Senores Pharmaceuticals, based in Ahmedabad, has launched its IPO today with a size of ₹582.11 crore and a price band of ₹372-391. The IPO consists of a fresh issue worth ₹500 crore and an offer-for-sale of up to 21 lakh shares, valued at ₹82.11 crore, by promoters and other selling shareholders. The IPO will close on December 24, with a minimum lot size of 38 shares.
Qualified institutional buyers have reserved up to 75% of the IPO, while retail investors have a 10% allocation and non-institutional investors have 15%. Prior to the IPO, the company raised ₹260.62 crore from anchor investors, including both foreign and domestic institutions.
The net proceeds from the IPO will be used for various purposes, including investment in subsidiaries, capital expenditure for a manufacturing facility, repayment of borrowings, and funding working capital requirements. The company also plans to invest in subsidiaries for working capital needs and for inorganic growth through acquisition and other strategic initiatives.
Senores Pharmaceuticals, established in 2017, is a research-driven pharmaceutical company focused on developing and manufacturing a wide range of products for regulated markets in the US, Canada, and the UK, as well as emerging markets across 43 countries. The company specializes in critical care injectables and APIs.
The book-running lead managers for the IPO are Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited, with Link Intime India Private Limited serving as the registrar.
In conclusion, Senores Pharmaceuticals’ IPO presents an opportunity for investors to participate in a rapidly growing pharmaceutical company with a strong focus on research and development. The funds raised will support the company’s expansion plans and drive future growth in the global pharmaceutical market.
