Senores is global research driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the Regulated Markets across various therapeutic areas and dosage forms, with a presence in Emerging Markets. Its strength lies in identifying, developing and manufacturing a diverse range of specialty, underpenetrated and complex pharmaceutical products establishing it as a preferred partner to certain customers.

The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated complex pharmaceutical products.

Its business is primarily focused on the Regulated Markets of US, Canada and the United Kingdom. We have a presence in the Emerging Markets across 43 countries. It also manufactures critical care injectables and APIs. For the fiscal 2024, the contribution from the regulated market was 67.66% of the total revenue. Critical care injectable business contributed 2.66% and API business contributed 6.48% of the total revenue. For the fiscal 2024, there is sharp rise in the business with regulated market.(from Rs. 20.72 crore in the year 2023 to Rs. 145.15 crore in year 2024)

Its Regulated Markets Business is carried out through its two subsidiary companies, Havix, which houses its US FDA approved oral solid dosage (“OSD”) facility at Atlanta, US and, SPI, a US based company holding the intellectual property used by its Company, specifically for its ANDA approvals and enters into agreement with its marketing partners. Its Regulated Markets Business primarily serves the US, Canada, and United Kingdom markets. It is also expanding its reach into other Regulated Markets and Semi-Regulated Markets.

The company has adopted the following business models for its Regulated Markets Business: (I) Marketed products (“Marketed Products”) which includes ANDA Products and Sourced Products; and (II) contract development and manufacturing operations (“CDMO”)/ contract manufacturing operations (“CMO”).Out of the total revenue from the regulated markets, the share of marketed products is 90.05% during fiscal 2024. The company typically enters into long term marketing agreements for a period ranging between 5-7 years with its marketing partners or distributors in the Regulated Markets of US, Canada and United Kingdom which results in predictable and stable cash flows. There is no assurance that its business from arrangements with marketing partners or distributors will not decline in the future as a result of increased competition, pricing pressures or fluctuation in the demand or supply of its products.

The size of the IPO is only Rs. 582.11 crore with retail portion being just 10% (e.g. Rs. 58.21 Crore). The shares are offered at reasonable valuation. The current premium to offer price ratio (150/391) is favourable. May Apply.