Table of Contents
NEW YORK – Sai Life Sciences Limited (SAILIFE), a rapidly expanding Indian pharmaceutical Contract Research, Development and Manufacturing Organization (CRDMO), made a notable debut on the NSE on December 18th. This event signaled a robust response to its US$366 million Initial Public Offering, which included an Offer for Sale from existing private equity investors and was oversubscribed more than ten times.
The IPO saw exceptionally high interest from institutional investors, including leading global funds such as Fidelity Funds, Goldman Sachs Funds, BlackRock, Abu Dhabi Investment Authority, INQ Holding LLC, and SmallCap World Fund Inc. Demand surpassed the allocation by over 30 times.
Krishna Kanumuri, CEO and Managing Director of Sai Life Sciences, announced: "We’re truly overwhelmed by the trust that the public markets have placed in our company. As we step onto the public stage, we do so with a deep sense of responsibility. We are committed to upholding the trust our stakeholders have placed in us. Our focus remains on driving innovation, maintaining the highest standards of integrity, and contributing to bringing new medicines to life quickly."
Sai Life Sciences launched the IPO after a period of significant financial growth over the preceding three years (FY22-24) in terms of revenue and EBITDA CAGR, emerging as the fastest-growing Indian CRDMO during that period. In FY2024, Sai Life Sciences reported that it delivered its services to over 280 innovative pharmaceutical companies. Notably, the company collaborated with 18 of the top 25 pharmaceutical firms globally, and its client base spans major markets such as the United States, the United Kingdom, Europe, and Japan.
Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited, Jefferies India Private Limited, and Morgan Stanley India Company Private Limited served as the lead managers for the offering. The company intends to use the Net Proceeds to repay or prepay all or some outstanding borrowings, with the remainder allocated for general corporate purposes.
Sai Life Sciences is a full-service CRO-CDMO collaborating with innovative pharmaceutical and biotech companies worldwide to expedite the discovery, development, and commercialization of complex small molecules. The company employs over 3,000 individuals at its R&D and manufacturing facilities in India, the United Kingdom, and the United States.
