Senores Pharmaceuticals
Book Building issueMainboardNSE₹582 Cr issue
+51.84%
Listing gain over issue price
Issue size
₹582 Cr
1 lot at cut-off
₹14,858
Lot size
38shares
Open
20 Dec 2024
Close
24 Dec 2024
Allotment
26 Dec 2024
Listing
30 Dec 2024
Listing performance
Issue price
₹391
Listed at
₹593.70
Listing-day close
₹557.80
Latest price
₹1,215.30
Close on 23 Oct 2026
Listing gain
+51.84%
Return since issue
+210.82%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Dec 2024 – 24 Dec 2024
- Listing date
- 30 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹391 per share
- Lot size
- 38 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹582 Cr
- Market cap at offer price
- ₹1,351 Cr
- Promoter holding
- 66.67% → 45.77% pre-issue → post-issue
- ISIN
- INE0RB801010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- 1101 to 1103, 11th floor, South Tower, ONE 42 oppositeJayantilal Park, Ambali Bopal Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 66,65,725 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 38 shares per lot, in multiples, at ₹391
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 38 | ₹14,858 |
| Retail (max) | 13 | 494 | ₹1,93,154 |
| S-HNI (min) | 14 | 532 | ₹2,08,012 |
| S-HNI (max) | 67 | 2,546 | ₹9,95,486 |
| B-HNI (min) | 68 | 2,584 | ₹10,10,344 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
66,65,725
Anchor portion
₹261 Cr
at ₹391 per share
Valuation and performance
Valuation at offer price
₹391 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.83 | 13.86 |
| P/E (×) | 39.78 | 28.21 |
| Price to book (×) | 5.84 | — |
| Market cap | — | ₹1,351 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.60%
- ROCE
- 11.73%
- Debt / equity
- 1.07
- PAT margin
- 15.25%
- NAV per share
- ₹66.96
- Price to book
- 5.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Senores Pharmaceuticals
Senores Pharmaceuticals Limited is a public limited company incorporated in India (December 26, 2017) that develops and manufactures generic pharmaceutical products in the B2B segment. The company focuses on specialty and complex niche products in the mid-market range for regulated markets (US, Canada, UK), emerging markets (43 countries), and operates a Critical Care Injectables Business supplying to Indian hospitals. As of March 31, 2024, the company has received approvals for 19 ANDAs. The company operates through multiple subsidiaries including Ratnatris Pharmaceuticals Private Limited, Havix Group Inc. (d/b/a Aavis Pharmaceuticals), and Senores Pharmaceuticals Inc., with a step-down subsidiary 9488 Jackson Trail, LLC.
Company Analysis
from RHPSenores Pharmaceuticals is a global research-driven pharmaceutical company developing and manufacturing generic pharmaceutical products across regulated markets (US, Canada, UK), emerging markets, critical care injectables in India, and active pharmaceutical ingredients.
Senores Pharmaceuticals Limited is a public limited company incorporated in India (December 26, 2017) that develops and manufactures generic pharmaceutical products in the B2B segment. The company focuses on specialty and complex niche products in the mid-market range for regulated markets (US, Canada, UK), emerging markets (43 countries), and operates a Critical Care Injectables Business supplying to Indian hospitals. As of March 31, 2024, the company has received approvals for 19 ANDAs. The company operates through multiple subsidiaries including Ratnatris Pharmaceuticals Private Limited, Havix Group Inc. (d/b/a Aavis Pharmaceuticals), and Senores Pharmaceuticals Inc., with a step-down subsidiary 9488 Jackson Trail, LLC.
