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Senores Pharmaceuticals IPO
Senores Pharmaceuticals Ltd
₹14,136 /38 sharesMinimum Investment
Senores Pharmaceuticals IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹391.00 | ₹600.00 | ₹209.00 (53.45%) |
Senores Pharmaceuticals IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 20 Dec ‘24 - 24 Dec ‘24 | ₹14,136 | 38 | ₹372 - ₹391 |
| Issue Size | IPO Doc |
|---|---|
| 582.11Cr | RHP PDF |
Subscription rate
As of 24 Dec'24, 04:00 PM
| Qualified Institutional Buyers | 91.47x |
| Non-Institutional Investor | 94.97x |
| Retail Individual Investor | 83.99x |
| Employees | 18.94x |
| Total | 90.43x |
About Senores Pharmaceuticals
Founded in
2017
Managing director
Mr. Swapnil Jatinbhai Shah
Parent organisation
Senores Pharmaceuticals Ltd
Strengths & Financials of Senores Pharmaceuticals
Strengths
Risks
Senores has a strong presence in emerging markets, with operations in 43 countries. The company focuses on regions such as Latin America, Africa, the Commonwealth of Independent States (CIS), Southeast Asia, and the Middle East.
The company claims to focus on quality and specialise in identifying complex molecules, resulting in a well-curated pipeline of products across various dosage forms and therapeutic areas. Senores has established partnerships in regulated markets, including the US, Canada, and the UK, with global and Indian pharmaceutical companies like Prasco LLC, Lannett Company Inc., Jubilant Cadista Pharmaceuticals Inc., Alkem Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Dr Reddy’s Laboratories Inc., and Cipla USA Inc.
Senores markets its products in the US, Canada, and the UK through marketing and distribution agreements with pharmaceutical companies. As of September 30, 2024, the company received approvals for 19 ANDAs and has commercialised 21 products in the US and Canadian markets.
By September 30, 2024, Senores had launched 55 products across key therapeutic segments, including antibiotics, antibacterials, antifungals, and blood-related products. The company has a strong presence in hospitals across India, operating through distributor partnerships and direct arrangements with hospitals.
The Chhatral facility can produce four dosage forms: oral solids, oral liquids, injectables, and oral rehydration solutions (ORS). It has dedicated manufacturing areas for Cephalosporins and Beta-Lactam products.
The Chhatral facility is WHO-GMP approved and is ISO 9001:2015 certified for quality management systems in the development, manufacturing, testing, and marketing of Beta-Lactam oral dosage formulations.
The R&D laboratory at the Chhatral facility is equipped with advanced technology, including 13 high-performance liquid chromatography systems, seven stability chambers, and five auto-dissolution machines. At the Naroda facility, the R&D lab handles various chemical reactions like nitration, bromination, Friedel-Crafts, Grignard, hydrogenation, chlorination, esterification, and hydrolysis. It is equipped with one UV chamber, six fume hoods, and two high-performance liquid chromatography systems.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 14.17 crore in FY22 to Rs 35.34 crore in FY23 to Rs 214.52 crore in FY24. PAT increased from Rs 0.99 crore in FY22 to Rs 8.43 crore in FY23 to Rs 32.71 crore in FY24.
Senores Pharmaceuticals relies heavily on third-party marketing partners and distributors for product sales. The top 10 partners contributed Rs 91.33 crore (50.46%) in the six months ending September 30, 2024, and Rs 84.47 crore (39.37%), Rs 19.65 crore (55.60%), and Rs 0.89 crore (6.26%) in FY24, FY23, and FY22, respectively, to the revenue from operations. Any loss of any key partners, their financial instability, or reduced demand for products could negatively impact the company’s operations and finances.
The company's revenue majorly depends on the growth and sale of its products in regulated markets. This segment contributed Rs 110.37 crore (60.97%) in the six months ending September 30, 2024, and Rs 145.15 crore (67.66%), Rs 20.74 crore (58.69%), and Rs 0.89 crore (6.26%) in FY24, FY23, and FY22, respectively, to the revenue from operations. Any decline in market demand or inability to adapt to changing market conditions could adversely affect the company’s financial performance and operations.
A large portion of revenue is derived from a limited number of customers. The top 10 customers accounted for Rs 125.20 crore (69.17%) for the six months ending September 30, 2024, and Rs 167.59 crore (78.12%), Rs 32.81 crore (92.85%), and Rs 14.17 crore (100%) in FY24, FY23, and FY22, respectively, of the revenue from operations. Any loss of any key customers, the termination of contracts or a reduction in business from them could adversely impact the company’s revenue generation capabilities and business performance.
The United States is a key market for Senores Pharmaceuticals, contributing Rs 108.24 crore (59.80%) in the six months ending September 30, 2024, and Rs 142.93 crore (66.63%), Rs 26.35 crore (74.56%), and Rs 0.87 crore (6.26%) in FY24, FY23, and FY22, respectively, to the revenue from operations. A decline in demand from this market could have a negative impact on the company’s financial health.
The company depends on a limited number of CDMO and CMO customers across regulated and emerging markets. Any inability to maintain or establish relationships with these customers could adversely impact the company’s financial condition and operational results.
The company, its subsidiaries, and its directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Senores Pharmaceuticals relies on its manufacturing and research and development facilities. Any equipment breakdowns or industrial accidents which could cause the facilities’ sudden shutdown could adversely affect the company's operations.
Two out of the company’s three manufacturing facilities are located in Gujarat, India, specifically in Chhatral and Naroda. Any adverse developments in this region could negatively affect its business operations and finances.
The company has contingent liabilities amounting to Rs 118.70 crore. If these liabilities materialise they could pose a risk to the company's financial stability.
As of November 30, 2024, Senores Pharmaceuticals had total borrowings of Rs 298.95 crore. Any inability to repay or service these loans could adversely affect the company’s financial position.
Senores Pharmaceuticals Financials
*All values are in Rs. Cr
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Application Details of Senores Pharmaceuticals IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹372 - 391 | ₹2 Lakh |
| Employee | ₹372 - 391 | ₹2 Lakh |
| High Networth Individual | ₹372 - 391 | ₹2 - 5 Lakh |
For Senores Pharmaceuticals IPO, eligible investors can apply as Regular & Employee.