Private equity firm TPG-backed contract research, development, and manufacturing organisation Sai Life Sciences has filed Draft Red Herring Prospectus (DHRP) with capital markets regulator SEBI for an initial public offering consisting of a fresh issue of equity shares aggregating up to ₹800 crore as well as offer for sale (OFS) of more than 6.15 crore equity shares.

The OFS will consist of sale of equity shares by a promoter, two investor shareholders, including TPG, as well as a few selling shareholders, according to the DRHP.

The company, which 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, proposes to utilise the net proceeds from the fresh issue towards repayment/prepayment, in full or part, of borrowings totalling ₹600 crore and for general corporate purposes.