Pharmaceutical manufacturingGeneric drugsContract Development and Manufacturing Organization (CDMO)Active Pharmaceutical Ingredients (APIs)Critical care injectablesDrug development
Objects of the Issue
- Investment in one of our Subsidiaries, Havix, to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in our Atlanta Facility ₹1,070.00 million p.21
- Re-payment/pre-payment, in full or in part, of certain borrowings availed by our Company ₹734.80 million p.21
- Investment in our Subsidiary, namely, Havix, for re-payment/pre-payment in full or in part, of certain borrowings availed by such Subsidiary ₹202.20 million p.21
- Funding the working capital requirements of our Company ₹432.59 million p.21
- Investment in our Subsidiaries, namely, SPI and Ratnatris to fund their working capital requirements ₹594.83 million p.21
- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes p.21
- Investment in Havix to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility ₹1,070.00 million p.129
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company ₹734.80 million p.129
- Investment in Havix for repayment/pre-payment in full or in part, of certain borrowings availed by such Subsidiary ₹202.20 million p.129
- Funding the working capital requirements of our Company ₹432.59 million p.129
- Investment in Subsidiaries SPI and Ratnatris to fund their working capital requirements ₹594.83 million p.129
- Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes p.129
- Objects identified above (to be specified in prospectus) p.148
- Investment in Havix to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility p.225
- Funding capex for backward integration through API manufacturing facility setup p.227
- R&D facilities expansion at Atlanta Facility p.225
- Funding capex for the new injectable manufacturing facility p.448
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹ 5,000 million
- Offer for Sale
- Up to 2,100,000 Equity Shares aggregating up to ₹ [●] million comprising: Swapnil Jatinbhai Shah (250,000 shares, ₹ [●] million); Ashokkumar Vijaysinh Barot (550,000 shares, ₹ [●] million); Sangeeta Mukur Barot (300,000 shares, ₹ [●] million); Prakash M Sanghvi (1,000,000 shares, ₹ [●] million)
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company earns revenue through multiple channels: (1) Regulated Markets Business focused on US, Canada, and UK through marketing partners and distributors; (2) Emerging Markets Business through distribution partners in 43 countries; (3) Critical Care Injectables Business supplying hospitals across India; (4) API Business for domestic market and SAARC countries; (5) CMO/CDMO and sourced products business. Revenue is derived from B2B arrangements with marketing partners/distributors typically on long-term contracts (5-7 years for regulated markets, averaging 5 years for emerging markets).
Business Segments
Development and manufacturing of generic pharmaceutical products for US, Canada, and United Kingdom; strategy of identifying, developing and commercializing specialty and complex niche products in mid-market range; received approvals for 19 ANDAs as of March 31, 2024
Development and manufacturing of generic pharmaceutical products for emerging markets in 43 countries through B2B distribution arrangements
Supply of critical care injectables to hospitals across India through distributors; launched in August 2022
Manufacturing of Active Pharmaceutical Ingredients for domestic market and SAARC countries
Manufacturing and marketing of generic pharmaceutical products (ANDA products including capsules and tablets) and critical care injectables for the United States pharmaceutical market
Manufacturing and marketing of pharmaceutical products (general oral dosage, tablets, capsules, liquids, dry syrups, ORS, injectables) for emerging markets through the Chhatral Facility
Manufacturing and selling of active pharmaceutical ingredients (APIs) through the Naroda Facility
Supply of critical care injectables across India to various hospitals through distributors. As of March 31, 2024, the company has launched 54 critical products in major therapeutic segments including antibiotics, anti-bacterial, anti-fungal and blood line.
Manufacturing and marketing of ANDA products and sourced products through subsidiaries Havix and SPI for the US, Canada, and United Kingdom markets. Also engages in CDMO/CMO business in the US and other Regulated Markets.
Development, manufacturing and marketing of generic pharmaceutical products through Ratnatris subsidiary for emerging markets. As of September 30, 2024, Ratnatris marketed its products in 44 countries.
Manufacturing and distribution of generic pharmaceutical formulations through US FDA-approved facility; serves regulated markets through long-term marketing arrangements with pharmaceutical companies
Presence in emerging markets including India and other geographies with specialty and complex pharmaceutical products
Foreign subsidiaries Senores Pharmaceuticals Inc. (d/b/a Aavis Pharmaceuticals) and Havix Group Inc. operate in the United States
Ratnatris Pharmaceuticals Private Limited operates as domestic material subsidiary in India
Develops and manufactures pharmaceutical products for US, Canada, and United Kingdom markets through ANDA Products (branded/partnered generics), Sourced Products, and CDMO/CMO services
Develops and manufactures pharmaceutical products across various therapeutic areas for emerging markets through Distributor Model, Principal-to-Principal Model, CDMO, and Own Brand models; present in 43 countries
Manufactures and distributes critical care injectables across India through distributor networks; supplies hospitals with products in therapeutic segments including antibiotics, anti-bacterial, anti-fungal and blood line
Manufactures Active Pharmaceutical Ingredients for domestic market and SAARC countries with plans to expand to regulated and semi-regulated markets; includes oncology APIs and various therapeutic area APIs
Global research-driven pharmaceutical group focused on developing and manufacturing pharmaceutical products for regulated and emerging markets
Manufacturing, dealing and distributing bulk drug, liquid drugs, and intermediates
Development of finished formulations for regulated markets
Developing, manufacturing and supplying various finished formulations
Manufacturing and sale of active pharmaceutical ingredients and formulations
Trading of active pharmaceutical ingredients and formulations
Provision of licensing fees, technology transfer services, R&D incentives, and consultancy services
Develops and manufactures ANDA products and provides CDMO/CMO services for US, Canada, and United Kingdom markets through subsidiary companies Havix and Senores Pharmaceuticals Inc.
