Senores Pharma and Sagility India Get SEBI Nod for IPO

16 Oct 2024 , 07:32 AM

Ahmedabad-based Senores Pharmaceuticals and Bengaluru-based Sagility India have both get SEBI’s observation letters to launch their IPOs which aims to expand their business operations.

Senores Pharmaceuticals plans to raise ₹500 Crore through a fresh equity issue and an offer-for-sale (OFS) of 27 lakh shares by existing shareholders. Promoters, who hold a 66.67% stake in the company, will sell 17 lakh shares, while Prakash M Sanghvi will offload 10 lakh shares. The pharma company may also raise ₹100 Crore through pre-IPO placement, reducing the fresh issue size. 

The IPO proceeds will be utilized for setting up a sterile injections manufacturing facility in Atlanta, working capital needs, and strategic initiatives. Senores, which operates in emerging markets, has secured 19 ANDA approvals and commercialized 21 products in the U.S. and Canada. FY24 saw a fourfold increase in its net profit, reaching ₹32.7 Crore, with revenue surging sixfold to ₹214.5 Crore.

Sagility India, a technology-driven healthcare services provider, is launching an IPO through an OFS of 98.44 Crore shares by promoter Sagility BV. Though the company won’t receive IPO proceeds, the listing aims to enhance its brand visibility and liquidity for shareholders. Sagility’s revenue grew 12.7% to ₹4,753.5 Crore in FY24, and its net profit jumped 50% to ₹228.2 Crore. Sagility’s acquisition of BirchAI in March 2024 strengthens its AI-powered customer support solutions.