Sai Parenteral’s IPO is a book-built issue worth ₹408.79 crore, comprising a fresh issue of 0.73 crore shares amounting to ₹285 crore and an offer for sale of 0.32 crore shares aggregating to ₹123.79 crore.
The IPO will open for subscription on March 24, 2026, and close on March 27, 2026. The allotment is likely to be finalised on March 30, 2026, and the shares are expected to be listed on NSE and BSE on April 2, 2026.
The price band for the issue is fixed at ₹372 to ₹392 per share, with a lot size of 38 shares. Retail investors need a minimum investment of ₹14,896 at the upper price band. For HNI investors, the sNII category requires a minimum investment of ₹2,08,544 for 14 lots (532 shares), while the bNII category requires ₹10,12,928 for 68 lots (2,584 shares).
Arihant Capital Markets Ltd. is acting as the book-running lead manager, while Bigshare Services Pvt. Ltd. has been appointed as the registrar for the issue.
Sai Parenteral's IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Around ₹110.80 crore will be used for expanding and upgrading its manufacturing facilities.
- ₹18.02 crore is allocated for setting up a new research and development (R&D) centre.
- ₹14.30 crore will go towards repayment or prepayment of certain existing borrowings.
- ₹33 crore is earmarked to meet working capital requirements.
- ₹35.64 crore will be invested in its Singapore-based subsidiary, Sai Parenterals Pte Ltd, for acquiring Noumed Pharmaceuticals Pty Limited in Australia.
- The remaining funds will be utilised for general corporate purposes.
About Sai Parenteral's Limited
Sai Parenteral’s Ltd., incorporated in 2001, is a diversified pharmaceutical formulations company with capabilities across research, development, and manufacturing. The company operates through two key segments—branded generic formulations and contract development and manufacturing organisation (CDMO) services—catering to both domestic and international markets.
Its product portfolio covers a wide range of therapeutic areas such as cardiovascular, neuropsychiatry, anti-diabetic, respiratory, antibiotics, gastroenterology, vitamins and supplements, analgesics, and dermatology. These products are available in multiple dosage forms, including injectables, tablets, capsules, liquid orals, and ointments. The company serves a diverse customer base that includes government agencies, pharmaceutical companies, hospitals, and distributors across India.
Sai Parenteral’s began its export operations in FY23 after acquiring internationally accredited facilities in Hyderabad and has since expanded its presence to markets such as Australia, New Zealand, Southeast Asia, the Middle East, and Africa. It currently operates five manufacturing units in India, with four facilities in Hyderabad and one in Ongole through its subsidiary, Revat Laboratories. As of December 31, 2025, the company had a workforce of 298 employees.
The company’s strengths lie in its diversified product portfolio, strong focus on the growing CDMO segment, well-established distribution network in India and overseas, and strategically located manufacturing facilities with global accreditations. It also benefits from a track record of value-accretive acquisitions and an experienced management team with deep industry expertise.
Industry Outlook
- The global pharmaceutical market, valued at around $1.8 trillion in 2025, is expected to grow to $2.9 trillion by 2033, reflecting a CAGR of 5.9%, indicating strong long-term growth potential.
- The company has a significant presence in the sterile injectables segment, which contributed nearly 44.78% of its FY25 revenue, positioning it well in a high-demand and fast-growing category.
- India’s pharmaceutical industry is projected to expand at a healthy CAGR of around 11–12% between 2023 and 2030, supported by rising domestic consumption and export opportunities.
- Its focus on CDMO (Contract Development and Manufacturing Organisation) services aligns with the increasing global trend of outsourcing drug manufacturing.
- The company has demonstrated strategic growth through value-accretive acquisitions, including a TGA-approved facility in Australia and a majority stake in Noumed Pharmaceuticals.
- Funds raised from the IPO will be used to enhance manufacturing capabilities and set up a new R&D centre, helping the company cater to growing demand for specialised pharmaceutical products.
