Senores Pharmaceutical after garnering massive subscription of 93.7 times listed with exorbitant premium on the bourses today (December 30). On the NSE, the stock listed at a premium of 53.45 per cent at Rs 600 per share as against the IPO issue price of Rs 391 apiece. Furthermore, on the BSE, the stock debuted at a premium of 52 per cent at Rs 593.7 per share.

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Allotted investors after the successful debut of the pharma scrip make up to Rs 7,942 gains per lot.

Nonetheless after solid debut and scaling the day's high of Rs 609 per share on the BSE, the stock traded lower with gains of just over 49 per cent at Rs 584 per share.

The IPO received bids for 79.72 crore shares against 85.34 lakh shares on offer. a sharp oversubscription with bids of 93.7 times. Qualified institutional buyers led the demand with 94.66 times subscription, followed by non-institutional investors at 96.11 times. The retail portion was subscribed 89.23 times, while the employee quota saw 19.92 times subscriptions.

Senores Pharma IPO details

The compay launched Rs 582 crore issue with a fresh issue of Rs 500 crore and an offer for sale (OFS) of 21 lakh shares at a price band of Rs 372-391 per share.

Through the issue, the company aimed at:

- Funding capital expenditure requirements by investment in a subsidiary, Havix Group, Inc. d/b/a Aavis Pharmaceuticals (“Havix”), to set up a manufacturing facility for the production of sterile injections in the Atlanta Facility

- Repayment/pre-payment, in full or in part, of certain borrowings availed by the company and its subsidiaries, Havix, Ratnatris Pharmaceutical (“Ratnatris”), and Senores Pharmaceuticals Inc. (“SPI”)

- Funding the working capital requirements of the company and its subsidiaries, SPI and Ratnatris

- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.

About the company

Incorporated in December 2017, Senores Pharmaceuticals is a Ahmedabad-based global research-driven pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products, mainly for the Regulated Markets in the US and Canada.