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Business News/ Markets / Senores Pharmaceuticals IPO Day 3 Highlights: Issue booked 93.41 times on third day; check GMP & other details
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Senores Pharmaceuticals IPO Day 3 Highlights: Issue booked 93.41 times on third day; check GMP & other details

Senores Pharmaceuticals IPO Day 3 Live Updates: The Senores Pharmaceuticals' public issue closed for public bidding on Tuesday, December 24, garnering 93.41 times bids.

Senores Pharmaceuticals IPO Day 3 Live Updates: The ₹582.11 crore IPO opened on December 20 and closes on December 24, with a listing date expected on December 30, 2024. (https://senorespharma.com/)Premium
Senores Pharmaceuticals IPO Day 3 Live Updates: The 582.11 crore IPO opened on December 20 and closes on December 24, with a listing date expected on December 30, 2024. (https://senorespharma.com/)

Senores Pharmaceuticals IPO Day 3 Highlights: Senores Pharmaceuticals' initial public offering (IPO) closed for subscription on Tuesday, December 24, having been subscribed 93.41 times. 

The initial share sale, valued at 582 crore, attracted bids for 79,72,30,956 shares compared to the 85,34,681 shares available, according to BSE data.

The public offer received strong demand from all categories of investors, with the qualified institutional buyers (QIB) quota subscribed 94.66 times and the non-institutional portion booked 96.11 times. The retail portion witnessed 89.23 times subscription and the employee segment garnered 19.92 times bids.

Senores Pharmaceuticals Ltd announced on Thursday that it has raised approximately 261 crore from anchor investors. The price range for the IPO is between 372 and 391 per share. The Ahmedabad-based firm’s IPO includes a fresh issuance of shares totalling 500 crore and an Offer-for-Sale (OFS) of up to 21 lakh shares worth 82.11 crore, offered by promoters and other selling shareholders, at the upper price point.

Funds from the new issue will be allocated for establishing a manufacturing plant for sterile injection production at its Atlanta site; covering the working capital needs of the company and its subsidiaries, facilitating growth through acquisitions and other strategic initiatives, and repaying debt. Additionally, part of the funds will be utilized for general corporate purposes.

Senores Pharmaceuticals focuses on pinpointing, developing, and producing a diverse range of specialized, underserved, and intricate pharmaceutical products, thereby positioning itself as a preferred partner for select clients.

24 Dec 2024, 05:31:02 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Issue subscribed 93.41 times at the end of the third day

Senores Pharmaceuticals IPO was subscribed 93.41 times following the three-day bidding period, with strong demand from all categories of investors. Here's how different quotas were booked:

QIB: 94.66x

NII: 96.11x

Retail: 89.23x

Employee: 19.92x

24 Dec 2024, 05:15:57 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Brief history of the company

The company was originally incorporated as Senores Pharmaceuticals Private Limited, a private limited company under the Companies Act, 2013. The name of the Company was thereafter changed to Senores Pharmaceuticals Limited upon conversion to a public limited company pursuant to a Board resolution dated August 1, 2023, a special resolution passed in the extraordinary general meeting of the Shareholders held on August 24, 2023 and the approval of the central government dated September 4, 2023.

24 Dec 2024, 05:02:45 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Total expenses surge 624% YoY to ₹ ₹1,923.98 million in FY24

Total expenses increased by 623.74% from 265.84 million in Fiscal 2023 to 1,923.98 million in Fiscal 2024 primarily due to an increase in the scale of operations of the existing businesses and the acquisition of Havix and RPPL. (Source: RHP)

24 Dec 2024, 04:45:41 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: A look at company's qualitative strengths

1. Ability to cater to the regulated markets of US, Canada and the United Kingdom through the US FDA-approved formulation manufacturing facility in the US

2. Distinct niche product portfolio built in a short span for regulated markets of US, Canada and the United Kingdom

3. Long-term marketing arrangements with pharmaceutical companies in the regulated markets, US, Canada and the United Kingdom

4. Presence in the Emerging Markets with a product portfolio, including specialty or complex products

5. R&D capabilities is driving differentiated portfolio of products

6. Professional management teams for diverse business verticals

24 Dec 2024, 04:27:35 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out BP Wealth 's views on the issue 

Senores Pharmaceuticals' financial performance is driven by leveraging its leadership position in key therapeutic areas, established presence in regulated markets, inorganic growth through synergistic acquisitions, niche product portfolios built in a short span in emerging markets, and robust R&D capabilities, all of which have supported strong growth. The issue is valued at a P/E of 32.0x on the upper price band based on FY24 earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.

