Tue Dec 24 13:40:45 UTC 2024: ## Senores Pharmaceuticals IPO Oversubscribed by 93 Times

**Ahmedabad, India – December 26, 2024** – Senores Pharmaceuticals Ltd.’s initial public offering (IPO) concluded yesterday with an overwhelming response, closing 93.41 times oversubscribed. The ₹582 crore (approximately $70 million USD) IPO, which included a fresh issue of shares and an offer-for-sale by promoters, attracted bids for 79,72,30,956 shares against the 85,34,681 shares on offer. This high demand was seen across all investor categories: Qualified Institutional Buyers (QIBs) subscribed 94.66 times, Non-Institutional Investors 96.11 times, Retail Investors 89.23 times, and employees 19.92 times.

The company, which focuses on developing and manufacturing specialized pharmaceutical products, previously raised ₹261 crore (approximately $31 million USD) from anchor investors, including prominent names like ICICI Prudential Mutual Fund and SBI General Insurance Company. Proceeds from the IPO will be used to establish a new manufacturing plant in Atlanta, USA, fund working capital, facilitate acquisitions, and repay debt.

Senores Pharmaceuticals boasts a presence in regulated markets like the US, Canada, and the UK, leveraging its US FDA-approved manufacturing facility and long-term agreements with major pharmaceutical companies. The company also has a growing presence in emerging markets across 43 countries.

While initial reports varied throughout the day, ultimately settling on a final oversubscription figure of 93.41 times, analysts have generally given a positive outlook on the IPO, citing the company’s strong financial performance, niche product portfolio, and strategic partnerships. The issue is valued at a P/E of 32.0x on the upper price band based on FY24 earnings. However, the grey market premium (GMP) suggests a potential listing price significantly higher than the IPO price. Investors are advised to consult with financial professionals before making any investment decisions.

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