Aakaar Medical Technologies are a medical aesthetic company dealing in a wide range of aesthetics & specialized cosmetic products & devices. The product range includes both Own brands (domestically manufactured products & internationally manufactured devices) and Imported Brands (distribution of imported brands) from countries such as Korea, Spain, Italy, and Austria.
Aakaar Medical Technologies, an Book Built Issue amounting to ₹ 27.00 Crores, consisting entirely an Fresh Issue of 37.50 Lakh Shares. The subscription period for the Aakaar Medical Technologies IPO opens on June 20, 2025, and closes on June 24, 2025. The allotment is expected to be finalized on or about Wednesday, June 25, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, June 27, 2025.
The Share Price Band of Aakaar Medical Technologies IPO is set at ₹ 68 to ₹ 72 per equity share. The Market Capitalisation of the Aakaar Medical Technologies Limited at IPO price of ₹ 72 per equity share will be ₹ 102.04 Crores. The lot size of the IPO is 1,600 shares. Retail investors are required to invest a minimum of ₹ 1,15,200, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (3,200 shares), amounting to ₹ 2,30,400.
Indorient Financial Services Limitedis the book running lead manager of the Aakaar Medical Technologies IPO, while Bigshare Services Private Limitedis the registrar for the issue. Alacrity Securities Limitedis the Market Maker for Aakaar Medical Technologies IPO.
Aakaar Medical Technologies LimitedIPO GMP Today
The Grey Market Premium of Aakaar Medical Technologies Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Aakaar Medical Technologies LimitedIPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 20 June, 2025, the Aakaar Medical Technologies Limited IPO live subscription status shows that the IPO subscribed 0.34 times on First Day of subscription period. Check the Aakaar Medical Technologies IPO Live Subscription Status Today at NSE.
Aakaar Medical Technologies LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
18 June 2025
₹ 72
₹ 72
₹ 0 (0.00%)
09:00 PM; 18 June 2025
Aakaar Medical Technologies Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Aakaar Medical Technologies IPO allotment date is 25 June, 2025, Wednesday. Aakaar Medical Technologies IPO Allotment will be out on 25th June, 2025 and will be live on Registrar Website from the allotment date. Check Aakaar Medical Technologies IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Aakaar Medical Technologies Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Aakaar Medical Technologies LimitedIPO
Aakaar Medical Technologies proposes to utilise the Net Proceeds towards the following objects: 1. ₹ 2,035.00 Lakhs is required for funding working capital requirements of the Company; 2. General corporate purposes.
37,50,400 Equity Shares (aggregating up to ₹ 27.00 Cr)
Fresh Issue
37,50,400 Equity Shares (aggregating up to ₹ 27.00 Cr)
Offer for Sale
NA
Issue Type
Book Built Issue
Listing At
NSE SME
Share holding pre issue
1,04,22,416
Share holding post issue
1,41,72,816
Aakaar Medical Technologies IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
1,600
₹1,15,200
Retail (Max)
1
1,600
₹1,15,200
S-HNI (Min)
2
3,200
₹2,30,400
S-HNI (Max)
8
12,800
₹9,21,600
B-HNI (Min)
9
14,400
₹10,36,800
Aakaar Medical Technologies IPO Timeline (Tentative Schedule)
IPO Open Date
Thursday, June 20, 2025
IPO Close Date
Monday, June 24, 2025
Basis of Allotment
Tuesday, June 25, 2025
Initiation of Refunds
Wednesday, June 26, 2025
Credit of Shares to Demat
Wednesday, June 26, 2025
Listing Date
Thursday, June 27, 2025
Cut-off time for UPI mandate confirmation
5 PM on June 24, 2025
Aakaar Medical Technologies IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
7,12,000
Not More than 50% of the Issue
Non-Institutional Investor Portion
5,36,000
Not Less than 15% of the Issue
Retail Shares Offered
12,48,000
Not Less than 35% of the Issue
Anchor Investor Portion
10,67,200
Allotted from QIB Portion
Market Maker Portion
1,88,800
5.04% of the Net Issue
Aakaar Medical Technologies IPO Promoter Holding
Share Holding Pre Issue
91.11 %
Share Holding Post Issue
67.01 %
Aakaar Medical Technologies IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
713,600
2,38,400
0.33
Non Institutional Investors(NIIS)
723,040
3,15,200
0.44
Retail Individual Investors (RIIs)
1,246,560
3,69,600
0.30
Total
2,683,200
9,23,200
0.34
About Aakaar Medical Technologies Limited
BUSINESS OVERVIEW
They are a medical aesthetics company offering a comprehensive range of advanced cosmetic products and devices. Their portfolio includes both their own brands—comprising domestically manufactured products and internationally sourced devices—and imported brands from countries such as Korea, Spain, Italy, and Austria. They have carved a niche in the medical aesthetics industry by exclusively operating through business-to-business (B2B) channels for distribution and sales. Their primary clientele includes dermatologists, plastic surgeons, and aesthetic physicians, who either retail their products to end consumers or utilize device consumables in their treatments. A significant portion of their revenue is generated from aesthetic products, and they remain committed to expanding and strengthening this product segment.
