Sai Life Sciences Limited has submitted its monitoring agency report for Q3FY26 to stock exchanges, detailing the utilization of proceeds from its Initial Public Offer (IPO) conducted in December 2024. The report, prepared by CRISIL Ratings Limited as the appointed monitoring agency, demonstrates substantial progress in deploying the raised capital across designated objectives.

Regulatory Compliance and Monitoring Framework

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company submitted the monitoring agency report for the quarter and nine months ended December 31, 2025. CRISIL Ratings Limited, appointed as the monitoring agency under Regulation 41(2) of SEBI ICDR Regulations, oversees the utilization of IPO proceeds through quarterly assessments.

IPO Proceeds Utilization Status

The company's IPO raised gross proceeds of Rs. 9,500.00 million through fresh issue, with net proceeds of Rs. 9,098.84 million after deducting issue expenses of Rs. 401.16 million. As of December 31, 2025, the company has utilized Rs. 9,444.72 million of the total proceeds, leaving Rs. 55.28 million unutilized and parked in fixed deposits and public offer accounts.

Object-wise Deployment of Funds

The monitoring report reveals complete utilization of funds allocated for debt repayment and general corporate purposes. During Q3FY26, the company transferred Rs. 963.03 million from the monitoring account to cash credit accounts for vendor payments under general corporate purposes, specifically for equipment and machinery purchases.

Investment of Unutilized Proceeds

The remaining Rs. 55.28 million is strategically deployed across fixed deposits and bank accounts to ensure capital preservation while maintaining liquidity. The company has invested Rs. 36.97 million in IndusInd Bank fixed deposits earning 5.45% returns, with the balance maintained in public offer and monitoring accounts.

The monitoring agency confirmed no deviations from disclosed objects, with all utilization proceeding as per the offer document. The company maintains full regulatory compliance with no material deviations requiring shareholder approval, demonstrating effective capital deployment aligned with stated IPO objectives.

Sai Life Sciences has announced a strategic partnership with Mabtech to strengthen immunology research capabilities and expand service offerings in the biotechnology sector. This collaboration marks a significant step in enhancing the company's research infrastructure and global presence.

Strategic Partnership Details

The partnership between Sai Life Sciences and Mabtech focuses on boosting immunology research through combined expertise and resources. The collaboration aims to leverage both companies' strengths to deliver enhanced research capabilities and advanced scientific solutions.

Boston Laboratory Establishment

As part of this strategic initiative, Sai Life Sciences has opened a new laboratory facility in Boston, which will serve as the US hub for the Eyra platform. This expansion represents the company's commitment to strengthening its presence in the American market and providing localized services to clients.

Enhanced Service Capabilities

The partnership will enable both companies to jointly provide advanced immunology assay services. This collaboration combines Sai Life Sciences' research capabilities with Mabtech's specialized expertise, creating a comprehensive service offering for clients in the immunology research sector.

The establishment of the Boston facility and the strategic partnership with Mabtech demonstrates Sai Life Sciences' focus on expanding its global footprint and enhancing its research and development capabilities in specialized areas of biotechnology.