Senores Pharmaceuticals Submitted DRHP With SEBI to Float an IPO

Senores Pharmaceuticals, a global research-driven pharmaceutical company, has filed a draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), to float an IPO comprising a fresh issue and offer for sale (OFS). Senores Pharmaceuticals IPO to raise ₹500 crore via fresh issue, and the selling shareholders will offer 27,00,000 lakh shares under the offer-for-sale portion.

Senores Pharmaceuticals Ltd has appointed Equirus Capital Private Limited, Ambit Private Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) as book-running lead managers.

Purpose of Senores Pharmaceuticals IPO

Fresh Issue

The company proposes to utilise the net proceeds from fresh issue for the following:

• Funding the capital expenditure requirements by investment its Subsidiaries
• Repayment/prepayment, in full or in part, of certain borrowings
• Funding the working capital requirements of its company and its subsidiaries.
• Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.

Offer-For Sale

The proceeds raised from the offer for sale will be received by selling shareholders. Hence, the company will not use the funds raised from OFS.

About Senores Pharmaceuticals Limited

Incorporated in 2017, Senores Pharmaceuticals develops and manufactures a wide range of pharmaceutical products, mainly for Regulated Markets across various therapeutic areas and dosage forms, with a presence in Emerging Markets.

The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated complex pharmaceutical products. Its focus on quality and ability to identify speciality and complex molecules has resulted in an extensive pipeline of curated complex products spanning diverse dosage forms and therapeutic domains, demonstrated through its partnerships in the Regulated Markets.

The company’s partners include prominent foreign and Indian pharmaceutical companies, including Prasco LLC, Lannett Company Inc., Jubilant Cadista Pharmaceuticals Inc., Alkem Laboratories Limited, Sun Pharmaceuticals Industries Limited, Dr. Reddy’s Laboratories Inc. and Cipla USA Inc.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.