The Company have total 177 employees on payroll as of March 31, 2025. The Bankers to the Company are ICICI Bank Limited and HDFC Bank Limited.
INDUSTRY ANALYSIS
Indian Medical Aesthetics and Cosmetic Dermatology Market Overview
The Indian medical aesthetics and cosmetic dermatology industry has evolved from a niche segment in the late 1990s to a rapidly expanding and recognized market today. The initial adoption of treatments such as chemical peels, microdermabrasion, and basic laser therapies began when Indian dermatologists and plastic surgeons brought specialized knowledge from overseas. Over time, advancements in technology and reduced treatment costs have made aesthetic procedures more accessible to a broader population.
The surge in internet usage, social media influence, and celebrity endorsements has further boosted consumer awareness and acceptance. Additionally, India’s relatively low medical treatment costs have made it a popular destination for international aesthetic patients. Presently, a wide array of treatments—including Botox, dermal fillers, advanced laser therapies, and hair restoration—are offered by specialized clinics and professionals across the country.
The industry’s growth is driven by shifting consumer attitudes, rising aspirations among the affluent middle class, and an increasing view of aesthetic procedures as safe, effective, and affordable options. The market expansion is also supported by the rising prevalence of dermatological conditions that are often addressed through cosmetic treatments:
Hair Loss: Androgenetic alopecia affects 50–60% of men aged 30–50 and 35–45% of women, along with other forms like telogen effluvium and alopecia areata, contributing significantly to treatment demand.
Skin Conditions: Factors such as climate diversity, urban crowding, hygiene issues, dietary habits, and pollution are driving higher incidences of skin diseases across India.
Aging Skin: With India’s elderly population (aged 60+) expected to rise from ~153 million in 2024 to 347 million by 2050, the demand for anti-aging and skin rejuvenation treatments is poised for substantial growth.
Pigmentation Disorders: A study across major Indian cities found that over 80% of the population displays some form of facial pigmentation, including melasma, dark circles, and hyperpigmented spots.
In terms of market size, the Indian medical aesthetics and cosmetic dermatology segment was valued at USD 283.9 million in CY2024 (covering products and devices sold to dermatologists, plastic surgeons, and similar practitioners). It is projected to grow at a CAGR of 13.9%, reaching USD 618.8 million by CY2030, reflecting the sector’s strong growth potential and expanding consumer base.
BUSINESS STRENGTHS
1. Experienced Leadership
Led by Founder & Managing Director Mr. Dilip Meswani, a qualified Biomedical Engineer with over 20 years in the industry, and CEO Dr. Rahul Sawakhande, who brings rich experience from companies like Galderma, Pfizer, and Piramal Healthcare, providing strong strategic and operational leadership.
2. Wide and Evolving Customer Base
Serves over 5,200 doctors and clinic chains across India as of FY 2023–24, with top 10 customers contributing only 10.96% of revenue, ensuring low client concentration risk and consistent customer additions annually.
3. Diverse Product Portfolio
Offers 154 SKUs across segments like Home Care, Professional Care, Injectables, Contouring, and Devices, making it a comprehensive solution provider for dermatologists. Over 5.4 lakh units sold in FY 2024–25.
4. Robust Pan-India Distribution Network
Partners with Parekh Integrated Services Pvt. Ltd. (PISPL) for consignment sales and nationwide warehousing at 21 centers, enabling faster delivery and deeper market penetration, with majority revenue projected through this channel.
BUSINESS STRATEGIES
1. Geographical Expansion and Sales Team Growth
Expanding presence in both existing and new territories, with a focus on Tier 2 cities like Nashik, Baroda, Rajkot, Udaipur, Jodhpur, and Ranchi. Sales team strength increased from 53 in FY 2021–22 to 133 as of March 31, 2024.
2. New Brand Launches and Category Diversification
Introducing new brands across professional care, home care, and aesthetic devices, while entering adjacent healthcare segments such as plastic surgery, maxillofacial, obstetrics, and gynecology to broaden the customer base.
3. Revenue Growth from Own Brands
Emphasis on scaling Aakaar-branded products through third-party manufacturing under registered trademarks. Revenue from Own Brands grew from ₹774.47 lakhs in FY 2023 to ₹2,311.15 lakhs in FY 2024–25, reflecting a 72.75% CAGR.