Develops and manufactures pharmaceutical products across various therapeutic areas for Emerging Markets through WHO-GMP approved manufacturing facility at Chhatral, Gujarat.
Supplies critical care injectables across India to hospitals through distributors, launched in August 2022.
Manufactures Active Pharmaceutical Ingredients through Naroda Facility and is setting up a new greenfield unit at Chhatral for domestic market, SAARC countries, and future regulated and semi-regulated markets.
Manufactures and markets cardiovascular pharmaceutical formulations
Manufactures and markets anti-infective pharmaceutical formulations
Manufactures and markets gastrointestinal pharmaceutical formulations
Manufactures and markets respiratory pharmaceutical formulations
SWOT Analysis
Strengths
- • Global research-driven pharmaceutical company with developed expertise across multiple therapeutic areas(p.20)
- • Strong regulatory approvals in Regulated Markets (US, Canada, UK) with 19 ANDA approvals as of March 31, 2024(p.20)
- • Diversified geographic presence across 43 countries in Emerging Markets(p.20)
- • Long-term stable contracts with marketing partners in Regulated Markets averaging 5-7 years(p.39)
- • Multiple business segments including Critical Care Injectables and API manufacturing(p.20)
- • Multiple manufacturing facilities with regulatory approvals(p.142)
- • Established presence in regulated and emerging markets through subsidiaries(p.131)
- • Strong ANDA portfolio and product pipeline(p.139)
- • Diversified geographic market reach in Emerging Markets(p.142)
- • Critical care injectables business with established market presence(p.131)
- • CDMO/CMO capability for high-value injectables(p.131)
- • US FDA-approved formulation manufacturing facility enabling access to regulated markets(p.150)
- • Niche product portfolio built rapidly in regulated markets(p.150)
- • Long-term marketing arrangements with pharmaceutical companies in regulated markets(p.150)
- • Presence in emerging markets with specialty and complex products(p.150)
- • Differentiated R&D capabilities driving product portfolio(p.150)
- • Professional management across diverse business verticals(p.150)
- • Strong CGT approval strategy with high exclusivity achievement(p.187)
- • Vertical integration with in-house API manufacturing reduces costs, ensures quality, and enables faster time-to-market(p.205)
- • India's position as global pharmaceutical leader with FDA-compliant infrastructure supports company's regulatory credentials(p.206)
- • Strategic focus on niche, low-competition CGT products with 40% CGT approval rate versus 29.2% industry average(p.215)
- • Exceptionally high R&D investment at 33.3% of operating revenue with 277.6% CAGR (FY22-FY24) driving differentiated product portfolio(p.210)
- • Demonstrated superior profitability with PAT margin of 15.3% (FY24) and 13.2% (H1 FY25) versus peer average of 6.5% and 12.0%(p.210)
- • Long-term marketing partnerships (5-7 years) with major pharma companies provide stable, predictable cash flows(p.221)
- • Rapid revenue growth in Regulated Markets at CAGR of 1,179.23% from FY22 to FY24 demonstrates execution capability(p.221)
- • Complex product portfolio with difficult-to-manufacture formulations commands higher margins with lower price erosion(p.221)
- • Established manufacturing presence in regulated markets with global operations(p.302)
- • Multiple manufacturing facilities and product diversification across dosage forms(p.302)
- • Consolidated revenue growth and profitability improvement(p.297)
- • Significant property, plant & equipment expansion(p.328)
- • Large intangible asset base and product development pipeline(p.328)
- • Strong revenue growth trajectory(p.351)
- • Diversified revenue streams including services(p.351)
- • Strategic acquisitions expanding portfolio(p.328)
- • Geographic diversification(p.377)
- • Extensive trademark portfolio providing brand protection(p.441)
- • Long-term trademark validity extending market protection(p.441)
Weaknesses
- • High customer concentration with top 10 customers accounting for 69.17% of revenue in 6M H1 FY2024-25(p.42)
- • Negative cash flows from operating activities in three of the last four fiscal years(p.43)
- • Significant reliance on third-party marketing partners and distributors with termination risk(p.39)
- • Recent regulatory compliance issues including license suspension at RPPL subsidiary(p.44)
