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Senores Pharmaceuticals IPO is a book-built issue of Rs 582.11 crores. The issue is a combination of a fresh issue of 1.28 crore shares aggregating to Rs 500.00 crores and an offer for sale of 0.21 crore shares aggregating to Rs 82.11 crores.
IPO opens for subscription on December 20, 2024, and closes on December 24, 2024. The price band for the IPO is set at ₹372 to ₹391 per share and the minimum lot size for an application is 38 shares.
Company Summary
Incorporated in December 2017, Senores Pharmaceuticals Limited develops and manufactures a range of pharmaceutical products primarily for the regulated markets of the US, Canada, and the UK, while also serving emerging markets.
The company’s product portfolio consists of Amphetamine Sulfate Tablets, Hydroxychloroquine Sulfate Tablets, Ketoconazole Tablets, Butalbital, Acetaminophen and Caffeine Capsules, Mexiletine Hydrochloride Capsules, Ketorolac Tromethamine Tablets, Diclofenac Potassium Tablets, Diclofenac Potassium Tablets, Nicardipine Hydrochloride Capsules, Escitalopram Tablets, Prochlorperazine Maleate Tablets USP, Terazosin Capsules USP, Morphine Sulfate Tablets, Methadone Hydrochloride Tablets, Cyclobenzaprine Hydrochloride Tablets, Irbesartan Tablets, Risperidone Tablets Topiramate Capsules, and Ivermectin Tablets for regulated markets.
As of September 30, 2024, the company has launched 55 products in key therapeutic areas, including antibiotics and anti-fungal treatments. They have established partnerships with distributors and hospitals across several states in India.
As of September 30, 2024, the company operates three dedicated R&D facilities in India and the US.
The company operates in Emerging Markets across 43 countries and manufactures critical care injectables and APIs and the company’s manufacturing unit is situated in Ahmedabad, Gujrat.
Company Strengths
- The company serves the US, Canada, and the UK regulated markets with its US FDA-approved manufacturing facility.
- A unique product portfolio tailored for regulated markets developed in a brief period.
- Long-term marketing agreements with pharmaceutical companies in the US, Canada, and the United Kingdom regulated markets.
- Presence in Emerging Markets with a product portfolio, including specialty or complex products.
- Robust R&D capabilities driving our differentiated portfolio of products.
- Experienced Management Team.
Company Financials
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 678.08 | 621.88 | 131.05 | 59.15 |
| Revenue | 183.35 | 217.34 | 39.02 | 14.63 |
| Profit After Tax | 23.94 | 32.71 | 8.43 | 0.99 |
| Net Worth | 319.06 | 231.71 | 45.5 | 36.59 |
| Reserves and Surplus | 263.36 | 175.94 | 35.25 | 25.37 |
| Total Borrowing | 242.03 | 248.38 | 60.76 | 14.21 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds towards funding the following objects:
1. Investment in one of the Subsidiaries, Havix Group, Inc. d/b/aAavis Pharmaceuticals(“Havix”), to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility.
2. Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.
3. Investment in the Subsidiary, namely, Havix, for re-payment/pre-payment in whole or part of certain borrowings availed by such Subsidiary.
4. Funding the working capital requirements of the Company.
5. Investment in the Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI”)and Ratnatris Pharmaceutical Private Limited (“Ratnatris”), to fund their working capital requirements.
6. Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.
Promoters of the company
The promoters of the company are Swapnil Jatinbhai Shah and Ashokkumar Vijaysinh Barot
IPO details
| IPO Date | December 20, 2024 to December 24, 2024 |
| Listing Date | Monday, December 30, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹372 to ₹391 per share |
| Lot Size | 38 Shares |
| Total Issue Size | 1,48,87,723 shares (aggregating up to ₹582.11 Cr) |
| Fresh Issue | 1,27,87,723 shares (aggregating up to ₹ 500.00 Cr) |
| Offer for Sale | 21,00,000 shares of ₹10 (aggregating up to ₹82.11 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 38 | ₹14,858 |
| Retail (Max) | 13 | 494 | ₹1,93,154 |
| S-HNI (Min) | 14 | 532 | ₹2,08,012 |
| S-HNI (Max) | 67 | 2,546 | ₹9,95,486 |
| B-HNI (Min) | 68 | 2,584 | ₹10,10,344 |
Allotment Schedule
| Basis of Allotment | Thursday, December 26, 2024 |
| Initiation of Refunds | Friday, December 27, 2024 |
| The credit of Shares to Demat | Friday, December 27, 2024 |
| Listing Date | Monday, December 30, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 24, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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