 "Senores Pharma IPO sees 13.88 times subscription on day two of bidding")
Senores Pharmaceuticals' initial public offering garnered 13.88 times subscription on Monday, the day two of bidding.
The Rs 582-crore initial share sale got bids for 11,84,54,740 shares, as against 85,34,681 shares on offer, as per NSE data.
The portion for Retail Individual Investors (RIIs) received 38.34 times subscription, while the non-institutional investors segment got subscribed 24.48 times. Qualified Institutional Buyers (QIBs) part received 35 per cent subscription.
Senores Pharmaceuticals Ltd on Thursday said it has secured nearly Rs 261 crore from anchor investors.
The Senores Pharmaceuticals IPO will conclude on December 24. 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.
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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 its 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.