the jurisdiction where the company's subsidiary operate, and non-compliance with such laws or foreign exchange regulations could adversely impact its manufacturing operations, business, financial condition, and results of operations.
  • An inability or delay in launching new generic pharmaceutical products due to successful efforts by the innovator of the pharmaceutical to limit the use of generics through any legislative, regulatory and judicial measures, including patent extensions, may adversely affect its business, results of operations and financial condition.
  • Reforms in the healthcare industry and the uncertainty associated with pharmaceutical pricing, reimbursement and related matters could adversely affect the marketing, pricing and demand for its products.
  • Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
  • Any variation in the utilization of the Net Proceeds of the Offer shall be subject to certain compliance requirements, including prior approval of the Shareholders of our Company.
  • The company has in the past entered into related party transactions and may continue to do so in the future. the company cannot assure you that the company could not have achieved more favourable terms had such transactions not been entered into with related parties.
  • This Draft Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Marketysers Global Consulting LLP, which the company has commissioned and paid for, for the purpose of confirming our understanding of the industry the company operate in, exclusively in connection with the Offer.
  • Information relating to the installed manufacturing capacity, actual production and capacity utilization of its Manufacturing Facilities included in this Draft Red Herring Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
  • Certain non-GAAP measures and other statistical information relating to its operations and financial performance have been included in this Draft Red Herring Prospectus. These non-GAAP measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
  • Proceeds from the Offer for Sale portion of this Offer will not be available to the company.
  • The company has, in the last year, issued Equity Shares at a price that could be lower than the Offer Price.
  • The company's funding requirements and deployment of the Net Proceeds are based on current circumstances of its business and may be subject to change based on various factors. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
  • Any sale of Equity Shares by its Promoters or future issuance of Equity Shares, or convertible securities or other equity-linked securities by us may dilute your shareholding and adversely affect the trading price of the Equity Shares.
  • Investors may be subject to Indian taxes arising out of income arising on distribution of dividend and sale of the Equity Shares.
  • Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Investors and Eligible Employees Bidding in the Employee Reservation Portion are not permitted to withdraw their Bids after Bid/Offer Closing Date.
  • The company's Material Subsidiary, Revat Laboratories Private Limited, was directed by the Drugs Control Administration (DCA) to cease all manufacturing activities due to non-compliance with Schedule M of the Drugs and Cosmetics Act, 1940. Any similar instance in the future may have a material impact on its business, financial condition and results of operations.
  • The company has in the past and may in the future incur additional costs or liquidated damages in the event of disputes, claims, defects or delays.
  • The company supply Branded Generic Formulations to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market.
  • Any manufacturing or quality control concerns, could result in breaches of relevant agreements, and termination of agreements by the company's customers, distributors and super-stockist, which could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The award of contracts for the supply of formulations to government departments, institutions and agencies are awarded through the competitive bidding process. the company may not be able to qualify for, compete and win future supply contracts, which could adversely affect its business and results of operations.
  • The Company may be unable to successfully develop, obtain approvals and/or commercialise new formulations, which could adversely affect the growth prospects and competitive position of its CDMO business.
  • The company's Manufacturing Facilities are dependent on adequate and uninterrupted supply of electricity. Any shortage or disruption in electricity may lead to disruption in operations, higher operating cost and consequent decline in the company's operating margins.
  • The company's operations are labour intensive, and the company may be subject to strikes, work stoppages or increased wage demands by its employees, which could adversely affect the company's business, results of operations and financial condition.
  • Certain legal proceedings have been initiated against the company for which the company has not been served with summons, notices or related case papers, which limits its ability to make complete disclosures in this Red Herring Prospectus.
  • The company's employees and customers may engage in misconduct or other improper or illegal activities, including misrepresentation, non-compliance with regulatory requirements and breach of contractual obligations.
  • The company's inability to successfully implement its business plan and growth strategy could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
  • The company operates in a market that is highly competitive to provide outsourced pharmaceutical manufacturing services, particularly for Branded Generic Formulations and CDMO operator, to customers in India and other jurisdictions.
  • The company may pursue strategic acquisitions for inorganic growth. However, the integration of such acquisitions could result in operating difficulties, dilution and other adverse consequences.
  • The failure, inadequacy or breach of its information technology systems or the company's business processes regarding confidential information and other data, unauthorized access to its confidential information or violations of data protection laws could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company's failures to keep its technical knowledge confidential could erode the company's competitive advantage. Further, failures to maintain confidential information of its customers, especially of its CDMO customers, could adversely affect the company's results of operations and/or, damage its reputation.
  • The company is dependent on third parties for the transportation and timely delivery of the company's products to customers and delivery of raw materials to the company's facilities. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect its business.
  • Any termination or failures by the company to renew the lease and license agreements for its Registered Office in an acceptable and timely manner, or at all, could adversely affect the company's business and results of operations.
  • The company's Promoters have extended personal guarantees with respect to loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
  • The company is dependent on its Promoters, Senior Management Personnel and Key Managerial Personnel, and the loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations, financial condition and cash flows.
  • There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
  • Some of its Directors does not have prior experience of directorship in any of the companies listed on recognized stock exchanges, and therefore, will be able to provide only limited guidance in relation to the post-listing affairs of the Company.
  • Any future under-utilization of its manufacturing capacity may have an adverse effect on the company's business, future prospects and future financial performance.
  • The company's business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, cash flows and financial condition.
  • The company's inability to collect receivables and instances of payment default by its customers could result in the reduction of the company's profits and affect its cash flows, adversely affecting business, results of operations, financial condition and cash flows.
  • The Pro Forma Consolidated Financial Information included in this Red Herring Prospectus may not accurately reflect its future financial condition, results of operations, cash flows and business.
  • The Company has availed unsecured borrowing which is repayable on demand.
  • The company has acquired its Unit III and Unit IV through a slump sale and have not obtained an independent valuation report prior to such acquisition.
  • The company's insurance coverage may not be sufficient or adequate to cover its losses and liabilities. If the company suffers a large uninsured loss or an insured loss that significantly exceeds the company's insurance coverage, the company's business, results of operations, financial condition and cash flows may be adversely affected.
  • The company's inability to meet its obligations, including financial and other covenants under the company's debt financing arrangements could adversely affect its business, financial condition, cash flows and results of operations.
  • The company's inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.
  • The company is subject to the risk of loss due to fire, accidents and other hazards as its manufacturing, and research and development processes utilize materials that are highly flammable and hazardous. Any failures to comply with existing and future regulatory requirements or non-compliance with and changes in, safety, health, environmental and labour laws and other applicable regulations, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • The company has certain contingent liabilities, which, if they materialize, may affect its results of operations, financial condition and cash flows.
  • The company's ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
  • If the company fails to establish and maintain effective internal control over its financial reporting, the company may have misstatements in the company's financial statements and the company may not be able to report its financial results in a timely manner and as a result current and potential investors could lose confidence in the company's financial reporting.
  • The company is subject to diverse regulatory requirements in the jurisdiction where its subsidiaries operate, and non-compliance with such laws or foreign exchange regulations could adversely impact the company's manufacturing operations, business, financial condition, and results of operations.
  • An inability or delay in launching new generic pharmaceutical products due to successful efforts by the innovator of the pharmaceutical to limit the use of generics through any legislative, regulatory and judicial measures, including patent extensions, may adversely affect its business, results of operations and financial condition.
  • The company may be unable to obtain and maintain the intellectual property rights for its product and the company's proprietary information.
  • Reforms in the healthcare industry and the uncertainty associated with pharmaceutical pricing, reimbursement and related matters could adversely affect the marketing, pricing and demand for its products.
  • The company will be controlled by the company's Promoters and members of the Promoter Group so long as they hold a majority of the Equity Shares, which will allow them to influence the outcome of certain matters submitted for approval of its Shareholders and their interests may differ from those of the other Shareholders.
  • Fraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.
  • Any variation in the utilization of the Net Proceeds of the Offer shall be subject to certain compliance requirements, including prior approval of the Shareholders of the Company.
  • This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Marketysers Global Consulting LLP, which the company has commissioned and paid for, for the purpose of confirming its understanding of the industry the company operates in, exclusively in connection with the Offer.
  • Information relating to the installed manufacturing capacity, actual production and capacity utilization of The company's Manufacturing Facilities included in this Red Herring Prospectus is based on various assumptions and estimates, and future production and capacity may vary.
  • Certain non-GAAP measures and other statistical information relating to the company's operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
  • Proceeds from the Offer for Sale portion of this Offer will not be available to the company.
  • The company's funding requirements and deployment of the Net Proceeds are based on current circumstances of the company's business and may be subject to change based on various factors. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
  • Any sale of Equity Shares by the company's Promoters or future issuance of Equity Shares, or convertible securities or other equity-linked securities by the company may dilute your shareholding and adversely affect the trading price of the Equity Shares.
  • Investors may be subject to Indian taxes arising out of income arising on distribution of dividend and sale of the Equity Shares.
  • Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Offer Closing Date.

