New Delhi, March 24 -- The initial public offering (IPO) of pharmaceutical company Sai Parenteral's Ltd opened for public subscription on Tuesday, March 24, and will close on Friday, March 27.

Sai Parenteral's IPO price band has been set at Rs.372 to Rs.392 per share. The IPO lot size is 38 shares, and the minimum investment amount required by a retail individual investor is Rs.14,896.

At the upper-end of the IPO price band, the company aims to raise Rs.408.79 crore from the book-building issue, which is a combination of fresh issue of 72.70 lakh equity shares worth Rs.285 crore, and an offer-for-sale (OFS) of 31.57 lakh shares amounting to Rs.123.79 crore.

The company proposes to utilise the net issue proceeds for capacity expansion a...