The Indian stainless steel industry has a growth rate of 8-10% CAGR till 2030. The industry grows due to demand for infrastructure development, automobiles/railways, and an increase in demand for seamless pipes. Sai Parenteral's Ltd is a stainless steel manufacturer in Rajasthan. The company was established in 2006 in Jaipur. It produces stainless steel pipes/tubes, coils, utensils, and sheets.
Sai Parenteral's Ltd has an integrated facility of 1.2 lakh TPA and offers diverse products. It has a good reach in the market through its distributors. It has potential for exports and spends on new capacity for a new seamless pipe manufacturing facility.
Sai Parenteral's Ltd had good growth in FY25. The company had revenue of ₹450 Cr. The revenue growth was estimated at an increase of 20%. The company had PAT potential through EBITDA of ₹65 Cr. The company had an asset size of ₹297 Cr. The company has planned a main board IPO of ₹[TBD] equity shares of face value of ₹10 each. The company issued fresh equity shares of ₹1.465 Cr and OFS equity shares of ₹0.625 Cr.
Sai Parenteral's Limited IPO Details:
Sai Parenteral's Limited Issue Management:
Arihant Capital Markets Ltd acts as the book-running lead manager for Sai Parenteral's Limited Mainboard IPO, managing underwriting and compliance.
Sai Parenteral's Limited IPO RTA (Registrar) Details:
Bigshare Services Pvt.Ltd. handles allotment, refunds, and demat credits—contact at 91-22-6263 8200 or ipo@bigshareonline.com.
Sai Parenteral's Limited IPO Allotment Status:
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Visit the Bigshare Services Pvt.Ltd. IPO Application Status page.
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Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
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Action Links:
To apply for Sai Parenteral's Limited IPO, open a demat account here
Sai Parenteral's Limited IPO Subscription Status: Check live subscription here
Sai Parenteral's Limited IPO GMP Update: Check latest grey market premium here
Sai Parenterals Limited, a newly incorporated company with manufacturing facilities at Hyderabad, is an emerging player in the critical care parenteral market with products like IV fluids - large and small volume, pre-filled syringes, infusion sets, catering to the needs of domestic hospitals/institutional buyers with WHO-GMP certification.
The company has shown robust growth in FY25 with revenue of ₹89.43 Cr, good PAT margins, and an established network of hospital supplies.
₹408.79 Cr IPO of Sai Parenterals Limited, mainboard, 10.43 million shares @ ₹5 FV, fresh issue of ₹285 Cr, Offer for Sale of 123.79 Cr, IPO price band of ₹372 - ₹392 per share, lot size 38 shares = ₹14,896, IPO open March 24 - 27, 2026, allotment March 30, NSE/BSE listing April 2.
Sai Parenteral's Limited IPO is ₹408.79 Cr total (mixed issue).
Sai Parenteral's Limited IPO proceeds will be deployed towards the following objectives:
Sai Parenteral's Limited Ltd Mainboard IPO reserves 2.09 Cr shares per SEBI Mainboard norms.
The Anchor bidding starts on March 23, 2026 (~30% QIB).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI Mainboard guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Bigshare Services Pvt Ltd.
According to RHP reports, Sai Parenterals Ltd posted solid FY25 financials. Revenue grew 6% YoY to ₹163.74 Cr, PAT surged 72% to ₹14.45 Cr (8.8% margin), ROE 13.4%, ROCE 9.34%, EBITDA ₹39.44 Cr (24.1% margin).
Growth fueled by injectables volumes (45% revenue), hospital/pharma demand, WHO-GMP capacity expansion, and diversified parenteral portfolio (IV fluids, syringes),
The important risks and strengths of Sai Parenteral's Limited IPO are mentioned below:
Strengths:
WHO-GMP certified facilities (5 locations in Hyderabad) for high margin business of sterile injectables (24.1% EBITDA FY25).
Export-led business model: 63% of revenue from overseas markets. Acquisition of Noumed Pharma provides access to regulated markets and R&D dossiers.
