Sai Parenteral's IPO sails through on closing day

The initial public offering of Sai Parenteral's, a diversified pharmaceutical formulation company, got fully subscribed on the closing day of bidding on Friday, helped by institutional investors.

The IPO received bids for 78,80,972 shares as against 75,22,486 shares on offer, translating into 1.05 times subscription, as per NSE data.

The category for non-institutional investors received 2.36 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 1.71 times.

Retail investors' portion got covered 12 per cent. Sai Parenteral's Ltd garnered more than Rs 122 crore from anchor investors on Monday.

The IPO has a fresh issue of up to Rs 285 crore and an offer-for-sale of up to nearly 31.57 lakh equity shares.