Fri Dec 20 07:43:28 UTC 2024: ## Senores Pharmaceuticals IPO Opens, Receives Underwhelming Initial Response
**Ahmedabad, India (December 20, 2024)** – Senores Pharmaceuticals Ltd.’s initial public offering (IPO), opened today, has received a lukewarm response in its initial hours. The IPO, priced between Rs 230 and Rs 243 per share, aims to raise Rs 582 crore (approximately $70 million USD) through a combination of fresh issuance and an offer for sale.
By 12:09 pm, the IPO had received bids for only 0.66 times the shares on offer. While the retail investor category showed strong interest (2.84 times subscription), the non-institutional investor (NII) category lagged behind with only 0.49 times subscription.
Despite the subdued initial response, the grey market is showing strong optimism, with unlisted shares trading at a premium of Rs 150 (38.36%) over the upper price band. This suggests potential for significant listing gains when the shares begin trading on December 30th.
The IPO, which closes on December 24th, will allocate shares on December 26th. A minimum investment of Rs 14,858 is required for retail investors.
Bajaj Broking has given the IPO a “subscribe for long term” rating, citing the company’s strong R&D focus, strategic partnerships, and favorable positioning within the growing pharmaceutical market. The brokerage firm suggests the IPO is fairly valued based on comparison with industry peers.
Senores Pharmaceuticals, which specializes in specialty pharmaceuticals, plans to use the proceeds from the fresh issuance to fund a new manufacturing facility, working capital, acquisitions, debt repayment, and general corporate purposes. The company has already secured Rs 261 crore from anchor investors. Equirus Capital, Ambit, and Nuvama Wealth Management are the lead managers for the IPO.
First Piper 