- • Conflict of interest with Directors and Promoters having interests in competing pharmaceutical businesses(p.46)
- • High debt levels with total borrowings of ₹2,420.33 million as of September 30, 2024(p.22)
- • Qualified audit opinion with accounting treatment changes impacting profit(p.47)
- • Significant underutilization of Atlanta Facility tablet capacity(p.47)
- • Limited operating history and difficulty assessing future prospects(p.50)
- • Outstanding litigations against Company, Directors and Subsidiaries(p.50)
- • High working capital intensity requiring continuous financing(p.51)
- • Unsecured borrowings repayable on demand totaling ₹1,050.87 million(p.67)
- • Subsidiaries reporting losses(p.61)
- • History of delays in statutory compliance and reporting(p.55)
- • Delays in RBI reporting for overseas subsidiary investment(p.56)
- • Low capacity utilization in Chhatral Facility for specific product lines(p.48)
- • Significant working capital intensity requiring substantial financing(p.46)
- • High leverage and debt burden requiring capital repayment(p.135)
- • Subsidiary debt burden impacting cash position(p.136)
- • Profitability challenges in Havix subsidiary(p.144)
- • Losses in Ratnatris subsidiary affecting consolidated position(p.145)
- • Reliance on long-term marketing arrangements with specific pharmaceutical companies(p.150)
- • High debt-to-equity ratio indicating financial leverage(p.152)
- • Smaller revenue base compared to listed peers(p.151)
- • Lower return on capital employed relative to peers in Fiscal 2024(p.154)
- • High leverage with Debt-to-Equity of 1.07 in FY24 and 0.76 in H1 FY25 constrains financial flexibility(p.220)
- • Limited track record with only 19 ANDAs approved and operations primarily within 3 years, increasing execution risk(p.217)
- • Dependency on key marketing partners for revenue realization across regulated markets(p.221)
- • Geographic concentration risk with 60.97% revenue from Regulated Markets business in H1 FY25 dependent on US market(p.211)
- • Early-stage emerging markets business generates only 32.37% of revenue in H1 FY25 with execution risks in 43 countries(p.211)
- • High financial leverage with substantial borrowings relative to equity(p.295)
- • Promoters' personal guarantee obligations on significant credit facilities(p.255)
- • Contingent liability exposure from promoter guarantees on subsidiary borrowings(p.257)
- • Significant exposure to foreign exchange fluctuations from subsidiaries(p.292)
- • Concentration of key finance and operational functions with few individuals(p.277)
- • High debt burden and leverage(p.376)
- • Significant dependence on related party transactions(p.337)
- • Heavy reliance on key customers(p.377)
- • Significant losses in recent acquisitions(p.375)
- • Unfunded gratuity obligations(p.357)
- • Subsidiary license suspension for regulatory non-compliance(p.434)
- • Critical GMP violations at subsidiary manufacturing facility(p.434)
- • Product quality failures and recalls(p.435)
- • Product quality failures and recalls - second incident(p.435)
- • High debt-to-equity ratio(p.406)
- • Dependence on limited suppliers(p.432)
- • Restrictive covenants limiting operational flexibility(p.389)
- • Significant pending trademark applications facing opposition(p.441)
- • Risk of trademark infringement disputes impacting product sales(p.441)
- • Insufficient financial metrics for standard IPO eligibility(p.443)
Opportunities
- • Strong growth in US pharmaceutical market (USD 589.0B to USD 711.0B, 2021-2023)(p.20)
- • Growing US CDMO market (USD 36.3B to USD 44.7B, 2021-2023) aligned with company expansion plans(p.20)
- • Expansion of Emerging Markets pharmaceutical sector (USD 354.3B to USD 376.3B, 2021-2023)(p.20)
- • Growth potential in Indian hospital channel market and API sector(p.20)
- • Strategic expansion through planned investments in Atlanta facility for sterile injections(p.21)
- • Inorganic growth through acquisition and strategic initiatives up to 35% of gross proceeds(p.21)
- • Expansion into North American and Regulated Markets(p.64)
- • Growth through strategic alliances and backward integration(p.64)
- • Significant revenue growth from US regulated markets (74.40% of revenue)(p.52)
- • Presence in 52+ countries providing geographic diversification(p.52)
- • Establishment of R&D infrastructure in US supporting product development(p.54)
- • Utilization of IPO proceeds for capacity expansion including sterile injectables(p.55)
