The initial public offer (IPO) of Senores Pharmaceuticals has witnessed robust investor interest, with 1.51 crore shares bid for by 5:00 PM IST on Friday, December 20, 2024, surpassing the 85.34 lakh shares on offer. The IPO has been subscribed 1.78 times on its first day of bidding.
The IPO, which opened on December 20, 2024, is scheduled to close on December 24, 2024. The price band has been set between ₹372 and ₹391 per share, with investors able to bid for a minimum of 38 equity shares and in multiples thereafter.
IPO Structure and Fund Utilization
The Senores Pharmaceuticals IPO consists of a fresh issue of equity shares worth up to ₹500 crore and an offer for sale of 21 lakh shares, aggregating up to ₹82.11 crore. The proceeds from the fresh issue will be utilized for various strategic purposes, including:
- ₹107 crore for investment in Havix to set up a sterile injection manufacturing facility.
- ₹93.7 crore for debt repayment.
- ₹43.25 crore for working capital requirements.
- ₹59.48 crore for investments in its subsidiaries SPI and Ratnatris.
- The remaining funds will be allocated towards general corporate purposes.
Pre-IPO and Anchor Investments
Ahead of the IPO, Senores Pharmaceuticals raised ₹260.62 crore from anchor investors. On December 19, 2024, the company allotted 66.65 lakh shares at ₹391 each to 20 anchor investors.
About Senores Pharmaceuticals
Senores Pharmaceuticals specializes in the development and manufacturing of a wide range of pharmaceutical products for regulated markets such as the US, Canada, and the UK, as well as emerging markets. The company focuses on developing specialty and complex pharmaceutical products, including critical care injectables and active pharmaceutical ingredients (APIs).
As of September 30, 2024, Senores Pharmaceuticals had successfully launched 55 products across key therapeutic areas, including antibiotics and anti-fungal treatments.
For the six months ended September 30, 2024, the company reported a consolidated net profit of ₹23.94 crore and sales of ₹181.02 crore.
IPO Key Details
- Offer Size: ₹500 crore (Fresh Issue) + ₹82.11 crore (Offer for Sale)
- Price Band: ₹372-391 per share
- Subscription Status: Subscribed 1.78 times on December 20, 2024
- Anchor Investment: ₹260.62 crore raised from anchor investors
Senores Pharmaceuticals’ IPO has received positive investor feedback on its first day of subscription, highlighting the company’s strong growth potential in the pharmaceutical sector. With a diverse product portfolio and a focus on critical care and complex injectables, the company is well-positioned for long-term success in both regulated and emerging markets.
