Ad hoc announcement pursuant to Art. 53 LR
Successful IPO of HBM portfolio company Sai Life Sciences on the Indian stock exchanges NSE and BSE increases NAV per HBM share by 3.2 percent

18.12.2024
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  • HBM Healthcare Investments sold 60 percent of its stake in Sai in the IPO as part of the offering by existing shareholders, realising net proceeds of INR 3.26 billion (CHF 34.3 million);
  • The remaining 40 percent of the shares are valued at INR 3.17 billion (CHF 33.3 million) based on the closing price on the first day of trading;
  • The net asset value per HBM share (NAV) increases by CHF 7.89 (+3.2%) based on the sale proceeds and the market value of the Sai shares on the first day of trading;
  • High multiples on invested capital of 12.1x in INR and 8.5x in CHF (on realised portion) and 17.6x in INR and 12.4x in CHF (on unrealised portion) once again illustrate the portfolio's attractiveness and potential for value appreciation.

Sai Life Sciences (NSE/BSE: SAILIFE), a portfolio company of HBM Healthcare Investments, made a successful debut on the Indian stock exchanges NSE and BSE today. The company raised new capital of INR 9.5 billion (CHF 100 million) by issuing 17.3 million new shares at INR 549 per share. The IPO also included a placement of 38.1 million shares from existing shareholders, raising INR 20.9 billion (CHF 220 million). On today's first day of trading, the shares closed at INR 764.65 (+39.3%).

HBM Healthcare Investments has invested INR 449 million (CHF 6.7 million at historical exchange rates) in Sai Life Sciences since November 2015. The investment was last valued at INR 1.34 billion (CHF 14.1 million). In the IPO, HBM Healthcare Investments placed 6.2 million of its shares as part of the existing shareholders' offering, generating net proceeds of INR 3.26 billion (CHF 34.3 million). The remaining 4.1 million shares have a market value of INR 3.17 billion (CHF 33.3 million), based on the closing price on the first day of trading. These shares are subject to a lock-up period of six months.

Sai Life Sciences is an innovator-focused Indian contract research, development, and manufacturing organisation (CRDMO) offering comprehensive services to global biotechnology and pharmaceutical companies across the entire value chain of discovery, development, and manufacturing of new small-molecule chemical entities. The company was founded in 1999 and has its headquarters in Hyderabad. 

Contact
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at andreas.wicki@hbmhealthcare.com.