BUSINESS RISK FACTORS & CONCERNS
1. Dependency on Imported Brands
A significant portion of revenue is generated from third-party imported brands, exposing the company to risks related to international trade, supply chain disruptions, and regulatory changes.
2. Raw Material and Input Cost Volatility
Fluctuations in raw material prices, utilities, transportation, and logistics can adversely impact product pricing, profitability, and financial performance.
3. Reliance on Third-Party Manufacturers
Outsourced manufacturing through domestic and international partners increases exposure to risks related to supply continuity, manufacturer stability, quality control, trade secret protection, and regulatory compliance.
4. Geographical Concentration Risk
A substantial portion of revenue is derived from Maharashtra and Karnataka, making the business vulnerable to regional economic or regulatory disruptions.
5. Rising Market Competition
The growing number of aesthetic clinics and practitioners in India is driving price-based competition, especially in the mass-market segment, impacting margins and profitability.
6. Intense Industry Competition
Competition from both domestic and international players in a rapidly evolving market with frequent innovation and changing consumer preferences may affect market share and growth prospects.
Aakaar Medical Technologies operates in a highly competitive and dynamic medical aesthetics market. Its dependency on third-party manufacturers and imported brands, along with geographical revenue concentration and pricing pressure, exposes the business to multiple operational and financial risks.
Aakaar Medical Technologies Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
1,278.04
1,184.16
896.07
Total Assets
5,410.44
3,400.89
2,322.87
Total Borrowings
2,368.34
1,588.69
653.66
Fixed Assets
22.81
27.13
35.52
Cash
555.08
29.97
18.92
Net Borrowing
1,813.26
1,558.72
634.74
Revenue
6,176.07
4,627.04
3,287.85
EBITDA
991.48
515.83
362.25
PAT
603.95
287.02
215.32
EPS
6.13
3.14
236
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in RHP.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 6.13
EPS Post IPO (Rs.)
₹ 4.26
P/E Pre IPO
11.74
P/E Post IPO
16.90
ROE
33.81 %
ROCE
21.02 %
P/BV
2.03
Debt/Equity
0.98
RoNW
33.81 %
Aakaar Medical Technologies Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Aakaar Medical Technologies Limited
₹ 4.26
21.02 %
33.81 %
16.90
2.03
0.98
33.81 %
There are no Listed Peer Companies in India which can be compared with Aakaar Medical Technologies L
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Aakaar Medical Technologies Limited Contact Details
Lead Manager : Indorient Financial Services Limited Contact Person : Vinit Shah Telephone : +91 98199 34811 Email : compliance-ifsl@indorient.in Website : https://www.indorient.in/
Aakaar Medical Technologies IPO Review
Aakaar Medical Technologies are a medical aesthetic company dealing in a wide range of aesthetics & specialized cosmetic products & devices. The product range includes both Own brands (domestically manufactured products & internationally manufactured devices) and Imported Brands (distribution of imported brands) from countries such as Korea, Spain, Italy, and Austria.
The company is Promoted by DILIP RAMESH MESWANI possesses over 24 years of experience and BINDI DILIP MESWANI possesses over 10 years of experience in the fields of Medical Aesthetics.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 6,176.07 Lakh, ₹ 4,627.04 Lakh and ₹ 3,287.85 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 991.48 Lakh, ₹ 515.83 Lakh and ₹ 362.25 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 603.95 Lakh, ₹ 287.02 Lakh and ₹ 215.32 Lakh respectively. This indicates a steady growth in financial performance
The Company Key Performance Indicates the pre-issue EPS of ₹6.13and post-issue EPS of ₹ 4.26 for FY24.The pre-issue P/E ratio is 11.74x, while the post-issue P/E ratio is 16.90x. The company's ROCE for FY24 is 21.02%, ROE for FY24 is 33.81% and RoNW is 33.81%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Aakaar Medical Technologies showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Aakaar Medical Technologies Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaime
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
6,176.07 Lakh, ₹ 4,627.04 Lakh and ₹ 3,287.85 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 991.48 Lakh, ₹ 515.83 Lakh and ₹ 362.25 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 603.95 Lakh, ₹ 287.02 Lakh and ₹ 215.32 Lakh respectively. This indicates a steady growth in financial performance
The Company Key Performance Indicates the pre-issue EPS of ₹6.13and post-issue EPS of ₹ 4.26 for FY24.The pre-issue P/E ratio is 11.74x, while the post-issue P/E ratio is 16.90x. The company's ROCE for FY24 is 21.02%, ROE for FY24 is 33.81% and RoNW is 33.81%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Aakaar Medical Technologies showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Aakaar Medical Technologies Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaime
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
