New Delhi, Dec 20 (PTI) The initial share sale of Senores Pharmaceuticals Ltd got subscribed 1.78 times on Friday, the first day of bidding.

The Initial Public Offer (IPO) received bids for 1,51,51,550 shares against 85,34,681 shares on offer, according to NSE data.

Also Read | Ladki Bahin Yojana December Installment Date: When Will Woman Beneficiaries Get INR 1,500 in Maharashtra? CM Devendra Fadnavis Gives Update.

Retail Individual Investors (RIIs) part fetched 7.19 times subscription while the quota for non-institutional investors got subscribed 1.67 times. Qualified Institutional Buyers (QIBs) quota got subscribed 1 per cent.

Senores Pharmaceuticals Ltd on Thursday said it has secured nearly Rs 261 crore from anchor investors.

Also Read | What Is ChatGPT WhatsApp Number? How Does It Work? Know More About OpenAI’s New Experimental Feature, Step-by-Step Guidelines To Use It.

The Rs 582-crore IPO will conclude on December 24. The IPO has a price range of Rs 372-391 per share.

The Ahmedabad-based company's IPO is a combination of fresh issuance of shares worth Rs 500 crore and an offer for sale (OFS) of up to 21 lakh shares valued Rs 82.11 crore, by promoters and other selling shareholders, at the upper end of the price band.

Proceeds from the fresh issue will be utilised for setting up a manufacturing facility for production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes.

Senores Pharmaceuticals specialises in identifying, developing, and manufacturing a wide array of specialty, underserved, and complex pharmaceutical products, positioning itself as a preferred partner for select customers.

The company has several products in major therapeutic segments, including antibiotics, anti-bacterial, anti-fungal, and blood line.

As of March 2024, the company had three R&D facilities in India and the US and is in the process of consolidating its R&D facilities into one proposed dedicated facility in Ahmedabad.

Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers to the issue.

The equity shares are proposed to be listed on the BSE and the NSE.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)