Senores Pharma shares debut with over 53 pc premium

New Delhi, Dec 30 (PTI) Shares of Senores Pharmaceuticals Ltd on Monday listed with a premium of over 53 per cent against the issue price of Rs 391.

The stock made its debut at Rs 593.70, rallying 51.84 per cent from the issue price on the BSE. Later, it jumped 55.75 per cent to Rs 609.

At the NSE, it listed at Rs 600, reflecting a premium of 53.45 per cent.

The company’s market valuation stood at Rs 2,657.29 crore.

The Rs 582-crore initial public offering (IPO) of Senores Pharmaceuticals Ltd received 93.69 times subscription on the final day of bidding on Tuesday amid strong investors’ participation.

The initial share sale had a price range of Rs 372-391 per share.

The Ahmedabad-based company’s IPO had a combination of fresh issuance of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of up to 21 lakh shares valued Rs 82.11 crore, by promoters and other selling shareholders, at the upper-end of the price band.

Proceeds from the fresh issue will be utilised for setting up a manufacturing facility for production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes.

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

The company has several products in major therapeutic segments, including antibiotics, anti-bacterial, anti-fungal, and blood lines.

As of March 2024, the company had three R&D facilities in India and the US and is in the process of consolidating R&D facilities into one proposed dedicated facility in Ahmedabad.