Sai Life Sciences is likely to finalize the basis of allotment of its shares on Monday, December 16. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, December 17. The pharma research player saw a strong response from the investors during the bidding process.
The IPO of Hyderabad-based Sai Life Sciences was open for bidding between December 11 and December 13. It had offered its shares in the price band of Rs 522-549 per share with a lot size of 27 shares. The company raised a total of Rs 3,042.62 crore via IPO, which was included a fresh share sale of Rs 950 crore and offer-for-sale (OFS) of up to 3,81,16,934 equity shares.
The issue was overall subscribed a 10.26 times. The allocation for the qualified institutional bidders (QIBs) was subscribed 30.93 times The portion allocated for non-institutional investors (NIIs) was subscribed 4.92 times. Allocations for retail investors were booked 1.37 times during the three-day bidding process.
The grey market premium of Sai Life Sciences has risen following a decent bidding for the pharma player. Last heard, the company was commanding a premium of Rs 60-65 in the unofficial market, suggesting a listing gains of around 11-12 per cent for the investors. The GMP stood at Rs 40-45 on the last day of the bidding.
Incorporated in 1999, Hyderabad-based Sai Life Sciences researches, develops, and manufactures small-molecule new chemical entities. The company offers tailor-made services to biotech firms and global pharma companies. The services were offered across countries such as the US, the UK, Europe and Japan.
Brokerage firms had received mixed reviews from the analysts. Analysts were positive on the issue citing its strong financial performance, increased profitability and rising demand for CRDMO products. However, a high proportion of OFS, rich valuations and high debt were the key concerns for the experts.
Kotak Mahindra Capital Company, Jefferies India, Morgan Stanley India Company and IIFL Securities are the book running lead managers of the Sai Life Sciences IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on December 18, Wednesday.
Investors, who had bid for the issue of Sai Life Sciences, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Sai Life Sciences Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.