Ahmedabad-based Senores Pharmaceuticals Limited, a global research driven pharmaceutical company engaged in developing and manufacturing differentiated complex pharmaceutical products has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The Company had filed its IPO papers with Sebi on July 26, 2024.
The IPO, with a face value of ₹10 each, is a mix of fresh issuance of Rs 500 crore and an offer for sale of up to 8.5 lakh equity shares by Swapnil Jatinbhai Shah, up to 5.5 lakh equity shares by Ashokkumar Vijaysinh Barot, up to 3 lakh equity shares by Sangeeta Mukur Barot, up to 10 lakh by Prakash M Sanghvi. The offer also includes a reservation for a subscription by eligible employees.
The proceeds from its fresh issuance to the extent of Rs 107 crore will be utilized for funding the capital expenditure requirements by investment in its Subsidiary, Havix, for setting up a manufacturing facility for the production of sterile injections in its Atlanta facility; Rs 93.7 crore for re-payment/pre-payment, in full or in part, of certain borrowings availed by the Company and its subsidiaries, namely, Havix, Ratnatris and SPI; Rs 102.74 crore for funding the working capital requirements of the Company and its Subsidiaries, namely, SPI and Ratnatri and funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.
Senores Pharmaceuticals specializes in identifying, developing, and manufacturing a wide array of specialty, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers. Utilizing data analytics, research, market assessment, and experienced management; it strategically selects commercially underserved molecules and introduces it in both Regulated Markets mainly US and Canada and Emerging Markets across 43 countries.
As of March 31, 2024, it had three dedicated R&D facilities in India and the US and is in the process of consolidating its R&D facilities into one proposed dedicated facility in Ahmedabad.
