Senores Pharmaceuticals sets price band at Rs 372-391 for Rs 582 crore IPO. Check details

Ahmedabad-based Senores Pharmaceuticals, which is set to launch its initial public offer (IPO) on December 20, has announced a price band of Rs 372-391.

The issue comprises a fresh equity sale of Rs 500 crore and an offer for sale (OFS) of 21 lakh shares, and it will close on December 24. At the upper end of the price band, the total size of the issue is Rs 582 crore.

Bids can be made for a minimum of 38 equity shares, with subsequent bids in multiples of 38 shares.


The offer is being made through the book-building process, with approximately 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.

The proceeds from the fresh issuance, to the extent of Rs 107 crore, will be used to fund the capital expenditure requirements of the company’s subsidiary, Havix, for setting up a manufacturing facility for the production of sterile injections at its Atlanta facility. Additionally, around Rs 93.7 crore will be utilized for debt repayment.

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Furthermore, Rs 102.74 crore is proposed to be used for funding the company's working capital requirements and supporting inorganic growth through acquisitions and other strategic initiatives, with the remaining funds allocated for general corporate purposes.

Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot, Sangeeta Mukur Barot, and Prakash M. Sanghvi are the selling shareholders in the issue.

Senores Pharmaceuticals specializes in identifying, developing, and manufacturing a wide range of specialty, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers.

Using data analytics, research, market assessment, and experienced management, the company strategically selects commercially underserved molecules and introduces them into both regulated markets, primarily the US and Canada, as well as emerging markets across 43 countries.

As of March 2024, Senores Pharmaceuticals operated three dedicated R&D facilities in India and the US and is in the process of consolidating them into a single proposed facility in Ahmedabad.

Senores Pharmaceuticals’ revenue from operations increased by 507%, reaching Rs 214.52 crore in fiscal 2024, up from Rs 35.34 crore in the previous year. This growth was primarily driven by an increase in product sales, service sales, and other operating income. The profit after tax surged by 288%, reaching Rs 32.71 crore during the same period.

Equirus Capital, Ambit Private, and Nuvama Wealth Management are the book-running lead managers, and Link Intime India is the registrar.

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