Sai Life Sciences Ltd IPO

One of the largest integrated Indian CRDMOs in terms of revenue from operations for the Financial Year 2024, acting as a one-stop platform for discovery, development and manufacturing.

CDMO platform with a diverse mix of commercial and under-development molecules.

Fast-growing, integrated Discovery capabilities with focus on biology, chemistry and DMPK services.

Long-standing relationship with a diverse base of existing and new customers.

Modern R&D infrastructure with a differentiated delivery model and strong regulatory track-record.

Experienced management team and Board supported by a qualified scientific talent pool.

Strategic business investments with improving profitability metrics.

Its financial performance depends on the companys ability to secure business from biotechnology and pharmaceutical customers and consequently its may be subject to risks, uncertainties and trends that affect the company customers in these industries over which the company has no control.

Its business may be adversely affected by a failures to develop or manufacture commercially viable drugs, including for reasons that are not within the company control.

The company may not be able to continue to serve its customers if the company fails to meet their standards in audits and inspections and this could significantly harm its reputation and result in the termination of ongoing projects by its customers.

The company depends on its research and development activities generally for the company future growth and its inability to achieve the desired outcomes in the company research and development activities may result in customers opting to discontinue their partnerships with it.

The company is subject to extensive government regulation, and if the company fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required to operate the companys business, results of operations and cash flows may be adversely affected.

Manufacturing interruptions or delays could affect its ability to meet customer demand and lead to higher costs.

The company generated a revenue of Rs.6,542.20 million and Rs.14,386.02 million for the six months period ended September 30, 2024 and year ended March 31, 2024 respectively from customers outside India, amounting to 97.40% and 97.95% of total revenue from contract research, development and manufacturing activities, respectively. Furthermore, The company is subject to risks associated with conducting business internationally, and any operational delays and/or additional financial burdens may affect its business and results of operations.

Its largest customer contributed 8.00% and 9.55% of the total revenue from operation for the six months period ended September 30, 2024 and the year ended March 31, 2024 respectively. The potential loss of major customers or any of its large contracts could materially and adversely affect the companys business, financial condition and results of operations.

The company conduct animal testing, which can result in adverse publicity liability and other issues, including potential disruption to its facilities as a result of protests against animal testing.

Its subsidiary, Sai Life Sciences Inc. has incurred losses of Rs.45.66 million, Rs.150.60 million, Rs.125.97 million and Rs.93.10 million for the six months period ended September 30, 2024 and the Financial Years ended March 31, 2024, March 31, 2023 and March 31, 2022, respectively, and it may also incur losses in the future, which may adversely impact its business and the value of the Equity Shares.