Senores Pharmaceuticals IPO Day 1: Latest GMP, subscription status, review, other details. Apply or not?

Senores Pharmaceuticals IPO: Senores Pharmaceuticals Ltd will begin its initial public offering for public subscription on December 20, and it will end on December 24. The share price has been established within a range of ₹668 to ₹704 per share. On Thursday, it was announced that the company has raised approximately ₹261 crore from anchor investors prior to the opening of its initial share-sale to the public.

Among the anchor investors, as stated in a circular posted on the BSE website, are ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, and Troo Capital.

The firm announced that 75 percent of the offering has been allocated to qualified institutional buyers, 15 percent to non-institutional investors, and the remaining 10 percent to retail investors. Investors are allowed to bid for at least 38 shares, with additional bids in multiples of 38 shares. Senores Pharmaceuticals focuses on discovering, developing, and producing a diverse range of specialty, underrepresented, and complex pharmaceutical products, establishing itself as a preferred collaborator for select clients.

As of March 2024, the company operated three R&D centers in India and the US and is working on merging its R&D facilities into a single proposed dedicated facility in Ahmedabad.

In FY24, Senores Pharma’s operational revenue surged significantly to ₹214.52 crore, compared to ₹35.34 crore the previous year, while the profit after tax rose to ₹32.71 crore from ₹8.43 crore.

Senores Pharmaceuticals IPO Subscription Status

Subscription for the public issue will open at 10:00 IST during Friday’s deals.

Senores Pharmaceuticals IPO Review

Bajaj Broking

As per the brokerage, Senores Pharmaceuticals is situated favorably within the expanding pharmaceutical sector, particularly in the aftermath of the pandemic. There continues to be a strong demand for pharmaceuticals, and the regulatory landscape in important markets is advantageous. When evaluating metrics such as the P/E ratio, EV/EBITDA, and price-to-sales ratio against its industry counterparts, the IPO seems to be properly valued, provided the company maintains strong financial health and market positioning.

Senores Pharmaceuticals IPO Details

The IPO of the Ahmedabad-based company consists of a fresh share issuance amounting to ₹500 crore, along with an offer for sale (OFS) of up to 21 lakhs shares priced at ₹82.11 crore, from promoters and other selling shareholders, based on the highest price range.

The funds raised from the fresh issuance will be directed towards establishing a manufacturing facility for sterile injections at its Atlanta site; supporting the working capital needs of the company and its subsidiaries; facilitating growth through acquisitions and other strategic efforts; and repaying debts. Additionally, some funds will be allocated for general corporate purposes.

Equirus Capital, Ambit, and Nuvama Wealth Management are serving as the lead managers for the issue.

Senores Pharmaceuticals IPO GMP today

Senores Pharma IPO GMP today or Senores Pharmaceuticals IPO grey market premium is +150. This indicates Senores Pharmaceuticals share price were trading at a premium of ₹150 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 ₹541 apiece, which is 38.36% higher than the IPO price of ₹391.

Based on the grey market activities observed over the past seven sessions, the IPO GMP shows an upward trend today, indicating a robust listing. The minimum GMP recorded is ₹0, while the maximum is ₹150, 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.