Senores Pharmaceuticals IPO GMP Hints At Strong Listing Gain Before Launch

Senores Pharmaceuticals Ltd. is set to launch its initial share sale on Friday, offering over 1.48 crore shares to investors in the primary markets. Ahead of the bidding window going live, Senores Pharmaceuticals shares garnered significant traction in the unlisted markets with a strong grey market premium.

Senores Pharmaceuticals IPO GMP at 8:32 a.m. on Dec. 19 was Rs 150 per share, according to InvestorGain. This points to a listing gain of 38.36%, with the debut price of Senores Pharmaceuticals shares being Rs 541 apiece.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Senores Pharmaceuticals IPO price band has been set at Rs 372 to Rs 391 per share.  

The Rs 582.11-crore IPO comprises a fresh issue of 1.28 crore shares worth Rs 500 crore and an offer for sale of 21 lakh shares aggregating Rs 82.11 crore.

Retail investors are required to apply for a minimum of 38 shares in a single lot. The minimum investment to subscribe to the issue is Rs 14,858 for each lot.

The Senores Pharmaceuticals IPO subscription window will be open for bidding between Dec. 20 and Dec. 24. Share allotment is expected to be finalised on Dec. 26.

Shares of Senores Pharmaceuticals are likely to list on BSE and NSE on Dec. 30

Link Intime India Pvt. is the registrar for the offer. The book running lead managers of the IPO are Equirus Capital Pvt., Ambit Pvt. and Nuvama Wealth Management Ltd.

Senores Pharmaceuticals will use the fresh issue proceeds from the public offer to invest in its subsidiary, Havix Group, to set up a manufacturing facility and to settle its debts. The company will also invest in subsidiaries, Senores Pharmaceuticals Inc. and Ratnatris Pharmaceutical Pvt., to fund their working capital requirements.

Part of the proceeds will be utilised for repaying the company’s debts, funding inorganic growth through acquisition and general corporate purposes.

Senores Pharmaceuticals Ltd. makes pharmaceutical products primarily for the regulated markets of the US, Canada, and the UK. It also caters to emerging markets.

Its portfolio consists of amphetamine sulfate tablets, hydroxychloroquine sulfate tablets, ketoconazole tablets, butalbital, acetaminophen and caffeine capsules, mexiletine hydrochloride capsules and ketorolac tromethamine Tablets among others. 

As of Sept.30, Senores has launched 55 products in key therapeutic areas, including antibiotics and anti-fungal treatments.

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