Wed Dec 25 02:33:17 UTC 2024: **Senore Pharmaceuticals IPO Oversubscribed 13 Times**

AHMEDABAD, INDIA – Senores Pharmaceuticals’ initial public offering (IPO) has closed with an overwhelming response, exceeding expectations by a significant margin. The ₹582.11 crore IPO, which concluded today, was oversubscribed 13.93 times. This strong demand was driven primarily by retail investors, whose portion of the offering was subscribed 3.41 times.

The IPO consisted of a fresh issue of ₹500 crore and an offer-for-sale of ₹82.11 crore by promoters and other shareholders. While the Qualified Institutional Buyers (QIBs) portion was subscribed only 0.35 times, the non-institutional investor portion saw significantly higher demand at 24.63 times. Even the employee quota was oversubscribed 10.14 times.

Before the IPO’s official opening, Senores Pharmaceuticals secured ₹260.62 crore from anchor investors, including several prominent domestic and foreign institutions.

The company plans to utilize the proceeds to invest in its subsidiary, Aavis Pharmaceuticals; fund capital expenditure for a new sterile injection manufacturing facility in Atlanta; repay borrowings; and provide working capital for 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, established in 2017, is a global pharmaceutical company focused on developing and manufacturing pharmaceutical products for regulated markets in the US, Canada, and the UK, as well as emerging markets across 43 countries. The company’s product portfolio includes critical care injectables and active pharmaceutical ingredients (APIs). Equirus Capital, Ambit Private, and Nuvama Wealth Management acted as book-running lead managers for the IPO.

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