D-Street Diary: Sai Life, Sanstar, Godrej Consumer & other companies in focus

Private equity (PE) firm TPG-backed Sai Life Sciences on Monday announced filing of draft red herring prospectus (DRHP) for its initial public offer (IPO) of around ₹5000 crore, sources said. The proposed IPO would be the largest in the contract research, development and manufacturing organisation () sector. The company plans to raise funds through an offer of equity shares (FV ₹1 each) through initial public offerings. The offer comprises fresh issue of equity shares aggregating up to ₹800 crore and offer for sale (OFS) up to 61,573,120 equity shares by existing shareholders. The OFS comprises sale of up to 6,454,780 equity shares by Sai Quest Syn Pvt Ltd — the promoter selling shareholder, up to 45,721,080 equity shares by Asia VII SF Pte Ltd (TPG), up to 6,862,260 equity shares by and up to 2,535,000 equity shares by other persons. In 2018, TPG invested around $135 million in Sai Life Sciences and the private equity firm currently holds a 39.69% stake. HBM holds 5.5%, while Sai Quest has 5.61% stake. Both TPG and HBM will be partly exiting through the IPO.

Sanstar IPO to Open for Subscription on July 19

Plant-based specialty products and ingredient solutions company Sanstar’s IPO will open for subscription on July 19 and close on July 23. The price band for the IPO is between ₹90 and ₹95 per share. The IPO comprises a fresh issue of ₹397.10 crore and an offer for sale of 1.19 crore shares and will fetch ₹510.15 crore at the upper price band. Bids can be made for a minimum of 150 shares and multiples thereafter.

Northern Arc Cap, Shree Tirupati IPOs Get Sebi Nod

Northern Arc Capital Ltd and Shree Tirupati Balajee Agro Trading Co have received approval from Securities and Exchange Board of India (Sebi) for their proposed initial public offerings (IPOs). The regulator issued its final observations on the draft papers last week. Northern Arc Capital’s IPO is a fresh issue of ₹500 crore and offer for sale 2.1 crore shares.

LeapFrog Financial Inclusion India (II), Accion Africa-Asia Investment Company, Augusta Investments II Pte, Eight Roads Investments Mauritius II, Dvara Trust and 360 ONE Special Opportunities Fund will offer shares as part of the offer for sale.

Shree Tirupati Balajee Agro Trading Co’ IPO consists of a fresh issue of 1.47 shares and an offer for sale of 56.90 lakh shares by promoter, Binod Kumar Agarwal. It is a manufacturer and supplier of flexible intermediate bulk containers.