Senores Pharmaceuticals IPO Sees Strong Subscription on Final Day

The IPO includes a fresh issue of INR 500 Cr and an offer-for-sale of INR 82.11 Cr, with promoters and other selling shareholders offering 21 lakh shares. The minimum lot size for bidding is 38 shares.

Senores Pharmaceuticals’ initial public offering (IPO) entered its final day of subscription today with a strong response from investors.

The INR 582.11 Cr IPO, priced between INR 372 and INR 391, has been subscribed 13.93 times, with retail investors showing the highest interest. The portion reserved for retail investors was subscribed 3.41 times.

The IPO includes a fresh issue of INR 500 Cr and an offer-for-sale of INR 82.11 Cr, with promoters and other selling shareholders offering 21 lakh shares. The minimum lot size for bidding is 38 shares.

The IPO has a distribution plan: 75% is allocated to qualified institutional buyers (QIBs), 10% to retail investors, and 15% to non-institutional investors. While the QIB portion has been subscribed 0.35 times, the non-institutional segment has received a strong response, subscribing 24.63 times. The employee quota, which reserves 75,000 shares, has been subscribed 10.14 times.

Ahead of the IPO, the company raised INR 260.62 Cr from anchor investors. These investors, including both domestic and foreign institutions, were allocated 66,65,725 shares at INR 391 per share. Key anchor investors include ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance, and SBI General Insurance, among others.

Senores Pharmaceuticals plans to use the proceeds from the IPO for several purposes. These include funding capital expenditure for a new manufacturing facility in Atlanta, repayment of certain borrowings, and working capital requirements. The company also intends to support its subsidiaries, including Havix Group Inc. (doing business as Aavis Pharmaceuticals), Senores Pharmaceuticals Inc., and Ratnatris Pharmaceutical Private Ltd., with investments aimed at their working capital needs. Additionally, the company aims to pursue inorganic growth through acquisitions and other strategic initiatives.

About Senores Pharmaceuticals

Founded in December 2017, Senores Pharmaceuticals is a global, research-driven pharmaceutical company specializing in developing and manufacturing pharmaceutical products. The company focuses on regulated markets in the US, Canada, and the UK, and serves emerging markets in 43 countries. Its portfolio includes critical care injectables and active pharmaceutical ingredients (APIs).

Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited are the book-running lead managers for the IPO, while Link Intime India Private Limited is the registrar.

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