Senores Pharma to Invest ₹107 Crore from IPO Proceeds in New U.S. Facility.

Ahmedabad-based Senores Pharmaceuticals plans to invest ₹107 crore from its ₹582 crore Initial Public Offering (IPO) proceeds to establish a sterile injections manufacturing facility in Atlanta, United States. This expansion, part of the company’s existing campus, will be executed through its subsidiary, Havix.

“Currently, we produce oral solids in the U.S. This injectable unit will be our second vertical at the same location,” said Swapnil Shah, CEO and MD of Senores Pharmaceuticals.

Established in 2017, Senores caters to regulated markets in the U.S., Canada, and the United Kingdom through its Atlanta facility, operational since 2018. Shah also revealed plans for inorganic acquisitions in the U.S.

In the first half of FY24, Senores recorded revenue of ₹183 crore, with 70% of its income derived from U.S. operations and the remaining 30% from emerging markets, including India.

The IPO comprises ₹500 crore in fresh shares and an offer for the sale of 21 lakh shares worth ₹82.11 crore by promoters and shareholders. The company intends to leverage the proceeds to diversify its product portfolio and enhance manufacturing capabilities.

The proposed sterile injections facility is expected to be operational by Q4 FY26. Senores will also allocate ₹13.9 crore and ₹29.3 crore for incremental working capital in FY25 and FY26, respectively, to support its expansion in Active Pharmaceutical Ingredient (API) production. The company is building a greenfield API manufacturing unit in Chhatral, Gujarat, alongside its existing Naroda facility.

Additionally, ₹100 crore from the IPO proceeds will be used to repay a portion of the company’s debt, ensuring financial flexibility for future growth.

“This investment will enhance our ability to meet demand for niche injectables, improve quality, and expand our product range in the regulated markets,” the company stated in its prospectus.

HBL