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Senores Pharmaceuticals IPO GMP: The unlisted shares of Senores Pharmaceuticals commanded a strong premium in the grey market ahead of the launch of their initial public offering (IPO) scheduled for Friday, December 20, 2024. Sources tracking unofficial markets revealed that Senores Pharmaceuticals unlisted shares were trading at Rs 541 apiece, reflecting a grey market premium (GMP) of Rs 150, or 38.36 per cent, against the upper end of the IPO price of Rs 391.
As investors await the opening of the subscription window, here are the key details of the Senores Pharmaceuticals IPO, as disclosed in the Red Herring Prospectus filed by the company:
Senores Pharmaceuticals IPO size
The public offering of Senores Pharmaceuticals comprises a fresh issue of 1,27,87,723 equity shares and an offer for sale, with promoters and others divesting up to 21,00,000 shares with a face value of Rs 10 apiece.
From the promoters' group, Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot, and Sangeeta Mukur Barot will divest 2,50,000, 5,50,000, and 3,00,000 shares, respectively. Besides them, Prakash M Sanghvi will offload 10,00,000 shares, as per the Red Herring Prospectus (RHP) filed by the company.
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Senores Pharmaceuticals IPO price band, lot size
Senores Pharmaceuticals IPO will be available at a price band of Rs 372-391 per share, with a lot size of 38 shares. Accordingly, investors can bid for a minimum of 38 shares and in multiples thereof.
A retail investor would require a minimum of Rs 14,858 to bid for one lot of 38 shares of Senores Pharmaceuticals IPO, while Rs 1,93,154 is required to bid for a maximum of 13 lots or 494 shares.
Senores Pharmaceuticals IPO registrar, BRLM details
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 of the public offering.
Senores Pharmaceuticals IPO allotment, listing date
The three-day subscription window to bid for Senores Pharmaceuticals IPO will close on Tuesday, December 24, 2024. Following the closure, the basis of allotment for Senores Pharmaceuticals IPO shares is scheduled to be finalised tentatively on Thursday, December 26, 2024. Successful allottees will receive the company's shares in their demat accounts by Friday, December 27, 2024.
Senores Pharmaceuticals shares are slated to make their market debut on BSE and NSE tentatively on Monday, December 30, 2024.
Senores Pharmaceuticals IPO objective
As per the Red Herring Prospectus (RHP), Senores Pharmaceuticals will not receive any proceeds from the Offer for Sale. The proceeds from the Offer for Sale will not form part of the Net Proceeds and will be distributed to the selling shareholders after deducting offer-related expenses and relevant taxes.
Senores Pharmaceuticals plans to utilise the Net Proceeds to fund investment in its subsidiary, Havix Group, Inc (d/b/a Aavis Pharmaceuticals), for capital expenditure to set up a manufacturing facility for sterile injections at its Atlanta facility. A portion of the proceeds will also be used to repay or prepay certain borrowings availed by the company and its subsidiary, Havix.
The funds will support the working capital requirements of the company and its subsidiaries, namely Senores Pharmaceuticals Inc. (SPI) and Ratnatris Pharmaceutical Private Ltd. (Ratnatris). Additionally, the company intends to utilise the funds for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.
About Senores Pharmaceuticals
Senores Pharmaceuticals is a global research driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the Regulated Markets of US, Canada and United Kingdom across various therapeutic areas and dosage forms, with a presence in Emerging Markets. The company's strength lies in identifying, developing and manufacturing a diverse range of specialty, underpenetrated and complex pharmaceutical products establishing us as a preferred partner to certain customers.
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