Senores Pharmaceuticals Ltd. is all set to launch its Initial Public Offering (IPO) on December 20, 2024, with subscription open until December 24, 2024. The Ahmedabad-based pharmaceutical company will raise funds through a combination of a fresh issue of shares worth Rs 500 crore and an offer-for-sale (OFS) of 21 lakh shares by promoters and other shareholders.
Key IPO Details:
- IPO Open Date: December 20, 2024
- IPO Close Date: December 24, 2024
- Anchor Book Open Date: December 19, 2024
- Offer Type: Fresh issue of shares and OFS
- Fresh Issue Size: Rs 500 crore
- OFS Size: 21 lakh shares
Promoter Share Sale:
Promoters Swapnil Jatinbhai Shah and Ashokkumar Vijaysinh Barot will be offloading 2.5 lakh and 5.5 lakh shares, respectively. Other shareholders, including Sangeeta Mukur Barot and Prakash M Sanghvi, will also participate in the offer.
Use of Proceeds:
The company plans to utilize the funds raised through this issue for the following purposes:
- Investment in subsidiary Havix Group Inc. to set up a sterile-injection manufacturing facility in Atlanta.
- Repayment of borrowings by the company and its subsidiaries.
- Funding working capital requirements for the company and its subsidiaries.
- Acquisitions and inorganic growth initiatives, along with general corporate purposes.
Business Overview:
Senores Pharmaceuticals Ltd. is a global research-driven pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products primarily for regulated markets such as the US, Canada, and the UK. The company operates across various therapeutic areas and dosage forms, with a strong presence in emerging markets across 43 countries.
The company also specializes in critical care injectables and Active Pharmaceutical Ingredients (APIs).
Financials:
As of November 30, 2024, Senores Pharmaceuticals had Rs 171.87 crore of debt on its books.
IPO Management:
- Book-Running Lead Managers: Equirus Capital Pvt., Ambit Pvt., and Nuvama Wealth Management Ltd.
- Registrar: Link Intime India Pvt.
The shares of Senores Pharmaceuticals will be listed on the NSE and BSE following the completion of the public issue.
With the pharmaceutical sector gaining prominence and Senores Pharmaceuticals’ global reach and strong product portfolio, this IPO is likely to attract considerable attention from investors.
