Anlon Healthcare Limited has launched its Initial Public Offering (IPO), opening the subscription window on August 26, 2025, and closing on August 29, 2025. The Rajkot-based pharmaceutical bulk drugs and intermediates manufacturer has built a strong reputation in the global pharma space, backed by regulatory approvals from FDA, PMDA, KFDA, cGMP and WHO-GMP. The company’s focus on research and development (R&D), a robust product pipeline, and regulatory accreditations position it as a strong player in the Active Pharmaceutical Ingredient (API) segment.

IPO Details

The Anlon Healthcare IPO is a Book Built Issue of ₹121.03 Crores, consisting entirely of a Fresh Issue of 1.33 Crore shares. The price band has been fixed at ₹86 to ₹91 per share. At the upper price band, the company’s market capitalisation will stand at ₹483.68 Crores.

The IPO lot size is set at 164 shares, which means retail investors need to invest a minimum of ₹14,924, while High-Net-Worth Individuals (HNIs) must invest in a minimum of 14 lots (2,296 shares), amounting to ₹2,08,936.

The shares are proposed to be listed on BSE and NSE with a tentative listing date of September 03, 2025, while the basis of allotment will be finalised on September 01, 2025. The book running lead manager for the issue is Interactive Financial Services Limited, and the registrar is KFin Technologies Limited.

Grey Market Premium (GMP)

As of now, the Grey Market Premium (GMP) for Anlon Healthcare IPO is ₹0, suggesting no immediate premium or discount expectation. The GMP depends heavily on demand and supply in the unregulated market, and experts advise against relying solely on it. At present, market analysts recommend a cautious approach since no significant listing gains are projected.

Subscription Status

On the first day of subscription (August 26, 2025, 12:30 PM), the IPO was subscribed 0.31 times, reflecting lukewarm investor interest. Investors can monitor real-time subscription updates on the BSE website.

Financial Performance

Anlon Healthcare has demonstrated a steady financial performance.

• Revenue from operations stood at ₹12,045.51 Lakh in FY25, compared to ₹6,669.19 Lakh in FY24 and ₹11,312.00 Lakh in FY23.

• EBITDA reported was ₹3,237.73 Lakh in FY25, ₹1,556.93 Lakh in FY24, and ₹1,265.74 Lakh in FY23.

• Profit After Tax (PAT) increased to ₹2,051.79 Lakh in FY25, against ₹965.71 Lakh in FY24 and ₹582.00 Lakh in FY23.

The Return on Capital Employed (ROCE) for FY24 is 21.93%, Return on Equity (ROE) stands at 67.99%, and RoNW is 25.51%. The pre-issue EPS is ₹6.38, while the post-issue EPS is expected to be ₹3.86. The post-issue P/E ratio of 23.57x appears reasonable when compared to the industry average of 42x.

Promoter Background

The company is promoted by Punitkumar R. Rasadia, who has over 11 years of industry experience in APIs, bulk drugs, intermediates, and specialty chemicals. Meet Atulkumar Vachhani looks after strategy, finance, administration, and sales, while Mamata Punitkumar Rasadia also plays an active role in company operations.

IPO Objectives

The IPO proceeds will be utilised as follows:

1. ₹3,071.95 Lakh – Expansion of manufacturing facility.

2. ₹500.00 Lakh – Partial repayment of secured borrowings.

3. ₹4,315.00 Lakh – Funding working capital needs.

4. Remaining funds for general corporate purposes.

Expert Outlook

While Anlon Healthcare’s financial performance indicates growth and strong fundamentals, the absence of GMP movement and weak subscription on Day 1 suggests low listing gain potential. Long-term investors may find value in the company’s expansion strategy, global accreditations, and rising revenues. However, those seeking short-term listing profits are advised to be cautious.

Conclusion

The Anlon Healthcare IPO offers a chance to invest in a globally recognised pharma API manufacturer with strong growth prospects. However, considering the current GMP trend of 0% and early subscription response, experts recommend avoiding the IPO for listing gains. Long-term investors focused on the pharma sector growth story may still consider the issue after evaluating risk appetite.

The Upcoming IPOs in this week and coming weeks are Amanta Healthcare, Rachit Paints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, .

The Current active IPO are Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering, Shivashrit Foods, Anondita Medicare, Classic Electrodes (India).

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