₹ 14858 / 38 shares
IPO Details
RHP/DRHPIssue Date
20 Dec - 24 Dec'24
Investment/lot
₹ 14858
Price Range
372 - 391
Lot Size
38
IPO Size
₹ 578.12 - ₹ 582.11 Cr
IPO Listing Details
Listing On
30 Dec'24
Issue Price
391
Listed Price
--
Retail Gain/Listing Gain
--
IPO Timeline
About Senores Pharmaceuticals IPO
Senores Pharmaceuticals IPO is an IPO of ₹500 crores. It consists of a fresh issue of ₹500 crores and an offer for sale of 21 lakh shares. The anchor investor date is on 19th Dec, 2024. The allotment of shares will take place on Dec 26, 2024, and the shares will be credited on Dec 27, 2024.
The objective of Senores Pharmaceuticals IPO
- Invest in its subsidiary Havix Group to set up a sterile injectables manufacturing facility.
- Repay specific borrowings.
- Working capital funding for the parent company and subsidiaries.
- Pursuit of inorganic growth and general corporate purposes.
- Invest in our Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI”) and Ratnatris Pharmaceutical Private Limited (“Ratnatris”) to fund their working capital requirements; and
- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes
Senores Pharmaceuticals IPO
Valuation
| Detail | Information |
|---|---|
Upper Price Band (₹) | ₹ |
Existing Shares to be Sold | 2100000 equity shares of ₹X each (Offer for Sale) |
Fresh Issue | ₹500 crores |
Market Capitalisation (₹) | ₹XXX crore |
EPS (₹) | 13.67 (FY24) |
Senores Pharmaceuticals IPO Share offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIB Shares Offered | Not less than 75% of the Net Issue |
Retail Shares Offered | Not more than 10% of the Net Issue |
NII (HNI) Shares Offered | Not more than 15% of the Net Isssue |
Industry Outlook
The pharmaceutical market has witnessed robust growth:
The US market grew from $589 billion in 2021 to $711 billion in 2023. The CDMO market increased from $36.3 billion to $44.7 billion. India’s API market expanded from $11.5 billion to $13.1 billion between 2021 and 2023.
Company Information
Senores Pharmaceuticals Limited is a global research-driven pharmaceutical company that develops and manufactures generic pharmaceutical products. The company primarily operates in the B2B segment, focusing on regulated markets like the US, Canada, and the UK, while also having a presence in 43 emerging markets. Senores also manufactures critical care injectables for the domestic market in India and APIs for domestic and SAARC countries.
Senores Pharmaceuticals IPO Strengths:
Ability to cater to regulated markets:
Senores has a US FDA-approved formulation manufacturing facility in the United States, which allows the company to cater to the regulated markets of the US, Canada, and the United Kingdom.
Distinct niche product portfolio:
The company has developed a niche product portfolio in a short time specifically for the regulated markets of the US, Canada, and the United Kingdom.
Long-term marketing arrangements and partnerships:
Senores has established long-term marketing arrangements with pharmaceutical companies in the regulated markets of the US, Canada, and the United Kingdom
Senores Pharmaceuticals IPO Risk Factors
Regulatory Hurdles: Any delay in regulatory approvals can impact market entry timelines.
Revenue Concentration: Heavy dependence on specific geographies for revenue.
High Competition: The pharmaceutical industry is highly competitive, impacting margins and growth.
All Financial Information about Senores Pharmaceuticals
Comprehensive financial data, including revenue, profit/loss statements, EBITDA, and other critical metrics.
Particulars (in Rs. million)
Particulars (in Rs. million)
Comparison with peers
| Fiscal 2024 | Face value per equity share | Basic | NAV (per Share) | P/E | RoNW | Total revenue from Operations |
|---|---|---|---|---|---|---|
Senores Pharmaceuticals Limited | 10 | 13.67 | 66.96 | 23.60% | 2145.24 | |
Ajanta Pharma Limited | 2 | 64.82 | 281.6 | 43.34 | 23.47% | 42087.1 |
Alembic Pharmaceuticals Private Limited | 2 | 31.33 | 245.12 | 33.9 | 13.40% | 62,286.30 |
Caplin Point Laboratories Limited | 2 | 60.79 | 309.03 | 40.84 | 21.69% | 16,941.00 |
Anchor Investor Information
Anchor investor bidding will take place one working day prior to the Bid/Offer Opening Date, which is Friday, December 20, 2024. Therefore, the anchor investor bidding period will be on Thursday, December 19, 2024.
