Senores Pharmaceuticals is a global research-driven pharmaceutical company focusing on the development and manufacturing of a wide range of pharmaceutical products, predominantly for regulated markets in the US, Canada, and the United Kingdom, as well as for emerging markets. The company specializes in niche, complex, and specialty pharmaceuticals, serving diverse therapeutic areas and dosage forms.

The Senores Pharmaceuticals IPO is a book-built issue of ₹582.11 Crores, consisting of a fresh issue of 127.87 lakh shares worth ₹500 crores and an offer for sale of 21 lakh shares worth ₹82.11 crores. The price band is set between ₹372 to ₹391 per equity share, with the market capitalization of the company at the upper price band standing at ₹1,800.69 crores. The lot size for the IPO is 38 shares, requiring a minimum investment of ₹14,858 for retail investors. High-Net-Worth Individuals (HNIs) are required to invest in a minimum of 14 lots (532 shares), amounting to ₹2,08,012.

The subscription period for the Senores Pharmaceuticals IPO opens on December 20, 2024, and closes on December 24, 2024. The allotment date is set for December 26, 2024, with the listing on BSE and NSE expected to take place on or about December 30, 2024.

Book-running lead managers for the issue are Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited, while Link Intime India Private Limited is the registrar.

As of December 23, 2024, the Grey Market Premium (GMP) for the IPO stands at ₹176, indicating a potential listing gain of 45.01%. The GMP has been trending upward, reflecting investor optimism based on the company's financial performance. It is important to note, however, that the Grey Market Premium is not an official indicator and can fluctuate before the actual listing.

The financial performance of Senores Pharmaceuticals shows impressive growth. For the period ended September 30, 2024, the company reported revenues of ₹1,833.53 million, EBITDA of ₹469.08 million, and a Profit After Tax (PAT) of ₹239.43 million. The company’s EPS for FY24 is ₹12.21 pre-issue, and ₹7.10 post-issue, with a pre-issue P/E ratio of 32.02x and a post-issue P/E ratio of 55.05x. These ratios suggest the IPO is fairly priced when compared to the industry’s P/E ratio of 39x.

The objectives of the IPO include funding capital expenditure for a sterile injection manufacturing facility at the company’s Havix subsidiary, repayment of borrowings, working capital requirements, and supporting the inorganic growth of its subsidiaries.

Given the strong financial performance, the attractive GMP, and the company’s growth prospects, we recommend investors apply for the Senores Pharmaceuticals IPO to capitalize on potential listing gains.

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