Senores Pharma IPO receives 93.69 times subscription

The Rs 582-crore initial public offering (IPO) of Senores Pharmaceuticals Ltd received 93.69-times subscription on the final day of bidding on Tuesday amid strong investors' participation.

The initial share sale got bids for 79,95,96,646 shares against 85,34,681 shares on offer, as per data available with the NSE.

The portion meant for non-institutional investors fetched 96.30 times subscription while the quota for qualified institutional buyers (QIBs) got subscribed 94.66 times. The category for retail individual investors (RIIs) received 90.46 times subscription.

Senores Pharmaceuticals Ltd on Thursday said it has secured nearly Rs 261 crore from anchor investors.

The IPO has a price range of Rs 372-391 per share.

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 Rs 82.11 crore, by promoters and other selling shareholders, at the upper-end of the price band.

Proceeds from the fresh issue will be utilised for setting up a manufacturing facility for 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 specialises in identifying, developing, and manufacturing a wide array of specialty, 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 blood lines.

As of March 2024, the company had three R&D facilities in India and the US and is in the process of consolidating R&D facilities into one proposed dedicated facility in Ahmedabad.

Equirus Capital, Ambit, and Nuvama Wealth Management are the book running lead managers to the issue.

The equity shares are proposed to be listed on the BSE and the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)