New Delhi, Dec 11 (PTI) The initial public offer of Sai Life Sciences received an 84 per cent subscription on the first day of share sale on Wednesday.
The initial share sale received bids for 3,27,98,169 shares against 3,88,29,848 on offer, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) subscribed 2.62 times, while the category for Retail Individual Investors (RIIs) received 18 per cent. Non-institutional investors part fetched 15 per cent of subscription.
Private equity major TPG Capital-backed Sai Life Sciences on Tuesday collected Rs 913 crore from anchor investors.
The issue, with a price band of Rs 522-549 apiece, will conclude on Friday.
The Rs 3,043-crore IPO comprises fresh issue of equity shares worth Rs 950 crore and an offer for sale (OFS) of 3.81 crore shares valued at Rs 2,092 crore, by a promoter, investor shareholders and other shareholders.
Under the OFS, one of the promoter entities Sai Quest Syn Pvt Ltd and investor shareholders -- TPG Asia VII SF Pte Ltd and HBM Private Equity India -- will partly offload their respective stakes.
At present, Sai Quest Syn holds a 5.61 per cent stake in the company, TPG owns 39.69 per cent, and HBM Private Equity India 5.5 per cent.
Of the IPO proceeds, funds to the tune of Rs 600 crore will be used for debt payment and a portion for corporate general purposes.
Hyderabad-based Sai Life Sciences provides end-to-end services across the drug discovery, development and manufacturing value chain for small molecule new chemical entities (NCE) to global pharmaceutical innovator companies and biotechnology firms.
The shares are proposed to be listed on the BSE and NSE.