Unlisted shares of Senores Pharmaceuticals Ltd signaling a strong listing gain for investors
Reportedly the initial public offering of Senores Pharmaceuticals Ltd has been opened for public subscription on friday, december 20. The price band of the IPO has been fixed in the range of Rs 230 to Rs 243 per share. Till 12:09 pm on the first day on friday, the IPO received bids for 53,58,076 shares as against the 81,46,998 shares on offer, resulting in a subscription rate of 0.66 times. So far, the retail category has received a 2.84 times subscription, while the non-institutional category (NII) got a 0.49 times subscription.Perhaps the Rs 582-crore IPO is 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. As per market observers, the unlisted shares of Senores Pharmaceuticals Ltd are currently trading at Rs 541 in the grey market, reflecting a premium of Rs 150 (38.36%) over the upper price band of Rs 391. This indicates a strong listing gains for investors on december 30. The IPO will be opened on friday (December 20) and closed on tuesday (December 24). Its allotment will likely be finalised on december 26. Finally, the IPO listing is scheduled to take place both BSE and NSE on december 30.Moreover Senores Pharmaceuticals has secured nearly Rs 261 crore from anchor investors, ahead of its IPO. 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 line. On the financial front, Senores Pharma’s revenue from operations increased multifold to Rs 214.52 crore in FY24 from Rs 35.34 crore a year ago and profit after tax climbed to Rs 32.71 crore from Rs 8.43 crore.