Sai Life Sciences is the fastest-growing contract research, development, and manufacturing organisation (CRDMO) among listed Indian peers (in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24). As a pure-play, full-service CRDMO, they work with over 280 global innovator pharma and biotech companies to accelerate the discovery, development, and commercialisation of their NCE small molecule programmes. Sai Life Sciences, an Book Built Issue amounting to₹3,042.62 Crores, consisting an Fresh Issue of173.04 Lakh Shares worth ₹950.00 Crores and an Offer for Sale of 381.16 Lakh Shares totalling to ₹2,092.62 Crores.The subscription period for the Sai Life SciencesIPO opens on December 11, 2024, and closes on December 13, 2024. The allotment is expected to be finalized on or about Monday, December 16, 2024,and the shares will be listed on theBSE & NSEwith a tentative listing date set on or aboutWednesday, December 18, 2024.
The Shareprice band of Sai Life Sciences IPO is set at ₹522 to ₹549 per equity share. The Market Capitalisation of the Sai Life Sciences Limited at IPO price of ₹549 per equity share will be ₹11,418.62 Crores. The lot size of the IPO is 27 shares.Retail investors are required to invest a minimum of ₹14,823, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (378 shares), amounting to ₹2,07,522.
Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited, Jefferies India Private Limited and Morgan Stanley India Company Private Limited are the book-running lead manager whileKfin Technologies Limitedis the registrar for the Issue.
Sai Life SciencesLimitedIPO GMP Today The Grey Market Premium of Sai Life SciencesLimitedIPO is expected to be ₹48 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only. Sai Life SciencesLimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
13 December 2024
₹ 549
₹ 597
₹ 48 (8.66%)
02:30 PM; 13 Dec 2024
12 December 2024
₹ 549
₹ 597
₹ 48 (8.66%)
06:00 PM; 12 Dec 2024
11 December 2024
₹ 549
₹ 597
₹ 48 (8.66%)
06:00 PM; 11 Dec 2024
10 December 2024
₹ 549
₹ 597
₹ 48 (8.66%)
06:00 PM; 10 Dec 2024
09 December 2024
₹ 549
₹ 597
₹ 48 (8.66%)
06:00 PM; 09 Dec 2024
06 December 2024
₹ 549
₹ 549
₹ 0
07:00 PM; 06 Dec 2024
05 December 2024
₹ 549
₹ 549
₹ 0
07:00 PM; 05 Dec 2024
Sai Life SciencesLimitedIPO Live Subscription Status Today: Real-Time Updates As of 07:00 PM on 13 December 2024, the Sai Life Sciences IPO live subscription status shows that the IPO subscribed 10.26 times on its Final day of subscription period. Check the Sai Life SciencesIPO Live Subscription Status Today at BSE.
Sai Life Sciences IPO Anchor Investors Report Sai Life Sciences has raised ₹912.79 Crores from Anchor Investors at a price of ₹549 per shares in consultation of the Book Running Lead Managers. The company allocated 1,66,26,336equity shares to the Anchor Investors. Check Full List of Sai Life Sciences Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO. Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Sai Life Sciences Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Sai Life SciencesIPO allotment date is 16 December, 2024, Monday. Sai Life Sciences IPO Allotment will be out on 16th December 2024 and will be live on Registrar Website from the allotment date. Check Sai Life Sciences IPO Allotment Status here. Here's how you can check the allotment status: - Navigate to the IPO allotment status page. - Select Sai Life Sciences LimitedIPO from the dropdown list of IPOs. - Enter your application number, PAN, or DP Client ID. - Submit the details to check your allotment status. By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Sai Life Sciences LimitedIPO Sai Life Sciences Issue Proceeds from the Fresh Issue will be utilized towards the following objects : 1.₹7,200.00 Million is required forRepayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the Company; and
