Senores Pharmaceuticals Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹391
Per ShareLot Size
38 Shares
Minimum Investment
₹14,858
Issue Size
₹582.11 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Senores Pharmaceuticals Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
66.66%
Promoter Holding (Post-Issue)
45.76%
Issue Type
Book Building
ISIN
INE0RB801010
About the Company
We are a global research driven pharmaceutical company engaged in developing and manufacturing a wide range of generic pharmaceutical products in the B2B segment predominantly for the Regulated Markets across various therapeutic areas and dosage forms. Our Regulated Markets business is primarily focused on the Regulated Markets of US, Canada, and United Kingdom. We have adopted a strategy of identifying, developing and commercializing specialty and complex niche products in the mid-market range and as of March 31, 2024, we have received approvals for 19 ANDAs. We develop and manufacture generic pharmaceutical products across various therapeutic areas for the Emerging Markets in the B2B segment, having a presence across 43 countries. We also operate a Critical Care Injectables Business, supplying critical care injectables to hospitals across India through distributors, and manufacture APIs for the domestic market and SAARC countries.
Industry Overview
As per the F&S Report, the US pharmaceutical market increased from USD 589.0 billion in CY 2021 to USD 711.0 billion in CY 2023. The US CDMO market grew from USD 36.3 billion in CY 2021 to USD 44.7 billion in CY 2023. The Emerging pharmaceutical market rose from USD 354.3 billion in CY 2021 to USD 376.3 billion in CY 2023. The Indian hospital channel market expanded from USD 3.9-4.7 billion in CY 2021 to USD 4.7-5.7 billion in CY 2023 while the India API market increased from USD 11.5 billion to USD 13.1 billion in the same period.
Company History
Our Company was originally incorporated as "Senores Pharmaceuticals Private Limited" a private limited company under the Companies Act, 2013 through a certificate of incorporation dated December 26, 2017, issued by the Registrar of Companies, Central Registration Centre. Thereafter, the name of the Company was changed to "Senores Pharmaceuticals Limited" upon conversion to a public limited company pursuant to a Board resolution dated August 1, 2023 and a special resolution passed in the general meeting of the Shareholders held on August 24, 2023 and the approval of the central government dated September 4, 2023, and consequently a fresh certificate of incorporation dated September 4, 2023, was issued by the RoC to reflect the change in name.
Growth Strategy
- Enhance market presence of our Marketed Products in North America and other Regulated Markets.
- Launch of products in the US with New Drug Applications ("NDA") approval.
- Expanding into new Regulated and Emerging Markets.
- Strategic alliance for CMO/ CDMO in Regulated Markets.
- Pursuing an integrated approach to our business by enhancing our capabilities for greater backward integration.
- Inorganic growth through synergistic acquisitions.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 14,887,723 equity shares of face value of Rs. 10 each ("Equity Shares") of Senores Pharmaceuticals Limited ("The Company" or the "Issuer") for cash at a price of Rs. 391 per equity share (including a share premium of Rs. 381 per equity share) ("Offer Price") aggregating to Rs. 582.11 crores (the "Offer"). The offer comprises of a fresh issue of 12,787,723 equity shares by the company aggregating to Rs. 500.00 crores (the "Fresh Issue") and an offer for sale of 2,100,000 equity shares (the "Offered Shares") aggregating to Rs. 82.11 crores (the "Offer for Sale"), comprising 250,000 equity shares aggregating to Rs. 9.78 crores by Swapnil Jatinbhai Shah, 550,000 equity shares aggregating to Rs. 21.51 crores by Ashokkumar Vijaysinh Barot, 300,000 equity shares aggregating to Rs. 11.73 crores by Sangeeta Mukur Barot and 1,000,000 equity shares aggregating to Rs. 39.10 crores by Prakash M Sanghvi (the "Selling Shareholders"). The offer shall constitute 32.33 % of the post-offer paid-up equity share capital of the company. The offer includes a reservation of 75,000 equity shares, aggregating to Rs. 2.93 crores constituting 0.16% of the post-offer paid-up equity share capital, for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The face value of the equity shares is Rs. 10 each and the offer price is 39.10 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Ability to cater to the Regulated Markets of US, Canada and the United Kingdom through our US FDA approved formulation manufacturing facility in the US.
- Distinct niche product portfolio built in a short span for Regulated Markets of US, Canada and the United Kingdom.
- Long-term marketing arrangements with pharmaceutical companies in the Regulated Markets, US, Canada and the United Kingdom.
- Presence in the Emerging Markets with a product portfolio, including specialty or complex products.
- R&D capabilities driving our differentiated portfolio of products.
- The company business is dependent on the sale of its products through third party marketing partners and distributors. The loss of one or more marketing partners or distributors, the deterioration of their financial condition or prospects, or a reduction in their demand for its products or the company inability to maintain and increase the number of its arrangements for the marketing and distribution of the company products could adversely affect its business, results of operations, financial conditions and cash flows.
- The company business is dependent on the sale of its products and continued growth of the Regulated Markets. Decrease in market growth for its product or failures to respond to change in market conditions could adversely affect its business, results of operations, financial conditions and cash flows.
- Failures to comply with the quality standards and technical specifications prescribed by its customers may lead to loss of business from such customers and could negatively impact its business, results of operations and financial condition, including cancellation of existing and future orders which may expose it to warranty claims.
- The company derives a part of its revenue from few customers. If one or more of such customers choose not to source their requirements from it or to terminate the company contracts or purchase orders, its business, cash flows, financial condition and results of operations may be adversely affected.
- The company has had negative cash flows from operating activities in the last three Fiscal years and may continue to have negative cash flows in the future which could have an impact on its business and operations.