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The Senores Pharmaceuticals Initial Public Offering (IPO) has concluded, with the allotment of shares finalized on December 26th, 2024. The IPO, which ran from December 20th to 24th, was overwhelmingly subscribed, receiving a total subscription of 97.86 times the offered shares. This high level of interest reflects significant investor confidence in the company's prospects. The retail investor category showed strong interest with a 93.16 times subscription, while the Non-Institutional Investors (NII) category saw an even higher subscription rate of 100.35 times, and Qualified Institutional Buyers (QIB) subscribed 97.84 times. The price band for the IPO was set between Rs 372 and Rs 391 per share. The company successfully raised significant capital, with a fresh issuance of shares worth Rs 500 crore and an offer-for-sale (OFS) of up to 21 lakh shares valued at Rs 82.11 crore by promoters and other selling shareholders.
The impressive subscription levels are further underscored by the robust Grey Market Premium (GMP). Unlisted shares of Senores Pharmaceuticals Ltd are currently trading at Rs 631 per share in the grey market, representing a premium of Rs 240 or 61.38% over the IPO issue price of Rs 391. This significant GMP strongly suggests a highly anticipated and potentially successful listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on December 30th. The GMP, driven by market sentiment and investor expectations, reflects a considerable willingness to pay a significant premium for the shares before they are officially listed. This high anticipation indicates a positive outlook for the company's future performance and market value.
Investors who participated in the IPO can check their allotment status online through several channels. The official websites of the BSE (https://www.bseindia.com/investors/applicheck.aspx) and NSE, as well as the registrar Link Intime's portal (https://www.linkintime.co.in/InitialOffer/public-issues.html), provide platforms to verify allotment. To check on the BSE website, investors need to select 'Equity' under 'Issue Type', choose 'Senores Pharmaceuticals Ltd' under 'Issue Name', and enter their application number or PAN. The Link Intime portal provides a similar process for verification. Upon successful allotment, investors will also receive a bank debit message. Senores Pharmaceuticals Ltd, based in Ahmedabad, is involved in the identification, development, and manufacturing of specialty pharmaceutical products, serving a range of therapeutic segments including antibiotics, anti-bacterials, anti-fungals, and blood lines. The company operates three R&D facilities, with plans to consolidate them into a single dedicated facility in Ahmedabad.
The company intends to utilize the proceeds from the IPO for various key initiatives. A substantial portion will be dedicated to establishing a new manufacturing facility for sterile injections at its Atlanta facility. Further funds will be allocated to bolster working capital, support inorganic growth through acquisitions and strategic partnerships, and address existing debt obligations. A portion of the proceeds will also be used for general corporate purposes. The IPO's success highlights the strong market interest in pharmaceutical companies with a focus on specialty and complex products. The company's established presence and strategic investments, combined with the successful IPO, position Senores Pharmaceuticals for future growth and expansion within the pharmaceutical industry. The book running lead managers for the issue are Equirus Capital, Ambit, and Nuvama Wealth Management, underscoring the professional support and guidance provided throughout the IPO process. The high level of subscription and the robust GMP suggest a positive outlook for the stock's performance following its listing on December 30th.