2. General corporate purposes.
5,54,21,123 Equity Shares (aggregating up to ₹3,042.62 Cr)
Fresh Issue
1,73,04,189 Equity Shares (aggregating up to ₹950.00 Cr)
Offer for Sale
3,81,16,934 Equity Shares (aggregating up to ₹2,092.62 Cr)
Issue Type
Book Built Issue
Listing At
BSE & NSE
Share holding pre issue
19,06,85,340
Share holding post issue
20,79,89,529
Sai Life Sciences IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
27
₹14,823
Retail (Max)
13
351
₹1,92,699
S-HNI (Min)
14
378
₹2,07,522
S-HNI (Max)
67
1,809
₹9,93,141
B-HNI (Min)
68
1,836
₹10,07,964
Sai Life Sciences IPO Timeline (Tentative Schedule)
IPO Open Date
Wednesday, December 11, 2024
IPO Close Date
Friday, December 13, 2024
Basis of Allotment
Monday, December 16, 2024
Initiation of Refunds
Tuesday, December 17, 2024
Credit of Shares to Demat
Tuesday, December 17, 2024
Listing Date
Wednesday, December 18, 2024
Cut-off time for UPI mandate confirmation
5 PM on December 13, 2024
Sai Life Sciences IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
2,77,10,562
Not More than 50% of the Issue
Non-Institutional Investor Portion
83,13,168
Not Less than 15% of the Issue
Retail Shares Offered
1,93,97,393
Not Less than 35% of the Issue
Sai Life Sciences IPO Promoter Holding
Share Holding Pre Issue
41.82%
Share Holding Post Issue
20.02%
Sai Life Sciences IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
1,06,71,763
33,01,25,058
30.93
Non Institutional Investors(NIIS)
84,47,426
4,15,22,058
4.92
Retail Individual Investors (RIIs)
1,97,10,659
2,69,12,790
1.37
Total
3,88,29,848
39,85,59,906
10.26
About Sai Life Sciences Limited
Sai Life Sciencesis an innovator-focused, contract research, development, and manufacturing organization (“CRDMO”). They provide end-to-end services across the drug discovery, development, and manufacturing value chain, for small molecule new chemical
entities (“NCE”), to global pharmaceutical innovator companies and biotechnology firms. They possess both (a) discovery /
contract research (“CRO”) and (b) chemistry, manufacturing, and control (“CMC”) / contract development and manufacturing
organization (“CDMO”) capabilities. They are also one of the few CRDMOs to have a differentiated delivery model of having
research laboratories for discovery and development located near overseas innovation hubs at Watertown (Greater Boston,
MA), United States (“US”) and Manchester, United Kingdom (“UK”), complemented by large-scale research laboratories and
manufacturing facilities in cost competitive locations in India. During the Financial Year 2024, they served more than 280 and 230 innovator pharmaceutical companies, respectively,
including 18 of the top 25 pharmaceutical companies (in terms of revenue for the calendar year 2023), across regulated markets,
including the US, the UK, Europe and Japan. During both the Financial Year 2024 and six months period
ended September 30, 2024, they also provided CRO services to more than 60 customers, respectively, on an ongoing basis, for
their integrated drug discovery programs. As of September 30, 2024, their CDMO product portfolio included more than 170
innovator pharmaceutical products, including 38 products that were supplied for manufacturing of 28 commercial drugs.
As of September 30,
2024, Sai Life Sciences had 3,135 employees, with capabilities across the CRDMO value chain. The Bankers of the Company are Bank of Baroda, Kotak Mahindra Bank Limited and ICICI Bank Limited. CRDMO Industry CRDMO industry primarily comprises of 3 key types of players: CRDMOs (Contract Research Development and Manufacturing
Organizations), Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs).
CRDMOs are integrated contract service organizations which provide end-to-end services spanning the entire drug discovery,
development, and manufacturing lifecycle. They provide pharmaceutical innovators with economically viable and tailored solutions for
the various challenges they face across the value chain. By leveraging their expertise, infrastructure, and resources, pharmaceutical
innovators can accelerate the drug development process, reduce costs, and access specialized capabilities that may not be available inhouse.
