Sai Life Sciences Limited (“SLSL” or “The Company), hasfiled its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
Sai Life Sciences provides end-to-end services across the drug discovery, development, and manufacturing value chain, for small molecule new chemical entities (“NCE”), to global pharmaceutical innovator companies and biotechnology firms.
The Company plans to raise funds through offer of equity shares (face value ₹ 1 each) through initial public offerings. The offer comprises of fresh issue of Equity Shares aggregating up to ₹ 800 crores and offer for sale up to 61,573,120 equity share by Selling Shareholders.
Sai Life Sciences proposes to utilize net proceeds from fresh issue towards- (i) Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by Company to ₹ 600 crores and (ii) for General corporate purposes
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).
Kotak Mahindra Capital Company Limited, IIFL Securities Limited, Jefferies India Private Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue.
About The Company:
Sai Life Sciences Limited is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from Financial Year 2022 to Financial Year 2024 according to F&S Report.
The Company is an innovator-focused, contract research, development, and manufacturing organization (“CRDMO”). SLSL’s CRDMO platform provides multiple entry points for us to acquire customers in the intermediate stages of their new drug discovery to commercialization journey. It Is also one of the few CRDMOs to have a unique delivery model of having research laboratories for discovery and development located near overseas innovation hubs at Watertown (Greater Boston, MA), United States (“US”) and Manchester, United Kingdom (“UK”), complemented by large-scale research laboratories and manufacturing facilities in cost competitive locations in India. (Source: F&S Report)
During the Financial Year 2024, the company served more than 280 innovator pharmaceutical companies, including 18 of the top 25 pharmaceutical companies (in terms of revenue for the calendar year 2023), across regulated markets, including the US, the UK, Europe and Japan. (Source: F&S Report)
During the Financial Year 2024, it also provided CRO services to more than 60 customers on an ongoing basis, for their integrated drug discovery programs. As of March 31, 2024, our CDMO product portfolio included more than 150 innovator pharmaceutical products, including 38 products that were supplied for manufacturing of 28 commercial drugs.
Disclaimer: SAI LIFE SCIENCES LIMITED. is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has fi led the DRHP dated July 12, 2024 with the SEBI. The DRHP is available on the website of the Company at www.sailife.com, SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and the BRLMs, i.e. Kotak Mahindra Capital Company Limited, IIFL Securities Limited, Jefferies India Private Limited and Morgan Stanley India Company Private Limited at https://investmentbank.kotak.com, www.iifl cap.com, www.jefferies.com and www.morganstanley.com/india, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” of the RHP, when fi led. Potential investors should not rely on the DRHP for making any investment decision. This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being sold in the United States only to “qualified institutional buyers”, as defined in Rule 144A (“Rule 144A”) under the U.S. Securities Act, pursuant to Rule 144A or another available exemption from the registration requirements thereunder, and in “offshore transactions” as defined in, and in reliance on, Regulation S (“Regulation S”) under the U.S. Securities Act, and in accordance with the applicable laws of the jurisdictions where offers and sales are made. There will be no public offering of the Equity Shares in the United States.