Senores Pharmaceuticals IPO Sees Strong Demand on Day One

The initial public offering of Senores Pharmaceuticals Ltd was oversubscribed by 1.78 times on its first day. The IPO, valued at Rs 582 crore, will fund manufacturing facilities and strategic growth. It includes a new share issuance and an offer for sale by existing shareholders.

Senores Pharmaceuticals Ltd's IPO saw robust investor interest as it was oversubscribed by 1.78 times on its opening day. According to NSE data, bids were placed for 1,51,51,550 shares against the 85,34,681 shares available.

Retail Individual Investors showed significant interest, bidding 7.19 times over their allotted quota, while non-institutional investors oversubscribed by 1.67 times. In contrast, Qualified Institutional Buyers showed restrained enthusiasm, subscribing to only 1 percent of their segment.

The Ahmedabad-based firm plans to use proceeds from the IPO, which includes a fresh issuance of shares worth Rs 500 crore and an offer for sale by promoters, to enhance its Atlanta facility and meet strategic growth and financial commitments.

(With inputs from agencies.)