24 Dec 2024, 04:14:33 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Here's all you need to know about anchor investors 

On Thursday, Senores Pharmaceuticals Ltd announced that it has raised nearly 261 crore from anchor investors in anticipation of its initial public offering. Some of the anchor investors include ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, and Troo Capital, as stated in a circular posted on the BSE website.

The circular indicates that Senores Pharmaceuticals has allocated approximately 66.66 lakh equity shares to 20 funds at a price of 391 each, resulting in a total transaction value of 260.63 crore.

24 Dec 2024, 02:55:44 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Issue booked 60.79x on third bidding day so far

The initial public offer of Senores Pharmaceuticals IPO has been subscribed 60.79x on the third day of subscription today, at 14:51 IST, as per BSE data.

The initial share sale received bid for 51,88,55,990 shares against 85,34,681 shares on offer, according to BSE.

The portion for retail investors received 78.19x subscription while the quota for non-institutional investors got subscribed 81.31x. The qualified institutional buyers (QIBs) part is booked 45.28 times. The employee portion has been subscribed 17.82x.

24 Dec 2024, 02:26:00 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about the company's operations 

Senores Pharma is a global research driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the Regulated Markets of US, Canada and United Kingdom across various therapeutic areas and dosage forms, with a presence in Emerging Markets. 

24 Dec 2024, 01:59:00 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Key Strengths

  • Distinct niche product portfolio built in a short span for Regulated Markets
  • Presence in the Emerging Markets with a product portfolio, including specialty or complex products
  • Robust R&D capabilities driving their differentiated portfolio of products
  • Ability to cater to the Regulated Markets of US, Canada and the United Kingdon through their US FDA approved formulation manufacturing facility in the US

24 Dec 2024, 01:38:46 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out Anand Rathi's views 

At the upper price band company is valued at P/E of 55x with a market cap of 18,006 million post issue of equity shares and return on net worth of 23.6% based on FY24.

On the valuation front, we believe that the company is fairly priced. Therefore, we recommend a “Subscribe" rating to the IPO.

24 Dec 2024, 01:12:16 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Issue booked 31.47x on third bidding day so far

The initial public offer of Senores Pharmaceuticals IPO has been subscribed 31.47x on the third day of subscription today, at 13:06 IST, as per BSE data.

The initial share sale received bid for 26,86,07,940 shares against 85,34,681 shares on offer, according to BSE.

The portion for retail investors received 63.79x subscription while the quota for non-institutional investors got subscribed 58.40x. The qualified institutional buyers (QIBs) part is booked 7.25 times. The employee portion has been subscribed 15.71x.

24 Dec 2024, 12:48:26 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about the firm's presence in the Emerging Markets

The firm also has a presence in Emerging Markets and is currently marketing their products in 43 countries with specific focus on Latin America, Africa, Commonwealth of Independent States, South-East Asia and Middle East regions. 

24 Dec 2024, 12:29:15 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out some of the key risks 

  • Failure to comply with the quality standards and technical specifications prescribed by customers may lead to loss of business from such customers and could negatively impact company’s business, results of operations and financial condition, including cancellation of existing and future orders which may expose it to warranty claims.
  • Senores derives a major portion of its revenue from the United States. A reduction in demand for its products in the US could adversely affect its business operations, financial condition and cash flows.

24 Dec 2024, 12:16:08 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Issue booked 24.95x on third bidding day so far

The initial public offer of Senores Pharmaceuticals IPO has been subscribed 24.95x on the third day of subscription today, at 12:12 IST, as per BSE data.

The initial share sale received bid for 21,29,28,896 shares against 85,34,681 shares on offer, according to BSE.

The portion for retail investors received 56.80x subscription while the quota for non-institutional investors got subscribed 46.65x. The qualified institutional buyers (QIBs) part is booked 3.44 times. The employee portion has been subscribed 14.32x.

24 Dec 2024, 12:03:15 PM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Long term agreements with marquee pharmaceutical companies

The company has entered into long term agreements with major pharma companies operating in regulated markets for a period ranging between 5-7 years. SPL partners with global pharma companies when the identified product reaches advanced stages of development and enters into in-licensing and transfer pricing agreements. Through this process, the company has created long-term agreements with Lannett Company Inc., Prasco LLC, Jubilant Cadista Pharmaceuticals Inc., Sun Pharmaceuticals Industries Limited, Cintex Services LLC and Dr. Reddy’s Laboratories Inc. etc. SPL also have well established CDMO relationships which helps to optimize the production capacity.

