Senores Pharmaceuticals' IPO Set to Raise Rs 582 Crore

Senores Pharmaceuticals Ltd has announced its IPO with a price band of Rs 372-391 per share, aiming to raise Rs 582 crore. The IPO combines a new share issuance and an offer for sale. Proceeds will aid a new manufacturing facility, capital needs, acquisitions, and debt repayment.

Senores Pharmaceuticals Ltd announced that it has set its initial public offering (IPO) price band between Rs 372 and Rs 391 per share, targeting to raise Rs 582 crore. The subscription will open on December 20 and close on December 24, according to company officials.

The Ahmedabad-based company plans to issue new shares worth Rs 500 crore while offering up to 21 lakh shares for sale by existing promoters and shareholders, valued at Rs 82.11 crore at the highest end of the pricing. A total of 75,000 shares have been reserved for employees.

The funds from this IPO are earmarked for creating a manufacturing plant for sterile injections in Atlanta, covering working capital for the company and subsidiaries, facilitating strategic acquisitions, repaying debts, and general corporate purposes. Market segments are divided as 75% reserved for institutional buyers, 15% for non-institutional buyers, and 10% for retail investors.

(With inputs from agencies.)