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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capacity expansion and upgradation
Funding the expansion and upgradation of the company's manufacturing facilities.
New R&D centre
Setting up a new research and development centre.
Repayment of borrowings
Repayment or prepayment of certain outstanding borrowings.
Working capital
Meeting incremental working capital requirements.
Overseas acquisition (Noumed Pharmaceuticals)
Investment in the company's Singapore subsidiary to repay a bridge loan raised for acquiring Noumed Pharmaceuticals Pty Ltd of Australia.
General corporate purposes
The balance of the fresh issue proceeds towards general corporate purposes.
(₹ in Crore)
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Sai Parenterals Limited is a diversified pharmaceutical formulations company incorporated in 2001 and headquartered in Hyderabad, Telangana. It operates across two broad segments: branded generic formulations sold under its own labels, and a contract development and manufacturing organisation (CDMO) business that serves domestic and international clients. Its product range spans injectables, tablets, capsules, liquid orals and ointments across therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, antibiotics, gastroenterology, respiratory, dermatology and nutritional supplements. The company owns and runs five manufacturing facilities. Four sit in Hyderabad, Telangana, and include a GMP-compliant injectable unit, a WHO-GMP injectable unit, a solid-oral dosage unit accredited by Australia's TGA and PIC/S, and a WHO-GMP cephalosporin facility. The fifth is operated by its wholly owned subsidiary, Revat Laboratories, at Ongole in Andhra Pradesh. The business is led by promoter Anil Kumar Karusala, and the group employed 277 full-time staff as of August 2025. Its regulatory accreditations support supply to both regulated export markets and the domestic trade. Sai Parenterals is positioning injectables, a higher-margin dosage form, as a growing share of its revenue mix, supported by an in-house research and development capability and a library of more than 500 product dossiers. To widen its international footprint it is investing through a Singapore-based subsidiary in the acquisition of Noumed Pharmaceuticals Pty Ltd of Australia. Proceeds from its fresh issue are earmarked mainly for expanding and upgrading manufacturing capacity, a new R&D centre, debt reduction, working capital and the overseas acquisition.
Sai Parenterals raised about Rs 122.63 crore ahead of the issue by allotting roughly 31.28 lakh shares at Rs 392 each to five anchor investors. The book was led by Quant Mutual Fund (around Rs 36 crore), with Kotak Mahindra Life Insurance and the Kotak Life Sciences Fund taking about Rs 30 crore each, Morgan Stanley Asia (Singapore) about Rs 15 crore, and the India Emerging Giants Fund about Rs 11.63 crore.
Source: RHP • Analysis provided for informational purposes
Last Updated: 8 July 2026, 5:30 AM
Diversified formulations plus CDMO
The company earns from both its own branded generic formulations and a contract development and manufacturing business, serving domestic and export markets from a base of more than 500 product dossiers.
Injectables focus
Injectables are a higher-margin dosage form, and the company aims to lift their share of its revenue mix over the coming years.
Accredited manufacturing base
Its five plants carry WHO-GMP, Australian TGA and PIC/S accreditations, which support supply to regulated international markets alongside the domestic trade.
Rich valuation
At the offer price the shares are valued at a steep multiple, above comparable listed pharma peers on a post-issue FY25 earnings and EV/EBITDA basis.
Weak retail demand
Retail investors bid for only about a tenth of the shares reserved for them, pointing to soft retail interest in the offer.
Acquisition execution
Part of the proceeds funds an overseas acquisition of an Australian business, whose integration and expected benefits carry the usual execution and cross-border risks.
Sai Parenterals Limited
Plot No 39, 5th Floor, Lavanya Arcade, Jayabheri Enclave, Gachibowli, K.V. Rangareddy, Seri Lingampally, Hyderabad, Telangana - 500032
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