Senores Pharmaceuticals IPO closes on December 24. The company aimed to raise Rs 582.11 crore. It was subscribed to a total of 36.99 times as of 1330 IST on December 24. The retail portion was booked 69.87 times while the NIIs subscribed to the issue 65.54 times. The QIBs booked the issue 11.47 times. The IPO shares are likely to be listed on NSE and BSE on December 30. Here’s what GMP suggests about the listing gains:
Senores Pharmaceuticals IPO GMP
The company’s shares were attracting a premium of 59% in the grey market. This indicates that the shares might list around a price of Rs 621. The grey market is an unofficial palace to trade shares ahead of listing. Market participants keep an eye on GMP to track listing gains.
Senores Pharmaceuticals’ financial performance
The company experienced a notable increase in both net profit and revenue in comparison to the past three years. Its net profit came in at Rs 32.7 crore, a jump of 289% year-on-year in FY24, compared with Rs 8.4 crore in FY23. Its revenue from operations stood at Rs 214.5 crore in FY24, a jump 6 times on year, against Rs 35.3 crore in FY23.
Also ReadCarraro India Vs Senores Pharmaceuticals IPO: Which is a better bet?
Senores Pharmaceuticals IPO details
The issue is a combination of fresh shares and an offer for sale. The allotment of shares is expected to be finalised on December 26. The company set the IPO price band between Rs 372 to Rs 391 per equity share. Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers of the IPO, while Link Intime India is the registrar for the issue.
Senores Pharmaceuticals IPO review
“With a presence in 43 countries, the company focuses on critical care injectables, APIs, and complex speciality pharmaceutical products. At the upper price band, the company is valued at a P/E of 55x with a market cap of Rs 1800.6 crore post-issue of equity shares and a return on net worth of 23.6% based on FY24. On the valuation front, we believe that the company is fairly priced. Therefore, we recommend a “Subscribe” rating to the IPO,” said Anand Rathi Research in an IPO note.
» Read More