CROs specialize in offering various scientific functions of the discovery, preclinical and clinical stages of pharmaceutical R&D. CDMOs
provide commercialization manufacturing as well as process/formulation development to support the preclinical and clinical stages (also
known as Chemistry, Manufacturing and Control (CMC) services). India CRDMO Industry India CRDMO industry stood at USD 4.0 billion (INR 336 billion) in 2018 and reached USD 7.3 billion (INR 609 billion) in 2023,
growing at a CAGR of 12.6% between 2018 and 2023. By 2028, the industry is anticipated to reach USD 14.1 billion (INR 1,173 billion)
by growing at a CAGR of 14.0% over the period of 2023 to 2028. Indian CRDMO industry has observed a significant growth in the
recent years on the back of increased collaborations, partnerships and collaborations in the industry. Amongst the value chain functions,
pre-clinical development is expected to grow at a significantly faster pace at 15.7% during FY23-28F, driven by significant improvement
in technical capabilities of Indian companies driving R&D outsourcing demand from global pharma innovator companies. Bolstering of
integrated offerings by Indian companies with increase in Biology and DMPK capabilities is driving significant growth in discovery
and pre-clinical segments. Indian CRDMO industry has largely been dominated by small molecules with their proportion constituting 90%+ of the total industry
in 2023. With increasing prominence of Indian CRDMOs in the global markets and increased outsourcing of small molecules, the
dominance of small molecules is expected to continue despite increasing demand of large molecules. The Indian small molecule
CRDMO industry size is estimated to increase to USD 12.8 billion (INR 1,064 billion) by 2028 and with a compound annual growth
rate (CAGR) of 13.7% from 2023 to 2028. Non-Clinical CRO SAM refers to the global small molecule Non-Clinical CRO industry. Driven by shift in global dynamics due to
China plus one, Biosecure act and other factors and increasing capabilities of Indian companies, India small molecule Non-Clinical
CRO is expected to grow at a faster rate and become a USD 1.0 billion (INR 82 billion) industry by 2028. Small Molecule Innovator API CDMO SAM refers to the global small molecule innovator API CDMO industry. With multiple growth
tailwinds for the India CDMO industry, it is expected to gain market share and become a larger proportion of CDMO SAM, accounting
for 10%+ share by 2028F. Indian CRDMOs have demonstrated enhanced capabilities including availability of skilled talent, economical cost base, quality
infrastructure and systems adhering to GLP and cGMP standards, positioning them to benefit from increased R&D and manufacturing
outsourcing by pharmaceutical innovators. Tightening of IP protection laws have further strengthened confidence in Indian CRDMO
providers among global pharmaceutical companies. Geographically, Indian CRDMOs are strategically best positioned to be part of a
de-risked supply chain sought by European and American companies.
SAI LIFE SCIENCES LIMITED COMPETITIVE STRENGTHS 1. One of the largest integrated Indian CRDMOs in terms of revenue from operations for the Financial Year 2024,
acting as a one-stop platform for discovery, development and manufacturing 2. CDMO platform with a diverse mix of commercial and under-development molecules 3. Fast-growing, integrated Discovery capabilities with focus on biology, chemistry and DMPK services 4. Modern R&D infrastructure with a differentiated delivery model and strong regulatory track-record 5. Experienced management team and Board supported by a qualified scientific talent pool 6. Strategic business investments with improving profitability metrics
SAI LIFE SCIENCES LIMITED GROWTH STRATEGIES 1. Increase cross-selling with existing customers and win new customers 2. Continue to build a strong commercial development and manufacturing portfolio of CMC capabilities 3. Pursue more integrated Discovery projects to drive customer stickiness along with larger integrated Discovery
programs 4. Continue to expand their existing capacity and add new technical capabilities 5. Continue to drive operational excellence initiatives to improve profitability and return metrics 6. Continue to attract, train and retain quality talent to support their rapid growth
SAI LIFE SCIENCES LIMITED RISK FACTORS & CONCERNS 1. The financial performance depends on their ability to secure business from biotechnology and pharmaceutical customers. 2. The business may be adversely affected if the customers fail to develop or manufacture commercially viable drugs, including
due to industry specific challenges they may face. 3. The largest customer contributed 8.00% and 9.55% of the total revenue from operation for the six months period ended
September 30, 2024 and the year ended March 31, 2024 respectively. 4. They conduct animal testing, which can result in adverse publicity liability and other issues. 5. They purchased 14.88% and 11.43% of the cost of material, chemicals and reagents consumed from their three largest suppliers
for the six months period ended September 30, 2024 and the Financial Year ended 2024, respectively.
