Senores Pharmaceuticals Day 1 Updates: Issue subscribed 1.86 times, GMP at ₹180

Senores Pharmaceuticals IPO was subscribed 1.86 times till 5:05 pm on the first day of bidding. It received bids for 1.51 crore equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed 7.51 times while the Non Institutional Investors’ (NII) category received 1.74 times bids. However, the Qualified Institutional Buyers (QIB) quota was booked 0.01 times.

The company's shares in the grey market continued trading at a premium of ₹180. This indicates an estimated listing price of ₹571, up 46.04 percent from the IPO price of ₹391. The GMP rose from ₹150 in the previous session (December 19).

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

Senores Pharmaceuticals IPO was subscribed 1.50 times till 4:10 pm on the first day of bidding. It received bids for 1.22 crore equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed 6.38 times while the Non Institutional Investors’ (NII) category received 1.2 times bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

Aditya Birla Money has recommended a 'Subscribe' rating for the company's IPO, highlighting its plans to utilize ₹500 crore for debt repayment, funding capital expenditure, and meeting working capital requirements in its subsidiaries through debt.

The brokerage stated, "While the issue is fairly priced, we anticipate robust growth in the business with potential for profitability improvement. Therefore, we recommend subscribing to the IPO."

For the six months ended on September 30, 2024, Senores Pharmaceuticals reported a net profit of ₹23.94 crore with a revenue of ₹183.35 crore

Senores Pharmaceuticals IPO was subscribed 1.23 times till 2:44 pm on the first day of bidding. It received bids for 1.05 crore equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed 5.23 times while the Non Institutional Investors’ (NII) category received 98 percent bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

StoxBox has assigned a 'Subscribe' rating to Senores Pharmaceuticals, citing its strong financial performance supported by several strategic advantages. The brokerage highlighted the company’s leadership in key therapeutic areas, an established presence in regulated markets, and a focus on inorganic growth through synergistic acquisitions. Additionally, Senores’ niche product portfolio, developed rapidly in emerging markets, and robust R&D capabilities have been pivotal in driving its growth.

StoxBox noted, "The issue is valued at a P/E of 32 times at the upper price band based on FY24 earnings, which is considered fair. Hence, we recommend a 'subscribe' rating for the issue."

Senores Pharmaceuticals IPO was fully subscribed, bid 1.05 times till 1:48 pm on the first day of bidding. It received bids for 85.22 lakh equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed 4.46 times while the Non Institutional Investors’ (NII) category received 83 percent bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

The company's shares in the grey market continued trading at a premium of ₹150. This indicates an estimated listing price of ₹541, up 38.36 percent from the IPO price of ₹391. The GMP was the same as in the previous session (December 19).

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

SBI Securities has rated Senores Pharma’s IPO as "Subscribe for long term," noting its strong financial performance. The company is valued at a FY24 P/E of 57.2 times and an EV/EBITDA of 36.8 times, based on the upper price band and post-issue capital. Senores Pharma has delivered impressive growth, with a Revenue/EBITDA/PAT CAGR of 289.1 percent/361.6 percent/474.5 percent between FY22 and FY24, reaching ₹215 crore, ₹42 crore, and ₹31 crore, respectively.

SBI Securities pointed out that, compared to its close peers, the issue is fairly valued across various financial metrics. The brokerage recommends subscribing to the issue at the cut-off price with a long-term investment perspective.

Senores Pharmaceuticals IPO was subscribed 80 percent till 12.42 pm on the first day of bidding. It received bids for 64.90 lakh equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed 3.39 times while the Non Institutional Investors’ (NII) category received 63 percent bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

Canara Bank Securities has given a 'Subscribe' rating to the IPO of Senores, citing its strong financial metrics and promising growth outlook. The company posted an impressive return on equity (RoE) of 23.6 percent, significantly higher than the listed peer average of 16.96 percent. Furthermore, its valuation appears attractive, trading at a price-to-earnings (P/E) ratio of 28 times FY24 earnings, compared to the peer average of 31 times, as highlighted by the brokerage.

Canara Bank Securities emphasized Senores’ potential for future growth, underpinned by its expanding product pipeline and strategic entry into mid-tier markets like the EU, Australia, and Latin America. These efforts are expected to drive revenue diversification and boost margin expansion. The brokerage recommends subscribing to the issue for both listing gains and long-term growth prospects.

Senores Pharmaceuticals mobilised ₹260.6 crore from anchor investors by allocating 66.65 lakh shares at ₹391 apiece. Goldman Sachs, Societe Generale, Beacon Stone Capital, LC Pharos Multi Strategy Fund, Integrated Global Strategies, and Fortune Hands Growth Fund also bought shares in the anchor book.

Anand Rathi Research has recommended a 'Subscribe' rating for the IPO. Analysts noted that at the upper price band, the company is valued at a P/E of 55x, with a post-issue market capitalization of ₹18,000.6 crore and a return on net worth of 23.6 percent for FY24. In their research note, they stated, "On the valuation front, we believe the company is fairly priced. Therefore, we recommend a 'Subscribe' rating."

Senores Pharmaceuticals IPO was subscribed 5 percent till 11:52 am on the first day of bidding. It received bids for 46.58 lakh equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was subscribed, 2.49 times while the Non Institutional Investors’ (NII) category received 41 percent bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

Senores Pharmaceuticals IPO was subscribed 31 percent till 10:49 am on the first day of bidding. It received bids for 25.35 lakh equity shares as compared to 81.46 lakh shares on the offer.

The retail portion of the public issue was fully subscribed, 1.35 times while the Non Institutional Investors’ (NII) category received 23 percent bids. However, the Qualified Institutional Buyers (QIB) are yet to bid for the IPO.

The company's shares in the grey market continued trading at a premium of ₹150. This indicates an estimated listing price of ₹541, up 38.86 percent from the IPO price of ₹391. The GMP was the same as in the previous session (December 19).

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.