Telegana-based Sai Parenteral’s has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).

The offer, with a face value of Rs 5 per equity share, comprises a fresh issue of up to Rs 285 crore and an offer for sale of up to 3,500,000 shares by shareholders – Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Devendra Chawla, Bhanwar Lal Chandak, Sreelekha Ganta, Padma Guntupalli, Vijay Gondi, Ideas And Journeys Private Limited, Bhautik Mukund Shah and Nilesh Pravinchandra Doshi.

The proceeds from its fresh issuance worth Rs 110.7 crore will be utilised for capacity expansion and upgradation of manufacturing facilities, Rs 18 crore for establishing a new R&D centre, Rs 20 crore for repayment / prepayment of certain outstanding borrowings, Rs 33 crore for working capital requirements and Rs 36 crore investment in wholly owned subsidiary, Sai Parenteral’s Pte Limited (Singapore) in relation to the proposed acquisition of Noumed Pharmaceuticals Pty Limited (Australia), and general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).


Incorporated in 2013, the company is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. The company is in the business of branded generic formulations, contract development and manufacturing organisation (CDMO) products and services for the domestic and international markets. The company’s portfolio includes formulation products across various therapeutic segments like cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics, and dermatology with offerings across dosage forms such as injectables, tablets, capsules, liquid orals and ointments.

In the injectables segment, the company has capability in sterile manufacturing for critical care and penicillin-based therapies, offering delivery systems that include dry powder injections, pre-filled syringes, ampoules, and vials.

The company manufactures and sells Branded Generic Formulations to a diverse customer base, including central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market. It started its export business in Fiscal 2023 after acquiring two internationally accredited manufacturing units in Hyderabad, Telangana. The company exports its products to regulated and semi-regulated markets of Australia, New Zealand, Southeast Asia, Middle East and Africa through distributors. The company’s CDMO business includes comprehensive solutions on product development, validation batches, stability studies, dossier compilation, international regulatory filings and commercial manufacturing.

The company believes that its R&D expertise and regulatory compliance capabilities positions it as a preferred CDMO partner for its customers in the regulated and semi-regulated markets. It company owns and operates five manufacturing facilities in India, out of which 4 manufacturing facilities are based in Hyderabad, Telangana.

The company’s revenue from operations was Rs 163.1 crore during FY25 vis-à-vis Rs 96.7 crore during FY23.

Its net profit was Rs 14.4 crore during FY25 vis-à-vis Rs 4.3 crore during FY23.

Arihant Capital Markets is the book running lead manager to the issue, and Bigshare Services Private Limited is the registrar of the offer.