Sai Life Sciences Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
Period Ended
Mar 31, 2024
Mar 31, 2023
Mar 31, 2022
Reserve of Surplus
9,570.94
8,700.83
8,606.22
Total Assets
22,751.36
21,866.48
21,642.30
Total Borrowings
7,101.63
6,992.29
7,513.18
Fixed Assets
9,263.55
7,776.15
7,429.03
Cash
236.57
699.12
1,159.39
Net Borrowing
6,865.06
6,293.17
6,353.79
Revenue
14,942.69
12,451.05
8,977.41
EBITDA
2,881.55
1,864.78
1,459.58
PAT
828.09
99.89
62.26
EPS
4.53
0.55
0.34
Note 1:-RoE & ROCE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based(Profit for the Year)on 31st Mar, 2024 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price after Completion of the Offer, given inFINANCIAL EXPRESS.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹4.53
EPS Post IPO (Rs.)
₹0.40
P/E Pre IPO
121.19
P/E Post IPO
136.21
ROE
8.49%
ROCE
10.26%
P/BV
5.74
Debt/Equity
0.75
RoNW
8.50%
Sai Life Sciences Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Sai Life Sciences Limited
₹0.40
10.26%
8.49%
136.21
5.74
0.75
8.50%
Divis Laboratories Limited
₹69.2
16.5%
12.2%
88.6
11.9
0.00
12.2%
Suven Pharmaceuticals Limited
₹9.55
18.8%
14.1%
137
16.8
0.02
14.1%
Syngene International Limited
₹12.0
14.7%
13.2%
80.3
8.42
0.14
13.2%
Sai Life Sciences Limited Contact Details
SAI LIFE SCIENCES LIMITED
Plot No. DS- 7, IKP
Knowledge Park, Turkapally
Village, Shameerpet Mandal,
Medchal – Malkajgiri
District, Hyderabad 500 078,
Telangana, India Contact Person :Runa Karan Telephone :+91 40 6815 6000 Email ID : investors@sailife.com Website :https://www.sailife.com/
Sai Life Sciences IPO Registrar and Lead Manager(s)
Registrar :KFinTechnologies Limited Telephone :+91 40 6716 2222 Contact Person : Murali Krishna Email ID : sailifesciences.ipo@kfintech.com Website :https://www.kfintech.com/
Sai Life Sciences is the fastest-growing contract research, development, and manufacturing organisation (CRDMO) among listed Indian peers (in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24). As a pure-play, full-service CRDMO, they work with over 280 global innovator pharma and biotech companies to accelerate the discovery, development, and commercialisation of their NCE small molecule programmes.
The Company is promoted by strong Promoters, namely, KANUMURI RANGA RAJU, KRISHNAM RAJU KANUMURI, KANUMURI MYTREYI, SAI QUEST
SYN PRIVATE LIMITED, MARIGOLD PARTNERS, SUNFLOWER PARTNERS, TULIP PARTNERS AND LILY
PARTNERS.
The revenues from operations for Fiscals ended 2024, 2023 and 2022 were ₹14,942.69 Million, ₹12,451.05 Million and ₹8,977.41 Million respectively. The EBITDA for Fiscals ended 2024, 2023 and 2022 were ₹2,881.55 Million, ₹1,864.78 Million, and ₹1,459.58 Million, respectively. The profit after tax for Fiscals ended 2024, 2023 and 2022 were ₹828.09 Million, ₹99.89 Million, and ₹62.26 Million respectively. For the Sai Life Sciences IPO, the company is issuing shares at a pre-issue EPS of ₹4.53 and a post-issue EPS of ₹0.40. The pre-issue P/E ratio is 121.19x, while the post-issue P/E ratio is 136.21x against the Industry P/E ratio is 95.33x.The company'sROCE for FY24 is 10.26% andRoE for FY24is 8.49%.These metrics suggest that the IPO is fullypriced.
The Grey Market Premium (GMP) of Sai Life Sciences showing potential listing gains of 8.66%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoidto theSai Life SciencesLimitedIPO for Listing gain or long term investment purposes.
Disclaimer:The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information.
About the Author CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades. You can connect with the Author on Telegram, YouTubeand Website.
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