Senores Pharmaceuticals IPO Update
The IPO for Senores Pharmaceuticals Limited opened on December 20, 2024, and will close today, December 24, 2024, at 5:00 PM. Investors have just one day left to bid.
Subscription Status
The IPO has received a strong response, with the issue subscribed 18.99 times overall by 11:00 AM on Day 3. The retail segment was oversubscribed 47.96 times, non-institutional investors (NII) 36.76 times, while qualified institutional buyers (QIB) subscribed 0.36 times.
Grey Market Premium (GMP)
The grey market sentiment is bullish, with the GMP rising to ₹233 today, up from ₹200 on Monday. This indicates a premium of 60% over the upper price band of ₹391 per share, driven by positive investor sentiment and market trends.
Analyst Reviews
Brokerages have recommended subscribing to the IPO, citing strong financials, a niche in the pharmaceutical industry, and promising long-term growth prospects:
- Motilal Oswal: Recommends a ‘Subscribe’ rating, highlighting fair valuation at ₹391 (37.6x FY25E P/E) and robust client relationships.
- Anand Rathi: Assigns a ‘Buy’ rating, emphasizing the company’s presence in regulated markets, niche products, and a reasonable valuation of 55x P/E with a post-issue market cap of ₹18,006 million.
Other firms, including Aditya Birla Capital, BP Equities, SBI Capital, and Ventura Securities, also endorse the IPO.
Conclusion
With strong subscription numbers, positive grey market signals, and favorable analyst ratings, the IPO appears to be a promising investment opportunity.
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