Senores Pharmaceuticals Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
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 27 lakh equity shares by promoters and other selling shareholders, according to the draft red herring prospectus (DRHP).
The offer also includes a reservation for a subscription by eligible employees.
The pharma company may consider raising up to Rs 100 crore as pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
Proceeds from its fresh issuance will be utilised for setting up a manufacturing facility for the 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
