Introduction

Senores Pharmaceuticals Limited, a prominent pharmaceutical manufacturer, has announced its Initial Public Offering (IPO) to raise funds for its future ventures. This IPO includes a combination of a fresh issue and an offer-for-sale (OFS). Let us explore the details of this much-anticipated public offering.

IPO Details

General Information

• IPO Date: December 20, 2024, to December 24, 2024

• Listing Date: December 30, 2024

• Face Value: ₹10 per share

• Price Band: ₹372 to ₹391 per share

• Lot Size: 38 Shares

• Total Issue Size: 1,48,87,723 shares (aggregating up to ₹582.11 Cr)

• Fresh Issue: 1,27,87,723 shares (₹500.00 Cr)

• Offer for Sale: 21,00,000 shares (₹82.11 Cr)

• Issue Type: Book Built Issue IPO

• Listing At: BSE, NSE

Reservation Details

• QIB Shares Offered: Not less than 75% of the Net Issue

• Retail Shares Offered: Not more than 10% of the Net Issue

• NII (HNI) Shares Offered: Not more than 15% of the Net Issue

Anchor Investors

• Anchor Bid Date: December 19, 2024

• Shares Offered: 66,65,725 shares

• Anchor Portion Size: ₹260.63 Cr

• Lock-in Period for Anchor Shares: 50% (30 days until January 25, 2025); remaining 50% (90 days until March 26, 2025)

Key Financials

Company Financials (Restated Consolidated)

Key Performance Indicators (KPI)

• Market Capitalization: ₹1,350.70 Cr

• ROE: 23.60%

• ROCE: 11.73%

• Debt/Equity Ratio: 1.07

• RoNW: 23.60%

• PAT Margin: 15.25%

• Price to Book Value: 5.84

Objects of the Issue

The net proceeds from the IPO will be utilized for the following:

1. Investment in Havix Group, Inc., to set up a sterile injection manufacturing facility.

2. Repayment or pre-payment of borrowings availed by the company and its subsidiaries.

3. Funding working capital requirements for the company and its subsidiaries.

4. Supporting inorganic growth through strategic acquisitions.

5. General corporate purposes.

About the Company

Incorporated in December 2017, Senores Pharmaceuticals Limited specializes in developing and manufacturing a broad range of pharmaceutical products for regulated markets in the US, Canada, and the UK. It also caters to emerging markets across 43 countries, offering critical care injectables and APIs. The company operates three R&D facilities and has launched 55 products as of September 30, 2024. Their manufacturing facility is based in Ahmedabad, Gujarat.

Competitive Strengths

• US FDA-approved manufacturing facility serving regulated markets.

• Unique and diversified product portfolio.

• Long-term marketing agreements in the US, Canada, and the UK.

• Robust R&D capabilities.

• Presence in emerging markets with speciality products.

Senores Pharmaceuticals IPO Timeline

Conclusion

The Senores Pharmaceuticals IPO presents an exciting opportunity for investors to participate in the growth journey of a company with a strong presence in regulated and emerging markets. With its robust financial performance and a promising product portfolio, the IPO is set to attract significant interest from retail and institutional investors alike.