New Delhi, Dec 19 (PTI) Senores Pharmaceuticals Ltd on Thursday said it has secured nearly Rs 261 crore from anchor investors, ahead of its initial share-sale opening for public subscription.

ICICI Prudential Mutual Fund, Mahindra Manulife Mutual Fund, Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, and Troo Capital are among the anchor investors, according to a circular uploaded on the BSE website.

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According to the circular, Senores Pharmaceuticals has allotted about 66.66 lakh equity shares to 20 funds at Rs 391 apiece, aggregating the transaction size to Rs 260.63 crore.

The Rs 582-crore IPO will be open for public subscription December 20 and conclude on December 24. The price band has been set at Rs 668-704 per share.

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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.

The public issue includes a reservation of 75,000 shares for employees.

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.

The company said 75 per cent of the issue has been reserved for qualified institutional buyers, 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.

Investors can bid for a minimum of 38 shares and in multiples of 38 shares thereafter.

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.

On the financial front, Senores Pharma's revenue from operations increased multifold to Rs 214.52 crore in FY24 from Rs 35.34 crore a year ago and profit after tax climbed to Rs 32.71 crore from Rs 8.43 crore.

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.

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