Senores pharma soars 47% on BSE debut

Senores Pharmaceuticals made a remarkable debut on the Bombay Stock Exchange (BSE) on Monday. At 10:24 IST, shares traded at ₹576.75, reflecting a premium of 47.51% over its issue price of ₹391. The stock was listed at ₹593.70, achieving a premium of 51.84% during the initial trading session.

Strong listing performance

During early trade, Senores Pharmaceuticals hit a high of ₹609 and a low of ₹573, showcasing strong investor confidence. Over 5.77 lakh company shares exchanged hands on the BSE, indicating significant market interest.

The company’s Initial Public Offering (IPO) was a significant success. During the bidding period from 20 to 24 December 2024, 93.69 times were subscribed. The IPO price band was set at ₹372-391 per share.

Fundraising objectives and utilization

The ₹500 crore fresh equity issue, coupled with the offer for sale of 21 lakh shares worth ₹82.11 crore, was launched with defined objectives such as, ₹107 crore allocated for investment in Havix to establish a sterile injectable manufacturing facility, ₹93.7 crore earmarked for debt repayment,₹43.25 crore set aside for working capital requirements, ₹59.48 crore invested in subsidiaries SPI and Ratnatris. At the same time, the remaining funds will be utilized for general corporate purposes.

Ahead of its IPO, the company raised ₹260.62 crore from anchor investors on 19 December 2024 by allotting 66.65 lakh shares at ₹391 each to 20 prominent anchor investors.

Expanding India’s pharmaceutical prowess

Senores Pharmaceuticals has positioned itself as a key player in developing and manufacturing pharmaceutical products for regulated markets like the US, UK, Canada, and emerging markets. The company specializes in critical care injectables, APIs, and a diverse portfolio of 55 products as of September 30, 2024, spanning antibiotics, antifungals, and other therapeutic areas.

The firm reported a consolidated net profit of ₹23.94 crore and sales of ₹181.02 crore for the six months ending 30 September 2024. This financial performance underpins its robust market presence and growth potential.

Positive impact on India’s economy

Senores Pharmaceuticals’ strong market debut highlights India’s growing stature in the global pharmaceutical industry. The firm’s focus on innovation, regulated markets, and critical care manufacturing aligns with the government’s vision of enhancing India’s position as a global healthcare hub.

Desk
Desk

Leave a Reply

Your email address will not be published. Required fields are marked *