The Initial Public Offering of Senores Pharmaceuticals Limited was fully subscribed on the first day of bidding.
The issue received bids of 1,51,51,550 shares against the offered 85,34,681 equity shares, at a price band of ₹372-391, according to the data available on the stock exchanges. Overall the issue was subscribed 1.78 times.
Retail Portion and Non-Institutional Investors Portion were subscribed 7.20 times and 1.67 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.01 times. Employee Portion was subscribed 1.88 times. The issue kicked off for subscription on Friday, December 20, 2024, and will close on Tuesday, December 24, 2024.
A day before the opening of the issue, Senores Pharmaceuticals Ltd raised Rs 261 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor included ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance, Mahindra ManuLife Large & Mid Cap Fund, Bank of India Multicap Fund, Bank of India Mid & Small Cap Equity & Debt Fund, Ikigai Emerging Equity Fund, SBI General Insurance Company, Troo Capital Fund, Meru Investment Fund PCC- Cell I, Edelweiss Life Insurance Company, Astorne Capital VCC – Arven, Beacon Stone Capital VCC – Beacon Stone I, Goldman Sachs Investment (Mauritius), Ashika Global Securities, Integrated Core Strategies Asia Pte. Ltd., Societe Generale – ODI, Unity Small Finance Bank, Fortune Hands Growth Fund, and Gagandeep Credit Capital Pvt. Ltd.
Leading brokerage firms like Nirmal Bang, Anand Rathi, Aditya Birla Capital, SBI Securities, BP Equities, GEPL Capital, Master Trust, Canara Bank Securities, Marwadi Financial Services, and Ventura Securities, have given a “Subscribe” rating to the issue highlighting the company’s robust growth potential, improving profitability, and focus on regulated and emerging markets. The company plans to raise Rs. 582 crores, including a fresh issue of Rs. 500 crores, to repay debt and fund capex and working capital requirements in its subsidiaries. Operating in 43 countries, it specializes in critical care injectables, APIs, and complex specialty pharmaceuticals, achieving an impressive CAGR in revenue, EBITDA, and PAT between FY22 and FY24. The IPO is fairly priced with a P/E of 37x–57.2x based on various valuations, it has strong financial performance, market presence, and long-term growth prospects.
Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.