Published on Friday, March 20, 2026 by Chittorgarh.com Team
Sai Parenteral's IPO Size: ₹408.79 crore (₹285 crore fresh issue and ₹123.79 crore OFS)
Issue opens Mar 24, 2026 | Closes Mar 27, 2026 | Listing expected Apr 2, 2026
Key Highlights
Sai Parenteral’s Limited’s growth over the past few years reflects a promoter-led track record of disciplined execution and value creation.
Led by Anil Kumar Karusala, the Company has transitioned from a domestic injectables business into a diversified IP-led pharmaceutical platform with presence across branded generics and CDMO. Since the change in ownership in 2016, the business has scaled from a revenue of ₹0.84 crore in FY16 to ₹97 crore by FY23, demonstrating a consistent ability to build and grow operations.
A key aspect of this track record has been the ability to identify, acquire, and scale manufacturing assets. In February 2022, the Company acquired a TGA Australia-approved manufacturing facility. This was followed by the acquisition of a GCC-approved manufacturing plant in August 2022, now operated as Unit IV. Both of these acquisitions have resulted in the fast growth of the CDMO business vertical over the last few years.
Anil KK, Chairman & Managing Director, Sai Parenteral’s Limited, said:
“Execution has always been and will remain central to our strategy as we scale our platform and expand into global markets.”
Alongside inorganic expansion, the promoters have also focused on building internal capabilities, including the development of product dossiers and investment in R&D infrastructure. This balanced approach—combining acquisitions with capability building—has enabled the Company to scale while strengthening its foundation.
The recent acquisition of Noumed further demonstrates this approach—adding direct access to the $2.5 billion Australian and New Zealand market and 451 TGA-approved dossiers (IP).
Today, the Company has scaled to a proforma revenue base of ₹508 crore in FY25 (₹305 crore in H1 FY26), including ₹368 crore from CDMO, and serves customers across Australia, New Zealand, Southeast Asia, the Middle East and Africa.
Sai Parenteral’s ₹409 crore IPO is open from March 24 to March 27. The issue size is ₹408.79 crore including ₹285 crore fresh issue and ₹123.79 crore in OFS from non-promoter shareholders.
The company is backed by marquee investors including Samarsh Capital (backed by Mr. Mohandas Pai), Dr. B. Bhaskara Rao (MD, KIMS Hospitals), Blue Lotus Capital, Polycab promoters, and Gruhas Proptech (backed by Mr. Nikhil Kamath and Mr. Abhijeet Pai).
Unit III – Oral Solid Dosage Facility (Bhongir, Telangana)
Under construction facility in Adelaide Australia
