The Ahmedabad-based Senores Pharmaceuticals Ltd. has filed papers with capital markets regulator Securities and Exchange Board of India to raise funds via an initial public offering. The offer contains a fresh issue of up to Rs 500 crore and an offer for the sale of 27 lakh equity shares.
The selling shareholders in the OFS include promoter entities Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot and Sangeeta Mukur Barot, and non-promoter investor Prakash M. Sanghvi, according to the IPO's draft red herring prospectus. The promoter's stake in the company is 66.67%.
The proceeds from the fresh issue of Rs 107 crore will be used to set up a manufacturing facility for the production of sterile injections in the company's Atlanta facility in the US via Havix Group, Inc.
Moreover, Rs 93 crore will be used to repay debt, with the rest going towards working capital requirements and funding inorganic growth through acquisitions and other strategic initiatives.
Senores Pharma is primarily focused on the US and Canadian markets, with a presence in emerging markets across 43 countries. It manufactures critical care injectables and APIs.
As of March 31, 2024, it has received approvals for 19 abbreviated new drug application and has commercialised 21 products in the US and Canada markets on the basis of these ANDAs.
It has a facility in Chhatral, Ahmedabad, that caters to countries in the emerging markets, including the Philippines, Uzbekistan, Tanzania and Peru. Senores has obtained product registrations for 182 products and has filed product registrations for 245 products.
The company reported a revenue of Rs 214 crore for the fiscal-ended March 31, 2024, and a net profit of Rs 32.7 crore.
The IPO's book-running managers include Equirus Capital Pvt., Ambit Pvt. and Nuvama Wealth Management Ltd.
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