- • Expansion of Atlanta facility to capture higher-value injectable market(p.131)
- • Growth in regulated markets through ANDA development and commercialization(p.131)
- • Strategic acquisitions to complement organic growth(p.145)
- • Market expansion in emerging markets with growing product registrations(p.142)
- • Access to US market through ANDA portfolio development and FDA approvals(p.145)
- • Substantial patent cliff opportunity in US generics market through 2028(p.188)
- • Growing US drug shortages creating supply gaps for quality manufacturers(p.189)
- • Complex generics market with lower price erosion and higher margins(p.192)
- • Controlled substances market with stable demand and higher profit margins(p.192)
- • India's emergence as preferred API sourcing destination due to China decoupling(p.204)
- • Growing hospital/critical care drug segment in India with limited competition(p.202)
- • US CDMO market growth providing partnership opportunities(p.198)
- • Indian formulation companies pursuing backward integration into API manufacturing(p.204)
- • Expand injectables manufacturing capacity to capture growing segment expected to reach USD 4.7 billion by 2028 at 7.5% CAGR(p.225)
- • US generic pharma market growth of 3.5% CAGR from 2023-2028 and US pharma market growth of 7.3% CAGR provide expansion runway(p.224)
- • US CDMO market projected to reach USD 64.8 billion by 2028 at 7.7% CAGR, representing outsourcing penetration growth from 27% to 37%(p.227)
- • Emerging markets pharma market expected to reach USD 541 billion by 2028 at 7.5% CAGR with 45% growth from generic drugs(p.226)
- • Platform for NDA approvals with 5-year exclusivity provides first-mover advantage in US market for new drug applications(p.225)
- • Strategic expansion into semi-regulated markets (South Africa, Saudi Arabia, Israel) via FDA-approved Atlanta Facility(p.222)
- • Backward integration via API manufacturing facility expansion from 25 MTPA to 169 MTPA capacity enhances cost control and supply chain resilience(p.227)
- • Acquisitive growth strategy targeting synergistic businesses can accelerate market penetration and product portfolio expansion(p.227)
- • Expansion in regulated markets with growing demand for pharmaceuticals(p.302)
- • Development of specialized critical care injectables and APIs(p.302)
- • Geographic diversification across emerging markets(p.302)
- • Growth through subsidiaries including foreign pharmaceutical operations(p.259)
- • Expansion of API manufacturing capabilities(p.333)
- • Significant product development pipeline(p.333)
- • Licensed and technology transfer revenue streams(p.351)
- • International presence and expansion potential(p.350)
- • Expansion into regulated markets with specialty/complex products(p.403)
- • CDMO/CMO business growth potential(p.405)
- • Emerging markets expansion(p.405)
- • API manufacturing backward integration(p.405)
- • ANDA product pipeline expansion(p.405)
Threats
- • Highly concentrated revenue from United States (59.80% of revenues in 6M H1 FY2024-25)(p.45)
- • Intense competition from generic pharmaceutical manufacturers in regulated and emerging markets(p.39)
- • Dependence on continued growth in Regulated Markets with risk of market decline(p.41)
- • Complex and stringent regulatory compliance requirements across multiple jurisdictions(p.44)
- • Product quality failures and recalls exposing company to regulatory action and liability(p.46)
- • Regulatory risks from recent drugs declared 'Not of Standard Quality' by government laboratories(p.44)
- • Competition from companies with greater resources and experience(p.50)
- • Complex international regulatory compliance requirements(p.52)
- • Dependency on sole API suppliers in US regulated markets(p.57)
- • Concentration of manufacturing facilities in Gujarat state(p.59)
- • FDA regulatory compliance challenges and OAIs/483s risk(p.63)
- • Reimbursement pressure and price erosion in US markets(p.63)
- • Generic drug market saturation in US(p.63)
- • Supply chain disruptions affecting pharmaceutical operations(p.63)
- • Regulatory risks including product recalls and approvals delays(p.52)
- • Tariffs and trade barriers affecting export revenue(p.52)
- • Dependence on contract research organizations for bioavailability studies(p.52)
- • Risk of patent litigation and IP infringement claims(p.60)
- • Dependence on limited number of raw material suppliers(p.57)
- • Raw material price volatility and supply disruptions(p.58)
