Sai Life Sciences IPO On Dec 11

Mumbai: Private equity major TPG Capital-backed Sai Life Sciences on Friday said it has fixed a price band of Rs 522-549 per equity share for its Rs 3,043 crore Initial Public Offering (IPO) that opens for public subscription on December 11. The intial share sale will conclude on December 13, and the bidding for the anchor portion will open for a day on December 10, the company announced.

The IPO is a combination of a fresh issue of equity shares worth up to Rs 950 crore and an Offer For Sale (OFS) of up to 3.81 crore equity shares by a promoter, investor shareholders and other shareholders, according to the Red Herring Prospectus (RHP). Under the OFS, one of the promoter entities -- Sai Quest Syn Pvt Ltd -- and investor shareholders -- TPG Asia VII SF Pte Ltd, HBM Private Equity India -- will offload their respective stakes. Bharathi Srivari, Anita Rudraraju Nandyala, Raju Penmasta, Dirk Walter Sartor, Jagdish Viswanath Dore, Rajagopal Srirama Tatta and K Pandu Ranga Raju were the other selling shareholders who will also divest their stakes in the company.