How To Apply for the Sai Parenteral's IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Sai Parenteral's IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Sai Parenteral's IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Sai Parenteral's Limited
Registered office: Sai Parenteral's Ltd. Address- Plot No 39, 5th floor, Lavanya Arcade, Jayabheri Enclave, Gachibowli, K.V.Rangareddy, Seri Lingampally, Hyderabad, Telangana, 500032
Phone: +91 79979 91301
E-mail: cs@saiparenterals.com
Sai Parenteral's IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Offer |
| Retail Investors | Not less than 35% of the Net Offer |
| NII (Non-Institutional Investors) | Not less than 15% of the Net Offer |
Sai Parenteral's IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 38 | ₹14,896 |
| Retail (Max) | 13 | 494 | ₹1,93,648 |
| S-HNI (Min) | 14 | 532 | ₹2,08,544 |
| S-HNI (Max) | 67 | 2,546 | ₹9,98,032 |
| B-HNI (Min) | 68 | 2,584 | ₹10,12,928 |
Sai Parenteral's IPO Promoter Holding
The promoters of the company include Anil Kumar Karusala, Vijitha Gorrepati and Karusala Aruna are the company promoters.
| Share Holding Pre-Issue | 61.23% |
| Share Holding Post Issue |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Sai Parenteral's IPO
| KPI | Sep 30, 2025 | Mar 31, 2025 |
| ROE | 5.13% | 16.82% |
| ROCE | 9.28% | 28.92% |
| RoNW | 5.09% | 15.09% |
| PAT Margin | 8.93% | 8.88% |
| EBITDA Margin | 18.68% | 24.18% |
| Price to Book Value | — | 10.89 |
Sai Parenteral's IPO Registrar and Lead Managers
Sai Parenteral's IPO Lead Managers
- Arihant Capital Markets Ltd.
Registrar for Sai Parenteral's IPO
Bigshare Services Pvt.Ltd.
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Financial Performance of Sai Parenteral's Limited
| Particulars | As of Sep 30, 2025 | As of Mar 31, 2025 | As of Mar 31, 2024 | As of Mar 31, 2023 |
| Assets (Cr) | 376.24 | 272.39 | 268.10 | 133.96 |
| Total Income (Cr) | 89.43 | 163.74 | 155.18 | 97.03 |
| Profit After Tax (Cr) | 7.76 | 14.43 | 8.42 | 4.38 |
| EBITDA (Cr) | 16.24 | 39.44 | 31.70 | 17.64 |
| Net Worth (Cr) | 209.37 | 95.78 | 76.40 | 31.49 |
| Reserves & Surplus (Cr) | 188.84 | 80.36 | 61.30 | 24.34 |
| Total Borrowing (Cr) | 76.07 | 93.95 | 118.79 | 68.55 |
Strengths and Opportunities of Sai Parenteral's Limited
- The company was established in 2001 and has shown strong growth over the years, with revenue increasing from ₹8.6 million in 2016 to ₹1,631.05 million in FY25.
- It operates 5 manufacturing facilities in Telangana and Andhra Pradesh, with a total production capacity of 1,160 million units per year. The company mainly focuses on sterile injectables like vials, ampoules, and pre-filled syringes, supported by its in-house R&D.
- Sai Parenteral’s has a wide product portfolio covering therapies such as cardiovascular, diabetes, and respiratory, along with a growing CDMO (contract manufacturing) business that started in 2022.
- Around 63% of its revenue comes from exports, with presence in 10 countries. The company has also expanded through strategic acquisitions, including a TGA-approved facility in Australia and a majority stake in Noumed Pharmaceuticals.
- Financially, the company has delivered steady growth in revenue and profit, while maintaining strong EBITDA margins of around 24%.
Risks and Threats of Sai Parenteral's Limited
- A large part of the company’s revenue comes from injectables, contributing 44.78% in FY25, 47.64% in FY24, and 92.03% in FY23. Any drop in demand, pricing pressure, or regulatory issues in this segment can impact overall performance.
- The company’s manufacturing units are mainly located in Telangana and Andhra Pradesh. Any disruption like natural disasters or operational issues in these regions could affect production.
- Being a pharma company, it must follow strict regulations. Any failure in compliance, negative inspection reports, or loss of approvals could harm its business and reputation.
- The company depends on a limited number of customers and suppliers. Losing key customers or facing supply issues for raw materials could negatively impact operations.
- Its international business exposes it to risks like currency fluctuations, complex tax rules, and changing global regulations.
