Senores Pharmaceuticals IPO raises ₹261 crore from key investors ahead of public issue

New Delhi, Dec 19 (PTI) Senores Pharmaceuticals Ltd on Thursday said it has secured nearly ₹261 crore from anchor investors, before the initial opening of the sale of shares for public subscription.

ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company and Troo Capital are among the anchor investorsaccording to a circular posted online on the ESB website.

According to the circular, Senores Pharmaceuticals has allotted around 66.66 lakh shares to 20 funds to ₹391 each, grouping the transaction size to ₹260.63 billion.

THE ₹The 582-crore IPO will open for public subscription on December 20 and close on December 24. price range was set at ₹668-704 per share.

The Ahmedabad-based company’s IPO is a combination of a fresh issue of shares worth ₹500 crore and an offer for sale (OFS) of up to 21 lakh valued shares ₹82.11 crore, by the promoters and other selling shareholders, at the upper end of the price band.

The public issue includes a reservation of 75,000 shares for employees.

Proceeds from the new issue will be used to establish a sterile injection manufacturing facility at its Atlanta facility; financing the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisitions and other strategic initiatives and payment of debt. Additionally, a portion will be used for general corporate purposes.

The company said 75 percent of the issue was reserved for qualified institutional buyers, 15 percent for non-institutional buyers and the remaining 10 percent for retail investors.

Investors may offer for a minimum of 38 shares and subsequently in multiples of 38 shares.

Senores Pharmaceuticals specializes in the identification, development and manufacturing of a wide range of specialty, underserved and complex pharmaceutical products, positioning itself as a preferred partner for selected clients.

The company offers several products in major therapeutic segments, including antibiotics, antibacterials, antifungals and bloodlines.

As of March 2024, the company has three R&D facilities in India and USA and is in the process of consolidating its R&D facilities into a single dedicated facility in Ahmedabad.

Financially, Senores Pharma’s operational revenues increased several-fold to reach ₹214.52 crores in FY24 from ₹35.34 crores a year ago and profit after tax jumped to ₹32.71 crores ₹8.43 million.

Equirus Capital, Ambit and Nuvama Wealth Management are the lead book managers of the issue. The equity shares are proposed to be listed on the BSE and the NSE.