Senores Pharma IPO listing jackpot: Shares debut at bumper 52% premium

Shares of pharmaceutical products manufacturer Senores Pharmaceuticals made a bumper debut on the bourses following the completion of its initial public offering (IPO). Senores Pharma shares listed at Rs 593.70 apiece on the BSE, reflecting a premium of 51.84 per cent over the IPO allotment price of Rs 391.

 

On the National Stock Exchange (NSE), Senores Pharma shares listed at Rs 600 apiece, reflecting a slightly higher premium of 53.45 per cent over the IPO allotment price.

 

Thus, with the Senores Pharma IPO listing, investors who were allotted the company's shares made a profit of Rs 284 apiece.

 

 

Senores Pharma IPO listing also aligns with grey market expectations. Ahead of the listing on Monday, December 30, the company’s unlisted shares were quoted trading at a premium of Rs 284 against the issue price, revealed sources tracking grey market activities.  Also Read: Ventive Hospitality IPO listing

 

Senores Pharma IPO was available at a price band of Rs 372-Rs 391 per share with a lot size of 38 shares. The Rs 582.11 crore public offering ended up getting subscribed 93.69 times by the end of the subscription period, revealed the data available on the National Stock Exchange (NSE).

 

Senores Pharma, in its Red Herring Prospectus (RHP), said that it will not receive any proceeds from the offer for sale, as these will go to the selling shareholders. However, the company proposes to utilize the proceeds from the fresh issue to fund capital expenditure for setting up a sterile injections manufacturing facility for its subsidiary, Havix Group, Inc., and to repay or prepay borrowings of the company and its subsidiaries. The company will further use the proceeds to support working capital requirements, facilitate inorganic growth through acquisitions and strategic initiatives, and for general corporate purposes. 

Also Read: Carraro India IPO listing

 

Link Intime India serves as the registrar of the public offering, while Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers.

 

Senores Pharmaceuticals is a global research-driven pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products, primarily for regulated markets in the US and Canada. Senores Pharma has established partnerships with distributors and hospitals across several states in India. The company operates in emerging markets across 43 countries and manufactures critical care injectables and APIs. Senores Pharma also has three dedicated R&D facilities in India and the US.