New Delhi, Dec 30 (PTI) Shares of Senores Pharmaceuticals Ltd on Monday ended with a premium of nearly 43 per cent against the issue price of Rs 391.
The stock made its debut at Rs 593.70, rallying 51.84 per cent from the issue price on the BSE. During the day, it jumped 55.75 per cent to Rs 609. Shares of the firm ended at Rs 557.80 apiece, up 42.65 per cent.
On the NSE, it was listed at Rs 600, reflecting a premium of 53.45 per cent. The stock ended at Rs 557.05 per piece, a jump of 42.46 per cent.
The company’s market valuation stood at Rs 2,568.87 crore.
In volume terms, 10.98 lakh shares of the firm were traded on the BSE and 142.34 lakh shares exchanged hands on the NSE during the day.
The Rs 582-crore initial public offering (IPO) of Senores Pharmaceuticals Ltd received 93.69 times subscription on the final day of bidding on Tuesday amid strong investors’ participation.
The initial share sale had a price range of Rs 372-391 per share.
The Ahmedabad-based company’s IPO had a combination of fresh issuance of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of up to 21 lakh shares valued at Rs 82.11 crore, by promoters and other selling shareholders, at the upper end of the price band.
Proceeds from the fresh issue will be utilised for setting up a manufacturing facility for production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes.
Senores Pharmaceuticals specialises in identifying, developing and manufacturing a wide array of speciality, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers.
The company has several products in major therapeutic segments, including antibiotics, anti-bacterial, and anti-fungal.
As of March 2024, the company had three R&D facilities in India and the US and is consolidating R&D facilities into one proposed dedicated facility in Ahmedabad. PTI SUM SUM SHW
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