Tue Dec 24 17:22:27 UTC 2024: ## Senores Pharmaceuticals IPO Oversubscribed, Strong Market Interest Indicated

**Ahmedabad, India – December 25, 2024** – The initial public offering (IPO) of Senores Pharmaceuticals Ltd. has closed significantly oversubscribed, exceeding expectations. The IPO, which offered 8.15 million shares at a price band of ₹230-₹243, received bids for over 119 million shares, resulting in a 12.32 times oversubscription.

Strong retail investor interest drove a 40.22 times oversubscription in that category, while non-institutional investors (NII) contributed a 25.73 times oversubscription. Qualified institutional buyers (QIB) showed more modest interest with a 36% subscription rate.

The ₹582 crore IPO comprised a fresh issue of ₹500 crore and an offer for sale of up to 21 lakh shares (₹82.11 crore) by promoters and other selling shareholders. Proceeds from the fresh issue will be used to expand manufacturing capabilities, fund working capital, support acquisitions, and reduce debt.

The grey market is reflecting considerable optimism, with unlisted shares reportedly trading at ₹611, a premium of ₹220 (56.27%) over the upper price band. This suggests a potentially strong listing on December 30th on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

Bajaj Broking issued a “subscribe for long term” recommendation, citing the company’s strong R&D focus, strategic partnerships, favorable market conditions, and relatively fair valuation within the pharmaceutical sector.

Senores Pharmaceuticals, specializing in specialty pharmaceuticals, reported significant revenue and profit growth in FY24, reaching ₹214.52 crore in revenue and ₹32.71 crore in profit after tax. The company has secured ₹261 crore from anchor investors prior to the IPO. Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers. The allotment is expected on December 26th.

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