The Issue type of Sai Parenteral's Ltd is Book Building.

The minimum application for shares of Sai Parenteral's Ltd is 38.

The total shares issue of Sai Parenteral's Ltd is 10428288.

Initial public offer of up to 10428288 equity shares of face value of Rs. 5 each ("Equity Shares") of Sai Parenteral's Limited ("Company" or "Issuer") for cash at a price of Rs. 392 per equity share (Including a Share Premium of Rs. 387 Per Equity Share) ("Offer Price") aggregating up to Rs. 408.79 Crore comprising a fresh issue of up to 7270408 equity shares of face value of Rs. 5 each aggregating up to Rs. 285 Crore by the company ("Fresh Issue") and an offer for sale of up to 3,157,880 equity shares of face value of Rs. 5 each aggregating up to Rs. 123.79 Crore ("Offered Shares") by investor selling shareholders (such sale, the "Offer For Sale", and together with the fresh issue, the"Offer"). The offer shall constitute [*]% of the post-offer paid up equity share capital of the company. Price Band: Rs. 372 to Rs. 392 per equity share of face value of Rs. 5 each. The floor price 74.40 times the face value of the equity shares and the cap price is 78.40 times the face value of the equity shares. Bids can be made for a minimum of 38 equity shares of face value of Rs. 5 each and in multiples of 38 equity shares of face value of Rs. 5 each thereafter.