Senores Pharmaceuticals Secures Anchor Investment Ahead of IPO

Senores Pharmaceuticals Ltd has received Rs 261 crore from anchor investors before its IPO, opening for public subscription on December 20. The IPO, valued at Rs 582 crore, includes fresh shares and an offer for sale. Funds raised will support manufacturing, acquisitions, debt repayment, and corporate purposes.

Senores Pharmaceuticals Ltd announced on Thursday that it has secured nearly Rs 261 crore from anchor investors prior to the opening of its initial public offering (IPO) for public subscription.

Among the anchor investors are ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, and Troo Capital, according to a document on the BSE website. Senores Pharmaceuticals has allocated around 66.66 lakh equity shares to 20 funds at Rs 391 each, aggregating to Rs 260.63 crore in total.

The Rs 582-crore IPO will be available for public subscription from December 20 to December 24, priced between Rs 668 and Rs 704 per share. The IPO, being a mixture of fresh shares amounting to Rs 500 crore and an offer for sale totaling up to 21 lakh shares valued at Rs 82.11 crore by promoters, includes a reservation of 75,000 shares for employees.

Funds from the fresh issue will expedite the establishment of a new facility for manufacturing sterile injections at its Atlanta plant, fund working capital needs, support acquisitions, and pay debts. The company earmarked different portions of the issue for various types of investors and aims to enhance its product portfolio with new manufacturing capabilities.

(With inputs from agencies.)