Senores Pharma IPO: GMP, subscription status, review, other details. Apply or not?

Senores Pharmaceuticals Limited's initial public offering (IPO) opened for public subscription on Friday, December 20 and will close on Tuesday, December 24. Stock market investors have a time window of two trading days when they can apply for a public offer. The Senores Pharma IPO has been subscribed 1.78 times the shares on offer as investors subscribed 1,51,86,662 shares, compared to the 85,34,681 shares on offer. The company has fixed the issue price band in the range of ₹ 372 to 381 per share, with a lot size of 38 shares per lot. Senores Pharma IPO latest GMP As of December 22, the grey market premium ( GMP ) for the Senores Pharmaceutical public issue stands at ₹ 200 per share. With the upper price band for the IPO at ₹ 391, the shares are expected to be listed at ₹ 591 per share, a premium of 51.15 per cent, according to the data collected from Investorgain.com. Grey market premium (GMP) is the investors' willingness to pay more for a public issue . The GMP increased to ₹ 200 on December 21 and is maintaining that level, compared to its December 20 level of ₹ 190. Senores Pharma IPO subscription status The issue of Senores Pharma received heavy bidding from the retail investor portion as of the first day. The retail investors fueled the bidding round on the first day of the public issue, coming in at 7.20x the shares available for the portion. The Non-Institutional Investors (NIIs) followed the retail lead, coming in at 1.67x the shares on offer, while the Qualified Institutional Buyers (QIBs) subscribed 10 per cent of the shares available as of Day 1 of the public issue. Senores Pharma IPO Apply or not? Assigning a “Subscribe” rating to the initial public offering of Senores Pharmaceuticals, stock brokerage Anand Rathi said, “At the upper price band company is valued at P/E of 55x with a market cap of ₹ 18,006 million post issue of equity shares and return on net worth of 23.6% based on FY24. On the valuation front, we believe that the company is fairly priced.” The 500 crore valued fresh issue from the company is aimed to be used for investment into one of the company's subsidiaries, Havix Group Inc, and also for repayment or pre-payment, in full or in parts of the certain company borrowings via the subsidiary. The rest of the money raised from the IPO is set to go into the funding working capital requirements of the company. Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.