- • Foreign exchange rate fluctuations affecting operations(p.68)
- • Intense competition in pharmaceutical industry(p.70)
- • Regulatory uncertainty regarding PFIC status for US investors(p.89)
- • FATCA withholding and foreign passthru payment uncertainties(p.89)
- • Indian insolvency law differences affecting investor protections(p.89)
- • Funding requirements and deployment uncertainties(p.134)
- • Capital expenditure requirements and execution risks(p.131)
- • Intense price erosion in highly competitive generic drug markets(p.192)
- • Increasing regulatory pressure and FDA compliance requirements(p.189)
- • Dependence on US market with reimbursement pressures limiting prices(p.195)
- • Supply chain vulnerability and drug shortages affecting market access(p.176)
- • Concentration of pharmaceutical sourcing creating supply chain risks(p.176)
- • Patent expiration and increasing generic competition in US market(p.177)
- • Geopolitical and trade tensions affecting market access and supply chains(p.176)
- • US generic pharma market growth of only 3.5% CAGR (2023-2028) limits volume expansion for core business(p.224)
- • Intense pharmaceutical market competition from multinational powerhouses and agile startups intensifying price pressure(p.235)
- • Regulatory scrutiny and manufacturing/quality control problems can damage reputation and expose company to litigation(p.216)
- • Emerging markets price-sensitive dynamics force low-profit margins versus developed markets (30-40% vs 50-60%)(p.207)
- • Risk of lease agreement non-renewal on leased manufacturing and office premises impacting operations(p.66)
- • Regulatory compliance risks in multiple jurisdictions including US and Canada(p.302)
- • Dependence on external auditors for foreign subsidiary financials(p.292)
- • Potential conflict of interest from directors with multiple board positions(p.266)
- • Foreign exchange volatility affecting consolidation and profitability(p.299)
- • Competitive pressure in pharmaceutical industry across multiple markets(p.302)
- • High interest rate exposure on variable rate loans(p.360)
- • Foreign exchange volatility(p.360)
- • Regulatory and compliance risks from income tax disputes(p.355)
- • Liquidity and debt service obligations concentration(p.361)
- • Regulatory actions affecting operational capability(p.434)
- • Criminal proceedings against subsidiary for manufacturing defective drugs(p.434)
- • Pharmaceutical industry competition and pricing pressure(p.431)
- • FX and interest rate volatility risk(p.431)
- • Dependence on limited number of customers(p.432)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Swapnil Jatinbhai Shah | Promoter/Managing Director | 11.43% | — |
| Ashokkumar Vijaysinh Barot | Promoter | 11.96% | — |
| Swapnil Jatinbhai Shah | Promoter | 11.43% | — |
| Ashokkumar Vijaysinh Barot | Promoter | 11.96% | — |
| Swapnil Jatinbhai Shah | Promoter | — | — |
| Ashok Vijaysingh Barot | Promoter | — | — |
| Sangeeta Mukur Barot | Promoter | — | — |
| Deval Rajnikant Shah | Promoter | — | — |
| Swapnil Jatinbhai Shah | Promoter | — | — |
| Ashokkumar Vijaysinh Barot | Promoter | — | — |
| Swapnil Jatinbhai Shah | Promoter and Managing Director | 23.39% (collectively with co-promoter Ashokkumar Vijaysinh Barot via 7,781,311 Equity Shares) | — |
| Ashokkumar Vijaysinh Barot | Promoter and Non-Executive, Non-Independent Director | 23.39% (collectively with co-promoter Swapnil Jatinbhai Shah via 7,781,311 Equity Shares) | — |
| Swapnil Jatinbhai Shah | Promoter | — | 11.43% |
| Ashokbhai Vijaysinh Barot | Promoter | — | 11.96% |
| Swapnil Jatinbhai Shah | Promoter Selling Shareholder | — | — |
| Ashokkumar Vijaysinh Barot | Promoter Selling Shareholder | — | — |
| Sangeeta Mukur Barot | Promoter Group Selling Shareholder | — | — |
| Prakash M Sanghvi | Other Selling Shareholder | — | — |
Leadership
Sanjay Shaileshbhai Majmudar · Chairman
Swapnil Jatinbhai Shah · Managing Director
Deval Rajnikant Shah · Chief Financial Officer
Vinay Kumar Mishra · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Senores Pharmaceuticals IPO FAQs
What is the lot size of Senores Pharmaceuticals IPO?
The minimum lot size of Senores Pharmaceuticals IPO is 38 shares. One lot costs ₹14,858 at the cut-off price.
When does Senores Pharmaceuticals IPO open and close?
Senores Pharmaceuticals IPO opened for subscription on 20 Dec 2024 and closed on 24 Dec 2024.
What is the listing date of Senores Pharmaceuticals IPO?
Senores Pharmaceuticals IPO listed on 30 Dec 2024.