Diversified product portfolio (cardio, oncology, anti-infectives) and CDMO business with in-house R&D support for hospitals/government.
Recent infusion of ₹50 Cr equity for further inorganic growth and expanding footprint across 10 countries.
Promoters have strong experience (Anil KK); integrated business model from development to execution.
Risks
Short track record (ops since 2022) with competition from Transpek and Venus Remedies.
Export concentration (Australian-heavy) also vulnerable to regulatory/geopolitical risks.
Stress on working capital due to high receivables from institutional customers.
Aggressive capex plans (₹33 Cr WC, ₹36 Cr Singapore subsidiary) and integration risks pre-IPO.
Margin pressure from pricing and raw materials risks sustainability.
RHPs are supporting Sai Parenterals Ltd’s FY25 performance with revenue at ₹163.74 Cr, +6% YoY; PAT at ₹14.45 Cr with an 8.8% margin; ROE at 13.4%; ROCE at 9.34%; and a post-issue P/E ratio of 28-30x, with an estimated EPS of ₹3.81 in FY25. These valuations are attractive in relation to peers such as Transpek at 28x and Venus Remedies at 35x.
The company’s presence in the parenteral industry with IV fluids, injectables, and syringes, and their presence in 10 countries, including hospitals, governments, and the pharma industry, with 63% of their revenue coming from exports, led by Australia.
The company’s IPO is at ₹408.79 Cr with a mainboard IPO and an estimated MCap of ₹1,732 Cr with 1.04 Cr shares @ ₹392 upper band at 2.5x sales/~30x EPS. High margins (24% EBITDA), export tailwinds, acquisition synergies outweigh short track record, receivables risk for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Sai Parenteral's Limited IPO, open a demat account here
Sai Parenteral's Limited IPO Subscription Status: Check live subscription here
Sai Parenteral's Limited IPO GMP Update: Check latest grey market premium here
1. What is the Sai Parenteral's Limited IPO open and close date?
The Sai Parenterals Ltd mainboard IPO opens March 24, closes March 27, 2026; allotment March 30, NSE/BSE listing April 2.
Track Sai Parenteral's Limited IPO subscription status live here from Finnpick.
2. What is the Sai Parenteral's Limited IPO price band and lot size?
The IPO price band ₹372-392 per share (FV ₹5), lot size 38 shares; retail minimum ₹14,896 (upper band).
3. What is Sai Parenteral's Limited IPO total size?
The Sai Parenteral's Limited IPO size is ₹408.79 Cr mixed issue (fresh ₹285 Cr + OFS ₹123.79 Cr, 10.43 million shares); book-built managed by Axis Capital, IIFL.
4. How to apply for the Sai Parenteral's Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Mar 24, 4 PM. Monitor Sai Parenteral's Limited IPO subscription tracker here.
5. How to check Sai Parenteral's Limited IPO Allotment Status?
The allotment date is on Mar 30th and can be checked on Bigshare Services Ltd portal RTA portal using PAN/DP ID.
6. What is Sai Parenteral's Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of Mar 18, indicating listing at the price range of ₹392 —check daily updates of Sai Parenteral's Limited IPO GMP trends here and live subscription status here from Mar 24th opening only on Finnpick.
7. What does Sai Parenteral's Limited specialize in?
Sai Parenteral's Limited specializes in Critical care parenterals—IV fluids, injectables, syringes, infusion sets; WHO-GMP facilities serving hospitals across 10 countries (63% exports).
8. When is Sai Parenteral's Limited IPO listing date?
The Sai Parenteral's Limited Ltd IPO lists on April 02nd, 2026 on NSE/BSE Mainboard (~T+1 post-allotment Mar 30).
9. What are the Sai Parenteral's Limited IPO proceeds utilization details?
The Sai Parenteral's IPO fresh issue proceeds: ₹33 Cr working capital, ₹36 Cr Singapore subsidiary for Australia acquisition, balance general purposes.
