Sai Parenteral's Stock Lists at Premium

New Delhi, Apr 2 (PTI) Shares of Sai Parenteral's, a diversified pharmaceutical formulation company, on Thursday listed with a premium of over 3 per cent against the issue price of Rs 392.

The stock made its market debut at Rs 405, up 3.32 per cent from the issue price on the BSE.

On the NSE, the stock started trading at Rs 400, up 2.04 per cent.

The company's market valuation stood at Rs 1,784.84 crore on the NSE.


The listing comes amid a weaker broader trend, with benchmark indices trading in the negative territory. The 30-share BSE Sensex plunging 1,475.17 points or 2.02 per cent, to 71,659.15, while the 50-share NSE Nifty depreciated 461.25 points, or 2.03 per cent, to 22,218.15.

The Initial Public Offering (IPO) of Sai Parenteral's received 1.05 times subscription on the closing day of bidding on Friday, helped by institutional investors.

The IPO has a fresh issue of up to Rs 285 crore and an offer-for-sale of up to nearly 31.57 lakh equity shares. The price band has been fixed at Rs 372-392 per share.

Proceeds from the IPO will support the firm's expansion, particularly in strengthening its global formulations business and expanding its contract development and manufacturing organisation capabilities across both injectable products and oral solid dosage formulations.