IPO Registrar and Book Running Lead Managers
The book running lead managers (BRLMs) for the Senores Pharmaceuticals Limited IPO are:
- Equirus Capital Private Limited
- Ambit Private Limited
- Nuvama Wealth Management Limited
Registrar for the IPO is Link Intime India Private Limited
Business Model
Licensing and transfer pricing: Revenue is generated through licensing fees, transfer prices, and profit sharing based on negotiated agreements with major generic pharmaceutical and marketing companies.
CDMO (contract development and manufacturing organization) business in the regulated markets: It provides comprehensive services, from development to manufacturing, to pharmaceutical companies.
API (Active Pharmaceutical Ingredient) Business: It consists of an in-house API manufacturing facility to support the company's formulation businesses.
Company Growth Trajectory
Senores Pharmaceuticals experienced dramatic revenue growth, increasing from ₹141.7 million in FY22 to ₹2,145.24 million in FY24, reflecting strong performance in both regulated and emerging markets.
-
Return on Net Worth (RoNW) showed significant improvement, rising from 4.35% in FY22 to 23.60% in FY24, demonstrating enhanced profitability and operational efficiency.
-
The company's Regulated Markets business saw exceptionally high growth, with revenue increasing at a compound annual growth rate (CAGR) of 1,179.23% between FY22 and FY24, although this includes acquisitions
Company Market Position
Senores Pharmaceuticals occupies a strong, albeit still developing, position within the global pharmaceutical market. Several key aspects characterise their market position: Rapid Growth and expanding market share, niche focus and differentiation,
Key Financial Information about Senores Pharmaceuticals
Presentation of key financial metrics and indicators to assess Senores Pharmaceuticals financial health.
| Metric (₹ in million) | FY22 | FY23 | H1 FY24 |
|---|---|---|---|
Total Income | 146.31 | 390.21 | 2173.42 |
Profit Before Tax (PBT) | 11.43 | 124.37 | 249.44 |
Profit After Tax (PAT) | 9.91 | 84.33 | 327.08 |
EPS (₹) | 1.81 | 6.65 | 12.21 |
EBITDA Margin (%) | 17.03% | 46.28% | 20.70% |
Cash Flow Statements
| Particulars (₹ in million) | FY22 | FY23 | H1 FY24 |
|---|---|---|---|
Profit for the Year | 9.91 | 84.33 | 239.43 |
Net Cash from Operating Activities | 103.06 | 3.74 | (118.65) |
Net Cash from Investing Activities | (244.40) | (482.87) | (546.57) |
Net Cash from Financing Activities | 364.62 | 462.51 | 869.81 |
Cash & Cash Equivalents (End of Year) | 32.15 | 1.0 | 32.15 |
How To Check Allotment Status of Senores Pharmaceuticals IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar — Link InTime India Pvt Ltd. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Senores Pharmaceuticals Ltd
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the LinkIntime website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Senores Pharmaceuticals Ltd from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
Senores Pharmaceuticals IPO FAQs
What is the minimum lot size required for Senores Pharmaceuticals IPO?
The minimum lot size is 38 shares and the investment required is ₹14858.
What is the price band of the Senores Pharmaceuticals IPO?
The price band of Senores Pharmaceuticals IPO is ₹372 to ₹391.
Where can I read more about Senores Pharmaceuticals business?
You can read more about Senores Pharmaceuticals and its IPO from the company’s red herring prospectus (RHP) here.
What is the Senores Pharmaceuticals IPO?
The Senores Pharmaceuticals Limited IPO has an issue size of ₹500 crores. The IPO opens for subscription on 20/12/2024 and closes on 24/12/2024.
Who is the Registrar for Senores Pharmaceuticals Limited IPO?
Link Intime India Private Limited is the registrar for this IPO.
