Sai Life Sciences sets IPO price band at ₹522-549

Private equity firm TPG-backed contract research, development and manufacturing organisation Sai Life Sciences has fixed the price band at ₹522-549 per equity share for its Initial Public Offering that opens on December 11.

The IPO comprises a fresh issue of equity shares aggregating up to ₹950 crore and offer for sale of a little over 3.81 crore equity shares by a promoter, investor shareholders and other shareholders. The IPO closes on December 13. The anchor investor bidding date opens and closes on December 10.

The company proposes to utilise the net proceeds towards repayment/prepayment, in full or part, of all or certain outstanding borrowings estimated to be ₹720 crore and balance amount towards general corporate purpose, according to the objects of the offer in the Red Herring Prospectus.