Anlon Healthcare Limited, a research-intensive pharmaceutical manufacturing company, has made its market debut with a muted listing at a 1 percent premium over the IPO price. The company, headquartered in Rajkot, Gujarat, is globally recognized for manufacturing high-quality pharmaceutical bulk drugs and intermediates, complying with leading regulatory authorities such as FDA, PMDA, KFDA, cGMP, and WHO-GMP. Known for its strong R&D capabilities, advanced API manufacturing facilities, global regulatory accreditations, and a robust product pipeline, Anlon Healthcare is considered an ideal API partner for both domestic and international markets.

The Anlon Healthcare IPO was a Book Built Issue amounting to ₹ 121.03 Crores, consisting entirely of a fresh issue of 1.33 crore shares. The IPO opened for subscription on 26 August 2025 and closed on 29 August 2025, with allotment expected on 1 September 2025. The shares are listed on BSE and NSE with a tentative listing date of 3 September 2025. The IPO had a price band of ₹86 to ₹91 per equity share, with a lot size of 164 shares, requiring a minimum retail investment of ₹14,924. High-Net-Worth Individuals (HNIs) were required to invest a minimum of 14 lots, amounting to ₹2,08,936.

The Grey Market Premium (GMP) for Anlon Healthcare IPO was expected to be zero, reflecting neutral market sentiment prior to listing. However, the IPO subscription witnessed robust demand, with the final day of subscription showing 3.53 times subscription. Investors could check their allotment status on the registrar’s website, entering details such as application number, PAN, or DP Client ID.

Objectives of the IPO include raising funds for capital expenditure to expand the manufacturing facility, repayment or prepayment of secured borrowings, funding working capital requirements, and other general corporate purposes. Out of the net proceeds, ₹3,071.95 lakh will be allocated for manufacturing facility expansion, ₹500 lakh for debt repayment, and ₹4,315 lakh for working capital requirements.

Anlon Healthcare’s business overview reflects a strong foothold in chemical manufacturing with a focus on high-purity pharmaceutical intermediates and APIs, which serve as essential raw materials in the production of tablets, capsules, ointments, syrups, nutraceuticals, personal care products, and veterinary formulations. Their product portfolio spans pharmaceutical intermediates, APIs, nutraceutical APIs, veterinary APIs, and personal care ingredients, all produced in accordance with international pharmacopeia standards such as IP, BP, EP, JP, and USP.

Anlon Healthcare is among the few manufacturers in India of Loxoprofen Sodium Dihydrate, a widely used API for managing pain and inflammation across conditions like rheumatoid arthritis, osteoarthritis, lower back pain, frozen shoulder, and dental pain. The company has also ventured into custom manufacturing services for complex chemical compounds, offering high-purity solutions with advanced impurity reduction and process optimization capabilities.

The company has successfully secured global regulatory approvals, including ANVISA (Brazil), PMDA (Japan), and NMPA (China) for Loxoprofen Sodium Dihydrate, and holds 21 DMF filings across major international markets. Ongoing filings include Ketoprofen with USFDA and Dexketoprofen Trometamol in Europe. As of the date of the Red Herring Prospectus, the company’s product portfolio consisted of 65 commercialized products, 28 at pilot stage, and 49 at laboratory testing stage, demonstrating strong R&D-led growth.

Manufacturing operations are centralized at the Rajkot facility, covering 5,059 sq. meters with an aggregate installed capacity of 400 MTPA, comprising two manufacturing blocks for intermediates and APIs, along with four in-house laboratories, storage infrastructure, and specialized reactors, filtration, centrifugation, and drying systems. Regulatory audits and approvals from 33 international customers underscore the facility’s quality and compliance standards, including ANVISA, PMDA, NMPA, GMP, WHO-GMP, and ISO 9001:2015 certification.

Research, development, and quality are central to Anlon Healthcare’s strategy, supported by four testing laboratories and a QA/QC team of 34 professionals. Investments in testing, development, and quality assurance have grown steadily from ₹86.30 lakh in FY 2023 to ₹144.87 lakh in FY 2025, reflecting the company’s commitment to expanding its API portfolio and maintaining high standards.

Customer base and global presence extend across domestic and international pharmaceutical companies, distributors, and third-party dealers, exporting to over 15 countries, including Italy, Germany, South Korea, China, Argentina, Japan, Brazil, the UK, and the UAE. Export revenue in FY 2025 accounted for ₹389.66 lakh, representing 3.24% of total revenue, while domestic sales formed the bulk of revenues at ₹11,639 lakh.

Industry analysis highlights India as the third-largest global pharmaceutical producer by volume and the leading supplier of cost-effective generic medicines, contributing nearly 20% of global generic drug exports. India’s pharmaceutical industry has evolved with strong capabilities in API production, reverse engineering, vaccine manufacturing, and regulatory compliance, making it a preferred supplier in regulated markets like the US and EU. Structural reforms such as the Production-Linked Incentive (PLI) scheme and the China+1 supply chain strategy have further strengthened India’s position in global API manufacturing.

Anlon Healthcare’s business strengths include a strong product portfolio, scalable operations, experienced management team, high entry and exit barriers due to stringent product standards, robust in-house QA/QC systems, and commitment to environmental sustainability and employee safety. The company continues to expand manufacturing capacity, diversify its product portfolio, increase wallet share with existing customers, improve operational efficiency, and focus on health, safety, and environmental sustainability.

Business risks include potential manufacturing suspensions, contamination risks, dependence on pharmaceutical industry demand, revenue concentration in the domestic market, geographical concentration of manufacturing operations, and competition from low-cost imports, particularly from China. The company mitigates these risks through stringent quality control, regulatory compliance, diversification, and operational expansion strategies.

Overall, Anlon Healthcare’s IPO debut at a 1% premium aligns with grey market expectations, reflecting moderate market enthusiasm. The company’s strong fundamentals, global regulatory approvals, diversified product portfolio, and strategic growth initiatives position it well in the competitive pharmaceutical landscape, offering both domestic and international investors a structured growth opportunity while contributing to India’s emergence as a global API and pharmaceutical hub.

The Upcoming IPOs in this week and coming weeks are Taurian MPS, Jay Ambe Supermarkets, Krupalu Metals, Urban Company, Shringar House of Mangalsutra, Vashishtha Luxury Fashion, Karbonsteel Engineering, Sharvaya Metals, Vigor Plast India.

The Current active IPO are Austere Systems, Optivalue Tek Consulting, Goel Construction Company, Amanta Healthcare, Rachit Prints.

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