New Delhi: Senores Pharmaceuticals Ltd said it fixed a price band of Rs 372-391 per share for its Rs 582-crore initial public offering (IPO) opening for subscription on December 20. On Wednesday, the company announced that the initial share sale will end on December 24. The Ahmedabad-based company's IPO is a combination of fresh issuance of shares worth Rs 500 crore and an offer for sale (OFS) of up to 21 lakh shares valued at Rs 82.11 crore by promoters and other selling shareholders at the upper end of the price band.
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Senores Pharmaceuticals' Rs 582-crore IPO opens on December 20 with a price band of Rs 372-391 per share,
aiming to fund expansion, acquisitions, and debt repayment.
The public issue includes a reservation of 75,000 shares for employees. Proceeds from the fresh issue will be utilized for setting up a manufacturing facility for the production of sterile injections in its Atlanta facility, funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes.
Senores Pharmaceuticals IPO: Focus on Specialty Pharma with Robust Financial Growth
The company said that 75 per cent of the issue has been reserved for qualified institutional buyers, 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 38 shares and in multiples of 38 shares thereafter. Senores Pharmaceuticals specializes in identifying, developing, and manufacturing a wide array of speciality, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers. The company has several products in major therapeutic segments, including antibiotics, anti-bacterial, anti-fungal and bloodline.
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As of March 2024, the company had three R&D facilities in India and the US. It is in the process of consolidating its R&D facilities into one proposed dedicated facility in Ahmedabad. On the financial front, Senores Pharma's revenue from operations increased multifold to Rs 214.52 crore in fiscal 2024 from Rs 35.34 crore a year ago, and profit after tax climbed to Rs 32.71 crore from Rs 8.43 crore. Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers for the issue. The equity shares are proposed to be listed on BSE and NSE.
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