24 Dec 2024, 11:45:59 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out niche product portfolio

The company's product selection strategy is to target the development and manufacturing of specialty, niche and difficult to manufacture complex products. The complex products face lower competition thus probability of price erosion is low. This strategy has helped the company grow rapidly in the regulated markets in a short period of time from its first product launch in Apr’20. The company has received 19 ANDA approvals and has commercialized 21 products in US and Canadian markets till Sep’24. Currently there are 45 products under pipeline.

24 Dec 2024, 11:32:15 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about USFDA compliant manufacturing facility

The company manufacturers products for the regulated markets through its US Food & Drug Administration (USFDA) approved oral solid dosage facility in Atlanta, USA. US FDA approval certifies the quality of manufacturing facility and processes for its consumption in stringent Regulated Market thus demonstrating its commitment in maintaining quality standards. The approval not only ensures compliance with stringent regulatory standards but also enhances the credibility and market reach and thus further positioning SPL favourably against competitors and helps in providing a distinct competitive advantage. 

24 Dec 2024, 11:22:35 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about the financials 

Senores has strong EBITDA/PAT CAGR of 362%/475% over FY22-24. Its ROE is healthy at 26% for FY24. The company has achieved positive net operating cashflows of 64 mn in H1FY25.

24 Dec 2024, 10:48:07 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out Motilal Oswal's views on the issue 

Senores through its well placed strategy has created a niche for itself in pharma industry and has grown rapidly in a very short span of time. At 391, the issue is priced at 37.6x FY25E P/E (on diluted and annualized basis), which looks fairly valued compared to peers. Given its presence in complex niche products, good long term relationship with marquee clients and strong financials, investors can Subscribe to the IPO. 

24 Dec 2024, 10:35:48 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out objects of the offer 

  • Investment in one of the Subsidiaries to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility. 
  • Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.
  • Investment in the Subsidiary, namely, Havix, for re-payment/pre-payment in whole or part of certain borrowings availed by such Subsidiary.
  • Funding the working capital requirements of the Company.
  • Investment in the Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI")and Ratnatris Pharmaceutical Private Limited (“Ratnatris"), to fund their working capital requirements.
  • Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes. 

24 Dec 2024, 10:13:16 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Issue booked 15.54x on third bidding day so far

The initial public offer of Senores Pharmaceuticals IPO has been subscribed 15.54x on the third day of subscription today, at 10:09 IST, as per BSE data.

The initial share sale received bid for 13,26,54,770 shares against 85,34,681 shares on offer, according to BSE.

The portion for retail investors received 41.11x subscription while the quota for non-institutional investors got subscribed 28.73x. The qualified institutional buyers (QIBs) part is booked 35%. The employee portion has been subscribed 10.84x.

24 Dec 2024, 09:42:22 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: All you need to know about e Global Pharmaceutical Market

  • The pharmaceutical market is experiencing a notable surge in competition, fueled by its inherent attractiveness driven by its size, growth prospects, and the sector's critical role in healthcare.
  • As a result, an influx of companies, ranging from multinational powerhouses to agile startups, are entering the fray, intensifying competition as each strives to capture a slice of this lucrative market.

24 Dec 2024, 09:34:35 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: 8 key things to know about the issue 

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24 Dec 2024, 09:15:28 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Check out company's products 

By September 30, 2024, the company has introduced 55 products targeting essential therapeutic fields, such as antibiotics and antifungal therapies. They have formed collaborations with distributors and healthcare facilities throughout multiple regions in India.

24 Dec 2024, 09:00:01 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Canara Bank Securities has a ‘Subscribe’ tag for the issue 

Despite facing various challenges, Senores displays impressive financial performance with a Return on Equity (RoE) of 23.6%, which notably exceeds the average of 16.96% among its peers. The company's current valuation appears favorable, trading at a Price-to-Earnings (P/E) ratio of 28x based on projected FY24 earnings, in comparison to the peer average P/E of 31x, offering a well-rounded investment opportunity.

The foundation for future growth lies in Senores' expanding portfolio of products and strategic entry into mid-tier markets such as the EU, Australia, and Latin America, setting the stage for ongoing revenue diversification and margin growth. We advise subscribing to this issue for potential listing and long-term benefits.

24 Dec 2024, 08:36:03 AM IST

Senores Pharmaceuticals IPO Day 3 Live Updates: Here's what GMP hints ahead of third bidding day 

Senores Pharma IPO GMP today or Senores Pharmaceuticals IPO grey market premium is +230. This indicates Senores Pharmaceuticals share price were trading at a premium of 230 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Senores Pharmaceuticals share price was indicated at 621 apiece, which is 58.82% higher than the IPO price of 391.

Based on the grey market activities observed over the past nine sessions, the IPO GMP shows an upward trend today, indicating a robust listing. The minimum GMP recorded is 0, while the maximum is 230, as per experts from investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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