SP
Sai Parenteral's Limited
A diversified pharmaceutical formulations company with expertise in branded generics and CDMO services, incorporated in 2001 and headquartered in India.
₹372–₹392
Price Band
38 Shares
Lot Size
₹14896
Min Investment
1 lot @ ₹392
₹409 Cr
Issue Size
+₹10
GMP Today
Est. ₹402 (2.5%)
1.08×
Subscribed
Day 3
₹5
Face Value
Grey Market Premium (GMP)
Updated 27 Mar · 17:00 IST+₹10
Current GMP
Grey Market Premium
₹402
Est. Listing Price
Upper band + GMP
+2.55%
Expected Return
From upper band ₹392
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 3 · 27 Mar 20261.73×
QIB
Qualified Institutional
2.45×
NII / HNI
Non-Institutional
0.12×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | – | 1.73× | ||
| NII | – | 2.45× | ||
| Retail | – | 0.12× | ||
| Total | – | – | 1.08× |
About the Company
Sai Parenteral’s Limited is a diversified pharmaceutical formulations company incorporated in 2001, operating across two business segments: Branded Generic Formulations and Contract Development and Manufacturing Organisation (CDMO) products and services. The company manufactures sterile injectable products, oral formulations, and other pharmaceutical products for domestic branded markets and global CDMO clients. The IPO raised ₹409 crore — ₹285 crore via fresh issue and ₹124 crore via OFS — listing on BSE and NSE on April 2, 2026 at a 3% premium to the issue price.
Founded
2001
Industry
Pharmaceuticals — Generics & CDMO
Issue type
Fresh Issue + OFS
Promoters
Anil Kumar Karusala, Vijitha Gorrepati, Karusala Aruna
✅ Strengths
- Dual revenue model — branded generics + CDMO reduces single-market dependency
- Revenue grew from ₹97 Cr (FY23) to ₹163 Cr (FY25) — 29% CAGR
- map[PAT margin improving:8.85% in FY25 vs 4.53% in FY23]
- EBITDA margin ~24% in H1 FY26 — healthy for a mid-size pharma
- Fresh issue funds capacity expansion to serve growing CDMO demand
⚠️ Risks
- Small scale — ₹163 Cr revenue in FY25 limits pricing power with large clients
- IPO subscribed just 1.08x overall — weak retail and NII demand
- Listed at only 3% premium (₹405) — minimal listing gains for applicants
- High competitive intensity in both CDMO and branded generics segments
- Promoter stake at 51.2% post-IPO — close to minimum threshold
Financial Performance
FY23 · FY24 · FY25Revenue (₹ Cr)
PAT (₹ Cr)
FY23
FY24
FY25
| Metric | FY23 | FY24 | FY25 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 97 | 154 | 163 | Stable |
| EBITDA (₹ Cr) | 18 | 32 | 39 | Stable |
| PAT (₹ Cr) | 4 | 8 | 14 | Stable |
| EPS (₹) | 0.99 | 1.91 | 3.28 | ▲ 71.7% |
| EBITDA Margin | 18.6% | 20.8% | 23.9% | – |
Analyst Review
5.5
/ 10 overall
Neutral ⚠️
Small-cap pharma — high risk
Allotment & Listing
✓
24 Mar
IPO Opens
Subscription window opens for all categories
✓
27 Mar
IPO Closes
Last day to apply – 5:00 PM deadline
✓
30 Mar
Allotment Date
Basis of allotment to be finalized
1 Apr
Refund Initiation
Unallotted funds credited to bank accounts
1 Apr
Credit to Demat
Shares credited to allottees' demat accounts
2 Apr
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹392
Issue Price
₹405
Listing Price
0.0%
Listing Gain
₹404
Current Price