This issue will be available for general subscription on December 20th. INR$582 million from the primary market.
The listing was below estimates of the gray market premium (GMP), as the stock was trading at a nearly 73% premium on the private market prior to its debut. Senores Pharma’s GMP has managed to maintain its position despite broader market fluctuations.
Thanks to all rounds of bidding, the IPO was oversubscribed by a solid 93.41 times overall. The category for Qualified Institutional Bidders (QIBs) was booked approximately 94.66 times and the portion for Non-Institutional Investors (NII) was booked 96.11 times. Allocations to retail investors and employees were booked at 89.23x and 19.92x, respectively.
Prior to the issue, the company had already raised Rs 260.62 crore from anchor investors. The national and international institutions that have joined Anchor include ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance, SBI General Insurance Company, Goldman Sachs Investments (Mauritius), Société Générale – ODI, Unity Small Finance Bank, among others.
The Ahmedabad-based company sold 38 shares in lots at a fixed price band of Rs 372-391.
Proceeds from the new issue will be used to establish a manufacturing facility within the Atlanta facility to produce sterile injectables. We fund the working capital requirements of the Company and its subsidiaries and support inorganic growth through acquisitions and other strategic initiatives and debt payments.
Please note that some of the information will be used for general corporate purposes.
Senores Pharmaceuticals specializes in identifying, developing and manufacturing a wide range of specialty, underserved and complex medicines, establishing itself as the preferred partner for selected customers. The company offers several products in key therapeutic areas such as antibiotics, antibacterials, antifungals, and hematology.
As of March 2024, the company has three R&D facilities in India and the US and is in the process of consolidating the R&D facilities into one dedicated facility proposed in Ahmedabad.
On the revenue front, Senores Pharma’s operating revenue for FY2024 increased several times to Rs 214.52 crore from Rs 3,534 crore a year ago, while profit after tax rose from Rs 8.43 billion to Rs 3,271 crore. There has been a sudden increase.
Equirus Capital Pvt Ltd, Ambit Pvt Ltd and Nuvama Wealth Management Ltd acted as lead managers for Senores Pharmaceuticals IPO and Link Intime India Pvt Ltd was the registrar.
