Senores Pharma IPOs opens on December 20; check price band, lot size & more details

The initial public offering (IPO) of Senores Pharmaceuticals opens for bidding on Friday, December 20, while the issue will close for subscription on Tuesday, December 24. The company shall be offering its shares in the range of Rs 372-391. Investors can apply for a minimum 38 equity shares and its multiples thereafter.

Incorporated in December 2017, Ahmedabad-based Senores Pharmaceuticals develops and manufactures a range of pharmaceutical products primarily for the regulated markets of the US, Canada, and the UK, while also serving emerging markets. The company operates three dedicated R&D facilities in India and the US.

The IPO of Senores Pharmaceuticals included a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 21,00,000 equity shares by its promoters and existing shareholders. At the upper end of the price, the company is looking to raise a total of Rs 582.11 crore via IPO. Anchor book for the issue opens for bidding on Thursday, December 19.

The net proceeds from the fresh issue shall be utilized towards investment in various subsidiaries, repayment of certain borrowings of the company and its subsidiary, funding the working capital requirements, funding inorganic growth through acquisition and other strategic initiatives, and general corporate purposes.

Senores Pharmaceuticals has launched 55 products in key therapeutic areas, including antibiotics and anti-fungal treatments, as of September 30, 2024. They have established partnerships with distributors and hospitals across several states in India. It operates in emerging markets across 43 countries and manufactures critical care injectables and APIs.

Senores Pharmaceuticals has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non institutional investors (NIIs) will get 15 per cent of the allotment. Retail investors will have 10 per cent shares reserved for them.

For the six months ended on September 30, 2024, Senores Pharmaceuticals reported a net profit of Rs 23.94 crore with a revenue of Rs 183.35 crore. The company's bottomline stood at Rs 32.71 crore with a revenue of Rs 217.34 crore for the financial year 2023-24.

Equirus Capital, Ambit and Nuvama Wealth Management are the book running lead managers of the Senores Pharmaceuticals IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with December 30 as the date of listing.