Sai Life Sciences Files for IPO to Raise Rs 800 Crore

TPG Capital-backed Sai Life Sciences has submitted preliminary documents to SEBI for an IPO. The IPO involves a fresh equity issue worth Rs 800 crore and an offer-for-sale of 6.15 crore shares by various stakeholders. Funds will primarily be used for debt payment and corporate purposes.

TPG Capital-backed Sai Life Sciences has filed preliminary documents with SEBI for an initial public offering (IPO).

The proposed IPO includes a fresh equity issue worth Rs 800 crore and an offer-for-sale (OFS) of 6.15 crore shares. Key stakeholders, including promoter entity Sai Quest Syn Pvt Ltd and investors like TPG Asia VII SF Pte Ltd, will offload some of their stakes.

Currently, Sai Quest Syn holds a 5.61% stake, TPG owns 39.69%, and HBM Private Equity India has a 5.5% shareholding in the company. Proceeds from the IPO will primarily be used for debt repayment and general corporate purposes.

Sai Life Sciences, based in Hyderabad, offers end-to-end services in drug discovery, development, and manufacturing for pharmaceutical and biotechnology firms. According to a F&S report, India's CRDMO market is expected to grow by 14% from 2023 to 2028, reaching a valuation of USD 14.1 billion.

Kotak Mahindra Capital, IIFL Securities, Jefferies India, and Morgan Stanley India have been appointed as merchant bankers for the IPO.

(With inputs from agencies.)