Senores Pharmaceuticals IPO Fully Subscribed On Day 1; Check GMP, Price Band And More

Senores Pharmaceuticals Ltd. opened for day one of subscription on Friday. The Rs 582.11-crore offering consists of a fresh issue of Rs 500 crore and an offer for sale of Rs 82.11 crore. It has been subscribed 1.78 times, as of 5:00 p.m. The retail portion has been fully subscribed to.

The price band for the IPO has been set between Rs 372 and Rs 391 per share. Promoters divesting shares in the OFS include Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot and Sangeeta Mukur Barot.

The grey market premium of Senores Pharmaceuticals was Rs 180 as of 3:28 p.m. on Friday, according to Chittorgarh's unit, InvestorGain. The estimated listing price based on the GMP is Rs 541 per share, implying a premium of 38.36%.

• Issue opens: Dec. 20.

• Issue closes: Dec. 24.

• Issue price: Rs 372 to Rs 391 per share.

• Offer for sale: Rs 82.11crore.

• Fresh issue: Rs 500 crore.

• Total issue size: Rs 582.11crore.

• Lot size: Minimum 38 shares.

• Investment in one of its subsidiaries, Havix Group, Inc. which does business under the name of Aavis Pharmaceuticals, to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections at its Atlanta facility.

• Re-payment or pre-payment, in full or in part, of certain borrowings.

• Investment in company's subsidiary, Havix, for re-payment/pre-payment in full or in part, of certain borrowings availed by the subsidiary.

• Funding the working capital requirements.

• Investment in company's subsidiaries Senores Pharmaceuticals Inc. and Ratnatris Pharmaceutical Pvt. to fund their working capital requirements.

• Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.

The IPO has been subscribed fully subscribed as of 5:00 p.m. on Friday.

• Qualified institutional buyers: 0.01.

• Non-institutional investors: 1.67 times.

• Retail investors: 7.20 times.

• Employee reserve: 1.88 times.

Senores Pharmaceuticals is a global research driven pharmaceutical engaged in developing and manufacturing a wide range of generic pharmaceutical products in the B2B segment, predominantly for the regulated markets across various therapeutic areas and dosage forms. Its regulated markets business is primarily focused on US, Canada, and the United Kingdom.

The company has adopted a strategy of identifying, developing and commercialising specialty and complex niche products in the mid-market range and as of March 31 they have received approvals for 19 abbreviated new drug applications.

It develops and manufacture generic pharmaceutical products across various therapeutic areas for emerging markets in the B2B segment, having a presence across 43 countries.

The company also operates a critical care injectables business, supplying critical care injectables to hospitals across India through distributors, and manufactures APIs for the domestic market and SAARC countries.

The grey market premium of Senores Pharmaceuticals was Rs 180 as of 3:28 p.m. on Friday, according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 541 per share, implying a premium of 38.36%.

It is important to note that GMP or grey market price is not an official price quote for the stock and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.