Mon Dec 23 23:04:23 UTC 2024: **Strong Debut for Senores Pharmaceuticals IPO**

**Ahmedabad, India (December 18, 2024)** – Senores Pharmaceuticals Limited, an Ahmedabad-based pharmaceutical company, saw its ₹582.11 crore initial public offering (IPO) receive an enthusiastic response on its first day. The IPO, priced between ₹372 and ₹391 per share, was subscribed 1.78 times overall. Retail investor demand was particularly strong, with their portion of the offering subscribed 7.20 times.

The IPO, which closes on December 24th, consists of a fresh issue of ₹500 crore and an offer-for-sale of up to 21 lakh shares worth ₹82.11 crore by promoters and existing shareholders. While the retail investor portion saw significant oversubscription, the Qualified Institutional Buyers (QIBs) portion remains relatively less subscribed. The non-institutional investor portion was subscribed 1.67 times. The company’s employee share reservation was also oversubscribed, reaching 1.9 times.

Before the IPO opened, Senores Pharmaceuticals secured ₹260.62 crore from anchor investors, allocating 66,65,725 shares at ₹391 per share. Prominent anchor investors included several mutual funds, insurance companies, and global investment firms.

The company plans to use the IPO proceeds for various purposes, including investments in its subsidiaries Havix Group Inc. (Aavis Pharmaceuticals), capital expenditure for a new sterile injection manufacturing facility in Atlanta, debt repayment, and funding working capital requirements for itself and its subsidiaries Senores Pharmaceuticals Inc. and Ratnatris Pharmaceutical Private Ltd. A portion of the funds will also be allocated to inorganic growth through acquisitions and strategic initiatives.

Senores Pharmaceuticals, founded in 2017, is a global pharmaceutical company focused on developing and manufacturing products for regulated markets in the US, Canada, and the UK, and also operates in emerging markets across 43 countries. The company’s lead managers are Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited, with Link Intime India Private Limited serving as the registrar.

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