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.
It launched its critical care injectables business across India in 2022. Part of the critical care injectables are manufactured at its Chhatral Facility and part sourcing is done from injectables players in the Indian market. As of March 31, 2024, it had launched 54 products in major therapeutic segments including antibiotics, anti-bacterial, anti-fungal and blood line.
Senores Pharma has received approvals for 19 ANDAs and has commercialized 21 products in the US and Canada markets, as of March 31, 2024. The approved ANDAs include four products where it has Competitive Generic Therapeutic ("CGT") designations. As of May 31, 2024, Senores has identified and filed 6 ANDAs and it has six products are in stability testing, ongoing exhibits for two products. Additionally, it has three products are ready for exhibit, and 34 ANDAs are under development.
Senores Pharmaceuticals' revenue from operations increased by 507.08% from ₹35.34 crore in fiscal 2023 to ₹214.52 crore in fiscal 2024, primarily due to an increase in the sale of products, sale of services, and other operating income; Profit after tax increased by 287.84% from ₹ 8.43 crore in fiscal 2023 to ₹ 32.71 crore in fiscal 2024.
Equirus Capital Private Limited, Ambit Private Limited and Nuvama Wealth Management Limited are the book-running lead managers and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE. |
