Sai Parenteral’s IPO Review 2026: Price, GMP & Analysis

SAI PARENTERAL’S LTD – COMPANY BACKGROUND

Sai Parenteral’s Ltd is a diversified pharma formulations company based in Hyderabad. Contract Development & Manufacturing Organization (CDMO) is the primary activity of the company. It is also into branded generic formulations. Its offerings span cardiovascular, neuropsychiatry, anti-diabetic, and respiratory problems. Its offerings include injectables, tablets, capsules, liquid orals, and ointments. It has 2 globally accredited manufacturing facilities in the state of Telangana and supplies to markets in Australia, New Zealand, South East Asia, Middle East, and Africa.

Sai Parenteral’s Ltd has been promoted by Anil Kumar Karusala, Vijitha Gorrepati, and Aruna Karusala. The issue is a combination of a fresh issue of shares and an offer for sale (OFS). The fresh issue proceeds will be used for capacity expansion, manufacturing upgrades, setting up a new R&D centre, repayment of loans, working capital expenses, and investing in one of its global subsidiaries. The issue is being lead-managed by Arihant Capital Markets; while Bigshare Services Private Ltd will be the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF SAI PARENTERAL’S LTD

Here are the key highlights of the public issue of Sai Parenteral’s Ltd.

1. The IPO of will be open from March 24th, 2026 to March 27th, 2026. It has a face value of ₹5 per share and IPO price band is set in range of ₹372 to ₹392 per share.
2. The IPO of Sai Parenteral’s Ltd will be a combination of fresh issue of shares and an offer for sale (OFS) by the promoter shareholders of the company.
3. The fresh issue portion comprises the issue of 72,70,408 shares (72.70 lakh shares), which at the upper price band of ₹392 per share translates into ₹285 crore.
4. The offer for sale (OFS) portion comprises the sale of 31,57,880 shares (31.58 lakh shares), which at the upper price band of ₹392 per share translates into ₹123.79 crore.
5. As a result, the overall IPO will comprise of a fresh issue and an offer for sale of 1,04,28,288 shares (104.28 lakh shares), which at the upper price band of ₹392 per share translates into ₹408.79 crore, which will be the total size of the issue.

All the participants in the offer for sale of the issue are the investor shareholders taking an exit. None of the promoter shareholders are selling in the OFS.

The IPO of Sai Parenteral’s Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on March 23, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Sai Parenteral’s Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Sai Parenteral’s Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 38 shares)

FINANCIAL HIGHLIGHTS OF SAI PARENTERAL’S LTD

The table captures the key financials of Sai Parenteral’s Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

VALUATION METRICS OF THE SAI PARENTERAL’S LTD IPO

At the IPO price of ₹392 per share, the indicative P/E comes to about 72.2X at the latest year EPS of ₹5.43 per share. The valuation does appear to be on the higher side, and much higher than what most pharma companies in India command. Of course, the EPS has halved in the latest year, so the valuations may look a little bit skewed.

The company does bring some advantages like an established generic play and a strong CDMO franchise. However, investors may have to be cautious on the valuations as it is on the higher side, especially with the EPS falling sharply in the latest year.

BRIEF ON ANCHOR ALLOCATION OF SAI PARENTERAL’S LTD

The anchor issue of Sai Parenteral’s Ltd saw a strong response on 23rd March 2026 with 29.37% of the IPO size absorbed by anchors. Out of 1,06,50,971 shares (106.51 lakh shares) on offer in the IPO, anchors picked up 31,28,485 shares (31.28 lakh shares) accounting for 29.37% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹392 per share. This includes the face value of ₹5 per share plus a share premium of ₹387 per share. The anchor bidding opened and closed on 23rd March 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Sai Parenteral’s Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN SAI PARENTERAL’S LTD

On 23rd March 2026, Sai Parenteral’s Ltd allotted 31,28,485 shares to 5 anchor investors. The allocation was done at the upper IPO price band of ₹392 per share which resulted in overall anchor allocation of ₹122.64 crore. The anchors have already absorbed 29.37% of the total issue size of ₹417.52 crore. Listed below are the Top 5 IPO anchor investors who accounted for anchor collection of ₹122.64 crores, or, 100% of the overall anchor allocation of shares, one trading day ahead of the IPO of Sai Parenteral’s Ltd.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/Downloads/UploadDocs/Notices/Attach/Anchor_Allocation_Letter$2c68ee85-059d-459d-a0c9-71f02aa45906.pdf

Out of the 31,28,485 shares allocated to the anchors in the IPO, there were a total of 9,18,384 shares allocated to mutual funds registered with SEBI. The allocation was made to 1 mutual fund schemes across 1 AMC. Mutual funds accounted for 29.35% of the total anchor allocation of the IPO.

In addition, out of the 31,28,485 shares allocated to the anchors in the IPO, there were a total of 7,65,620 shares allocated to life insurance companies regulated by IRDA. The allocation was made to 1 life insurance company in total. Insurance companies accounted for 24.46% of the total anchor allocation of the IPO.

The overall number of anchors were very few, but were all marque names.

NEXT STEPS IN SAI PARENTERAL’S LTD IPO

Post the closure of the IPO subscription on 27th March 2026, the basis of allotment will be finalized on 30th March 2026 and the refunds will be initiated on 01st April 2026. In addition, the demat credits are expected to also happen on 01st April 2026 and the stock will list on 02nd April 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st April 2026 under ISIN (INE0H9F01037).

SAI PARENTERAL’S LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.35 pm on 27th March 2026, out of the 75.22 lakh shares on offer in the IPO (excluding anchor portion), Sai Parenteral’s Ltd saw bids for 78.81 lakh shares. This implies an overall subscription of 1.05X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Sai Parenteral’s Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day, and that was partially the case in this IPO too. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The retail portion got undersubscribed. The company saw steady anchor participation a day ahead of the IPO opening with 29.37% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Sai Parenteral’s Ltd was open up to March 27, 2026, and has closed for subscription as of the close of trading hours on March 27, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹431.57 crore.

CHECKING ALLOTMENT STATUS OF SAI PARENTERAL’S LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select Sai Parenteral’s Ltd from the drop-down box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip or
4. Enter your PAN (10-digit alphanumeric) number
5. Once this is done, you need to click on the Captcha to verify you are not a robot
6. Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Sai Parenteral’s Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits.

CHECKING ALLOTMENT STATUS OF GNG ELECTRONICS IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity & SME IPO Details Option
2. Under SELECT SYMBOL – Select TRUALT from the drop-down box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip and
4. Enter your PAN (10-digit alphanumeric) number
5. Once both are entered, click on the Submit Button

You must input both data points; the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Sai Parenteral’s Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF SAI PARENTERAL’S LTD ON BIGSHARE SERVICES PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below:

https://ipo.bigshareonline.com/IPO_Status.html

Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Sai Parenteral’s Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO.

1. Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
2. Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in once single string in the box. Then enter the captcha and press the search button.
3. Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button.

The IPO status with number of shares of Sai Parenteral’s Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference

In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to info@bigshareonline.com or you can call on (+91)-22-6263-8200 for voice call.