Sai Parenterals IPO Day 3 Live: GMP, subscription status, price, date, other details. Apply or not?

SPL operates in the Branded Generic Formulations and CDMO businesses, with the product portfolio covering both high-value and high-volume categories across various therapeutic areas. SPL’s offerings span across dosage forms such as injectables, tablets, capsules, liquid orals and ointments. Of these, the injectables dosage is a high margin segment for the company, and it plans to increase the share of injectables in the total revenue mix in the coming years. At the upper price band of ₹392, the issue is valued at FY25 (proforma) P/E and EV/EBITDA multiples of 88.2x/46.3x respectively based on post-issue capital, which appears to be at premium to its peers. However, we believe Noumed’s 451 dossiers offer huge growth opportunity for SPL. Hence, we recommend investors to SUBSCRIBE to the issue at the cut-off price for a long-term investment horizon.

— SBI Securities

₹110.8cr for capacity expansion and EU-GMP upgrades; Rs35.6cr to repay Noumed bridge loan; Rs33cr for WC; Rs18cr for the new R&D Centre at Unit IV (SP Analytics, target Jul’27, +20 R&D personnel); Rs14.3cr for debt repayment. The OFS (~Rs124cr, ~30% of issue) is entirely from non-promoter HNI shareholders who invested at Rs35–70/share in 2022. Marquee pre-IPO investors include Samarsh Capital (Mohandas Pai & Ullas Kamath), Polycab Founders’ Family, Gruhas Fund (Nikhil Kamath), Dr. Bhaskar Rao (Founder, KIMS Hospitals).

Noumed Adelaide delays: 4QCY26 target underpins FY27 revenue ramp; any slip pushes the CDMO inflection. High cash conversion cycle (~200–300 days): Domestic government receivables structurally slow; negative OCF in growth years. Regulatory inspection risk: Any 483 observation on TGA/WHOGMP facilities would materially disrupt CDMO and export licences.

Customer/supplier concentration: Top-5 branded generics clients = 52.7% of 1H FY26 revenue; top-10 suppliers = 77.8% of RM cost with no long-term contracts. Geographic concentration: 4 of 5 Indian units in Telangana/AP. Valuation risk: 88x FY25 P/E offers no near-term margin of safety; earnings inflection is FY28+.

— Ashika Research

By 1:42 PM on the third day of bidding, the public issue was subscribed 0.58 times, the retail portion was booked 0.09 times, the NII portion was filled 1.38 times, whereas the QIB segment was booked 0.84 times.

At ₹392, Sai trades at 88x FY25 P/E (standalone) / 73.7x proforma, premium to Gland (44.7x) and Innova Captab (32.5x), in line with Sai Life Sciences (125x). The premium is not justifiable on trailing earnings; it reflects FY28–30 earnings optionality. Consensus projects consolidated EBITDA reaching ~Rs305cr by FY30 (~50% CAGR) from Rs63cr in FY25. Assuming 18x EV/EBITDA at FY30 with ~Rs100cr net debt, discounting back four years at 15% cost of equity implies a fair value of ~Rs700/share vs. IPO price of Rs392, ~78% upside if FY30 scenario plays out. Key sensitivities: Noumed Adelaide ramp; Philippines CDMO conversion; EU-GMP upgrade timeline; domestic DSO (282 days) remains a structural cash flow drag.

At ~46x EV/EBITDA (FY25 proforma), Sai Parenteral is entering a multiyear CDMO build-out that repositions it from a domestic branded generics manufacturer to a scaled, regulated-market CDMO platform by FY29–30. The Noumed acquisition is the strategic pivot, a regulated-market beachhead in Australia/New Zealand backed by 451 TGA-approved dossiers and a government-grant-subsidised facility that would have taken years to build organically.

— Ashika Research

The IPO has fixed a price band of ₹372 to ₹392 per share.

The public issue opened for bidding on 25 March 2026 and will remain open until 27 March 2026. This means investors have just one day to apply for the IPO.

By 10:12 AM on the third day of bidding, the public issue was subscribed 0.42 times, the retail portion was booked 0.06 times, the NII portion was filled 1.05 times, whereas the QIB segment was booked 0.60 times.