The initial public offering (IPO) of Senores Pharmaceuticals Ltd opened for public subscription on Friday, December 20 and will close on Tuesday, December 24. Stock market investors have a deadline of two trading days when they can apply for a public offering.
Senores Pharma IPO subscribed 1.78 times over offered shares investors 1,51,86,662 shares were subscribed against 85,34,681 shares on offer. The company has fixed the range of issue price band 372 to 381 per share, with lot size 38 shares per lot.
Senores Pharma IPO Latest GMP
As of December 22, the gray market premium (gmp) stands for Senores Pharmaceutical Public Issue 200 per share. With upper price band for IPO 391, shares are expected to be listed 591 per share, a premium of 51.15 percent, according to data collected from Investorgain.com.
Gray Market Premium (GMP) is the willingness of investors to pay more for public issueGMP increased 200 on December 21 and it is maintaining that level compared to its December 20 level 190.
Senores Pharma IPO Subscription Status
Senores Pharma’s issue received heavy bids from the retail investor segment on the first day.
retail investors The bidding round was brisk on the first day of the public issue and the shares available for this tranche were priced at 7.20 times. Non-institutional investors (NIIs) followed the retail lead and subscribed 1.67 times the shares on offer, while qualified institutional buyers (QIBs) subscribed 10 per cent of the available shares by the first day of the public issue.
Is Senores Pharma IPO applicable or not?
Assigning “Subscribe” Rating to the Initial Public Offering of Senores Pharmaceuticals, Stock Brokerage Anand Rathi said, “The company is valued at a P/E of 55x with a market capitalization at the upper price band 18,006 million after the issue of equity shares and a return on net assets of 23.6% on FY2014 basis. On the valuation front, we believe the company is fairly priced.
The fresh issue worth Rs 500 crore of the company is to be used for investment in Hevix Group Inc, one of the company’s subsidiaries and for repayment or prepayment of the whole or part of certain company borrowings through the subsidiary. The remaining funds raised from the IPO will be used to finance the working capital requirements of the company.
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