Senores Pharmaceuticals Shares Close 6% Lower On Listing Day
As compared to the upper end of the IPO price band, Senores Pharmaceuticals' shares closed with 43.7% gains on the NSE, and at a premium of 43.6% on the BSE.
Shares of Senores Pharmaceuticals Ltd. ended 6.33% lower than the listing price, at Rs 562 on the National Stock Exchange. The stock closed 5.39% down on the BSE, at Rs 561.70 per share.
The company's shares had debuted on the National Stock Exchange at Rs 600 apiece, at a premium of 53.45% over issue price of Rs 391. The stock listed on the BSE at Rs 593.70 per share, marking a premium of 51.84%. Intraday, the stock rose as much as 55.9%, reaching Rs 609.65 per share.
Senores Pharmaceuticals' IPO, which closed on Dec. 24, was subscribed 93.41 times, with demand led by non-institutional investors. The Rs 582.1-crore offering consists of a fresh issue of Rs 500 crore and an offer-for-sale of Rs 82.1 crore.
Senores Pharmaceuticals' focus remains on broadening their US base beyond injectables and exploring product acquisitions to fuel future growth, said Swapnil Shah, managing director of the company.
The funds from the IPO is expected to bolster Senores' CDMO/CMO business, which Shah said is poised for growth in the US, particularly in controlled substances and government supply programs. "We already have a presence, and the 51 products in our pipeline awaiting approval will continue to drive our growth over the next two years," he added.
The company also raised Rs 261 crore from anchor investors a day before its IPO opened for bidding.
Proceeds from the issue will be utilised towards 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, and more.
Equirus Capital Private Ltd., Ambit Private Ltd., Nuvama Wealth Management Ltd. are the book running lead managers of the Senores Pharmaceuticals IPO, while Link Intime India Pvt. is the registrar for the issue.
