Sai Life Sciences has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO).
The proposed IPO consists of a fresh issue of ₹800 crore and an offer for sale (OFS) of up to 61.57 million shares by its existing shareholders and promoters, according to the DRHP.
The OFS comprises of up to 6.45 million shares by Sai Quest Syn Pvt Ltd, up to 45.72 million shares by TPG Asia VII SF Pte, up to 6.86 million shares by HBM Pvt Equity India, among others.
Use of funds
Sai Life Sciences proposes to utilise net proceeds from fresh issue towards repayment or prepayment, in full or part, of all or certain outstanding borrowings availed by company of about ₹600 crore and for general corporate purposes.
The shares are proposed to be listed on the BSE and NSE.
Kotak Mahindra Capital Company Ltd, IIFL Securities Ltd, Jefferies India Private Ltd and Morgan Stanley India Company Private Ltd are the book-running lead managers to the issue.