Senores Pharmaceuticals had a strong stock market debut, with shares listing at ₹600 on the NSE, reflecting a 53.45% premium over its issue price of ₹391 per share. On the BSE, the stock opened at ₹593.70, marking a 52% premium compared to the issue price.
The IPO of Senores Pharmaceuticals was available for bidding from December 20 to December 24, offering shares in a price range of ₹372 to ₹391 per share, with a minimum lot size of 38 shares. The company successfully raised ₹582.11 crore through the IPO, which comprised a fresh issue of ₹500 crore and an offer-for-sale of up to 2.1 million equity shares.
The issue saw strong demand, being oversubscribed 93.41 times in total. The portion reserved for qualified institutional buyers (QIBs) was subscribed 94.66 times, while the non-institutional investor (NII) segment was oversubscribed 96.11 times.
Retail investors and employees saw their allocations oversubscribed by 89.23 times and 19.92 times, respectively.
The company plans to use the net proceeds from the IPO for several key purposes, including investing in its subsidiary, Havix Group, Inc. (operating as Aavis Pharmaceuticals), to support capital expenditure for establishing a sterile injection manufacturing facility at the Atlanta Facility. Additionally, the funds will be used to repay or pre-pay certain borrowings of the company, as well as those of Havix.
The proceeds will also help finance the working capital needs of the company and its subsidiaries, Senores Pharmaceuticals Inc. (SPI) and Ratnatris Pharmaceutical Private Limited (Ratnatris). Furthermore, the company aims to use a portion of the funds for inorganic growth through acquisitions, strategic initiatives, and other general corporate purposes.
Senores Pharmaceuticals is an international, research-focused pharmaceutical company dedicated to the development and production of a diverse array of pharmaceutical products, primarily targeting the regulated markets of the US and Canada.
The company’s product lineup includes medications such as Amphetamine Sulfate Tablets, Hydroxychloroquine Sulfate Tablets, Ketoconazole Tablets, Butalbital, Acetaminophen and Caffeine Capsules, and Mexiletine Hydrochloride Capsules, among others.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Dec 30, 2024, 10:12 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates