Listing of Senores Pharmaceuticals: Shares are starting to pay more than 53%.
Senores Pharmaceutical after receiving a large subscription of 93.7 times listed the most expensive premium in bonuses today (December 30). On the NSE, the stock listed at a premium of 53.45 percent at Rs 600 per share compared to the IPO issue price of Rs 391 each. Further, on the BSE, the stock traded 52 percent higher at Rs 593.7 per share.
Investors who invested after the successful launch of the pharma book made a profit of up to Rs 7,942 per lot.
However after a strong initial release and scaling the day’s high of Rs 609 per share on the BSE, the stock traded lower with gains of a little over 49 percent at Rs 584 per share.
The IPO received bids for 79.72 crore shares against 85.34 lakh shares on offer. sharp oversubscription with 93.7 times bids. Qualified institutional buyers led demand with subscriptions of 94.66 times, followed by non-institutional investors at 96.11 times. The retail segment was oversubscribed 89.23 times, while the labor segment saw oversubscribed 19.92 times.
Details of Senores Pharma IPO
The company has launched an issue of Rs 582 crore through a fresh issue of Rs 500 crore and an offer for sale (OFS) of 21 lakh shares at a price of Rs 372-391 per share.
In this regard, the company aims to:
– Funding of capital expenditure requirements through an investment in a subsidiary, Havix Group, Inc. d/b/a Aavis Pharmaceuticals (“Havix”), to establish a sterile injection manufacturing facility in the Atlanta Facility.
– Payment/prepayment, in full or in part, of certain loans obtained by the company and its subsidiaries, Havix, Ratnatris Pharmaceutical (“Ratnatris”), and Senores Pharmaceuticals Inc. (“SPI”)
– Financing the working capital needs of the company and its subsidiaries, SPI and Ratnatris
– Financing inorganic growth through acquisitions and other strategic initiatives and general business objectives.
About the company
Incorporated in December 2017, Senores Pharmaceuticals is an Ahmedabad-based global research-based pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products, mainly for the regulated markets in the US and Canada.
