Sai Parenterals IPO Sees Muted Day 1 Response; Subscribed 4% So Far

Mumbai, March 24: The initial public offering (IPO) of Sai Parenterals Limited witnessed a subdued response on the first day of bidding on Tuesday, with the issue getting subscribed just 4% overall, reflecting cautious investor participation.

The ₹372–392 per share IPO, which opened for subscription on March 24, will close on March 27. The company aims to raise funds through the issue of 75,22,486 equity shares. At the upper end of the price band, the total issue size is estimated at around ₹295 crore.

As per data available at the close of Day 1, the IPO received bids for 3,35,426 shares against the total offer size, translating into an overall subscription of 0.04 times.

Retail, NII Segments See Limited Participation

The retail investor segment showed limited traction, with bids for 97,090 shares against the reserved 37,86,710 shares, resulting in a subscription of 0.03 times. Of this, a large portion came through cut-off bids, indicating cautious retail sentiment.

The non-institutional investor (NII) category saw slightly better interest, with bids for 2,38,336 shares against 16,22,876 shares on offer, translating to a subscription of 0.15 times. Within this, higher application size investors (above ₹10 lakh) accounted for most of the demand.

Meanwhile, the Qualified Institutional Buyers (QIB) segment remained inactive on the first day, with no bids recorded.

Issue Details and Pricing

Sai Parenterals has fixed a price band of ₹372–392 per share, with a face value of ₹5 per equity share. The minimum bid lot is 38 shares, requiring a minimum investment of ₹14,896 at the upper price band.

The IPO is being managed by Arihant Capital Markets Limited as the book-running lead manager, while Bigshare Services Pvt Ltd is acting as the registrar to the issue. Axis Bank is the sponsor bank for the UPI-based application process.

At the price band, bids were spread across levels, with demand seen around key price points including ₹372, ₹380, and ₹392.

Outlook

The muted opening reflects cautious sentiment among investors, with stronger participation from institutional investors expected in the later days of the issue. Market participants will closely watch subscription trends over the remaining period for clearer demand signals.