Senores Pharmaceuticals IPO Day 3 Live Updates: Senores Pharmaceuticals’ initial public offering achieved a subscription rate of 13.93 times on Monday, which marked the second day of bidding. The initial share sale, valued at ₹582 crore, attracted bids for 11,89,06,826 shares compared to the 85,34,681 shares available, according to NSE data.
The portion allocated for Retail Individual Investors (RIIs) experienced a subscription rate of 38.41 times, while the segment for non-institutional investors saw a 24.63 times subscription. The Qualified Institutional Buyers (QIBs) portion received a subscription of 35 percent. The employee segment was subscribed 10.14 times.
Senores Pharmaceuticals Ltd announced on Thursday that it has raised approximately ₹261 crore from anchor investors. The IPO is set to close on December 24. The price range for the IPO is between ₹372 and ₹391 per share. The Ahmedabad-based firm’s IPO includes a fresh issuance of shares totaling ₹500 crore and an Offer-for-Sale (OFS) of up to 21 lakh shares worth ₹82.11 crore, offered by promoters and other selling shareholders, at the upper price point.
Funds from the new issue will be allocated for establishing a manufacturing plant for sterile injection production at its Atlanta site; covering the working capital needs of the company and its subsidiaries, facilitating growth through acquisitions and other strategic initiatives, and repaying debt. Additionally, part of the funds will be utilized for general corporate purposes.
Senores Pharmaceuticals focuses on pinpointing, developing, and producing a diverse range of specialized, underserved, and intricate pharmaceutical products, thereby positioning itself as a preferred partner for select clients.
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Senores Pharmaceuticals IPO Day 3 Live Updates: Check out objects of the offer
- Investment in one of the Subsidiaries to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility.
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.
- Investment in the Subsidiary, namely, Havix, for re-payment/pre-payment in whole or part of certain borrowings availed by such Subsidiary.
- Funding the working capital requirements of the Company.
- Investment in the Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI”)and Ratnatris Pharmaceutical Private Limited (“Ratnatris”), to fund their working capital requirements.
- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.
Senores Pharmaceuticals IPO Day 3 Live Updates: Issue booked 15.54x on third bidding day so far
The initial public offer of Senores Pharmaceuticals IPO has been subscribed 15.54x on the third day of subscription today, at 10:09 IST, as per BSE data.
The initial share sale received bid for 13,26,54,770 shares against 85,34,681 shares on offer, according to BSE.
The portion for retail investors received 41.11x subscription while the quota for non-institutional investors got subscribed 28.73x. The qualified institutional buyers (QIBs) part is booked 35%. The employee portion has been subscribed 10.84x.
Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about e Global Pharmaceutical Market
- The pharmaceutical market is experiencing a notable surge in competition, fueled by its inherent attractiveness driven by its size, growth prospects, and the sector’s critical role in healthcare.
- As a result, an influx of companies, ranging from multinational powerhouses to agile startups, are entering the fray, intensifying competition as each strives to capture a slice of this lucrative market.
Senores Pharmaceuticals IPO Day 3 Live Updates: 8 key things to know about the issue
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Senores Pharmaceuticals IPO Day 3 Live Updates: Check out company’s products
By September 30, 2024, the company has introduced 55 products targeting essential therapeutic fields, such as antibiotics and antifungal therapies. They have formed collaborations with distributors and healthcare facilities throughout multiple regions in India.
Senores Pharmaceuticals IPO Day 3 Live Updates: Canara Bank Securities has a ‘Subscribe’ tag for the issue
Despite facing various challenges, Senores displays impressive financial performance with a Return on Equity (RoE) of 23.6%, which notably exceeds the average of 16.96% among its peers. The company’s current valuation appears favorable, trading at a Price-to-Earnings (P/E) ratio of 28x based on projected FY24 earnings, in comparison to the peer average P/E of 31x, offering a well-rounded investment opportunity.
The foundation for future growth lies in Senores’ expanding portfolio of products and strategic entry into mid-tier markets such as the EU, Australia, and Latin America, setting the stage for ongoing revenue diversification and margin growth. We advise subscribing to this issue for potential listing and long-term benefits.
Senores Pharmaceuticals IPO Day 3 Live Updates: Here’s what GMP hints ahead of third bidding day
Senores Pharma IPO GMP today or Senores Pharmaceuticals IPO grey market premium is +230. This indicates Senores Pharmaceuticals share price were trading at a premium of ₹230 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Senores Pharmaceuticals share price was indicated at ₹621 apiece, which is 58.82% higher than the IPO price of ₹391.
Based on the grey market activities observed over the past nine sessions, the IPO GMP shows an upward trend today, indicating a robust listing. The minimum GMP recorded is ₹0, while the maximum is ₹230, as per experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
