3 Januar 2025
Linklaters advises on Sai Life Sciences IPO in India
Linklaters acted as the sole international counsel to the book running lead managers on the initial public offering (IPO) of Sai Life Sciences, the fastest-growing Indian Contract Research, Development and Manufacturing Organisation (CRDMO), backed by TPG Group.
The company has served more than 280 innovator pharmaceutical companies, including 18 of the top 25 pharmaceutical companies, across regulated markets, including the US, the UK, Europe, and Japan.
The listing, valued at INR 3,043 crore (approx. US$355m) with an issue price of INR 549, saw shares list on 18 December 2024, at INR 650 on the National Stock Exchange of India (NSE), representing an 18.4% premium, and shares commenced trading on the Bombay Stock Exchange (BSE) at INR 660, marking a 20.22% increase from the IPO price.
The IPO demonstrated substantial market demand, closing with a 10.27 times oversubscription – underscoring the investor appetite in the pharmaceutical sector, as well as the strength and potential of the Indian healthcare market, in line with global markets.
The book running lead managers on the transaction included Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, and IIFL Securities Ltd, among others.
The Linklaters team was led by partner and Head of India Practice Amit Singh, with support from counsel Joseph Wolpin and managing associate Kundhavi Suresh Kumar.
Linklaters has an established reputation as a leading Indian capital markets practice. With one of the largest teams of any firms focussed on the India market, the firm has advised on several high-profile equity offerings across diverse sectors, including the recent Bajaj Housing Finance IPO, Premier Energies IPO, Ola Electric Mobility IPO and Brainbees Solutions IPO.
The company has served more than 280 innovator pharmaceutical companies, including 18 of the top 25 pharmaceutical companies, across regulated markets, including the US, the UK, Europe, and Japan.
The listing, valued at INR 3,043 crore (approx. US$355m) with an issue price of INR 549, saw shares list on 18 December 2024, at INR 650 on the National Stock Exchange of India (NSE), representing an 18.4% premium, and shares commenced trading on the Bombay Stock Exchange (BSE) at INR 660, marking a 20.22% increase from the IPO price.
The IPO demonstrated substantial market demand, closing with a 10.27 times oversubscription – underscoring the investor appetite in the pharmaceutical sector, as well as the strength and potential of the Indian healthcare market, in line with global markets.
The book running lead managers on the transaction included Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, and IIFL Securities Ltd, among others.
The Linklaters team was led by partner and Head of India Practice Amit Singh, with support from counsel Joseph Wolpin and managing associate Kundhavi Suresh Kumar.
Linklaters has an established reputation as a leading Indian capital markets practice. With one of the largest teams of any firms focussed on the India market, the firm has advised on several high-profile equity offerings across diverse sectors, including the recent Bajaj Housing Finance IPO, Premier Energies IPO, Ola Electric Mobility IPO and Brainbees Solutions IPO.
