Senores Pharmaceuticals is set to launch its initial public offering (IPO) for public subscription on December 20. The Gujarat-based pharmaceutical firm has filed its red herring prospectus (RHP) with the Registrar of Companies and plans to raise Rs 500 crore via fresh issuance of shares. An additional 21 lakh equity shares will be offered for sale (OFS) by existing shareholders, including promoters.
The price band for the IPO is expected to be disclosed in the coming days.
IPO Details and Reservation
The public issue includes a reservation of up to 75,000 equity shares for employees. Of the promoters, Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot and Sangeeta Mukur Barot will together offload 11 lakh equity shares, while 10 lakh shares will be sold by shareholder Prakash M Sanghvi.
Promoters currently have a stake of 66.67% in the company while the rest 33.33% shares are held with the public shareholders. This includes the Sanghvi family.
The anchor book of the IPO will open for institutional investors on December 19, while the public subscription period will run from December 20 to December 24. Of the net issue excluding the employee reservation portion, 75 percent is reserved for QIBs, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.
Senores Pharmaceuticals is a specialized company in the manufacture of critical care injectables and active pharmaceutical ingredients. The business has a major presence in the regulated markets of the US, Canada, and the UK, while its products have a presence in emerging markets across 43 countries.
The company plans to utilise Rs 107 crore of fresh money in establishing a sterile injection manufacturing facility at Atlanta, Rs 93.7 crore in debt repayment, Rs 102.74 crore in working capital and the balance amount for inorganic growth and general corporate purpose. Senores has demonstrated healthy financial growth. Its net profit increased almost four-fold to Rs 32.7 crore in FY24 from Rs 8.4 crore in FY23. The revenue increased over five-fold to Rs 214.5 crore in FY24 from Rs 35.3 crore in FY23. For the six months ended September 2024, the company reported a net profit of Rs 23.94 crore on revenues of Rs 181 crore.
Key Dates and Listing
Senores Pharmaceuticals will list its shares on the BSE and NSE starting December 30. Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers for the issue.
This will be the second IPO opening on December 20, following Ventive Hospitality, and the 12th IPO of December 2024.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
News Desk
