The Anlon Healthcare IPO has opened for subscription, giving investors a chance to participate in the journey of a Rajkot-based pharmaceutical company that has gained recognition for its bulk drug and intermediate manufacturing expertise. This IPO is a Book Built Issue with a total size of ₹121.03 crore, entirely through a fresh issue of 1.33 crore equity shares.

IPO Dates and Listing Timeline

The IPO subscription window runs from August 26, 2025, to August 29, 2025. The basis of allotment is expected to be finalized by September 1, 2025, with the listing scheduled on both BSE and NSE on September 3, 2025. Investors tracking the IPO should note that as of 12:30 PM on August 26, 2025, the IPO was subscribed 0.31 times on its first day of bidding, indicating modest demand.

Price Band, Lot Size, and Market Capitalisation

The IPO is priced with a price band of ₹86 to ₹91 per share. At the upper price level of ₹91, the company’s market capitalization will stand at ₹483.68 crore. The minimum investment requirement for retail investors is one lot of 164 shares, amounting to ₹14,924. For High-Net-Worth Individuals (HNIs), the minimum application is 14 lots (2,296 shares), which equals an investment of ₹2,08,936.

Lead Managers and Registrar

The issue is managed by Interactive Financial Services Limited, acting as the Book Running Lead Manager, while KFin Technologies Limited serves as the registrar for the IPO, ensuring allotment and investor service.

Grey Market Premium (GMP) and Investor Sentiment

The Grey Market Premium (GMP) for Anlon Healthcare IPO is currently reported at ₹0, which indicates no expected premium over the issue price. GMP reflects unofficial demand and is not a regulated indicator of performance, but the absence of a premium suggests muted listing expectations. Investors should exercise caution and rely more on the company’s fundamentals and sector outlook rather than speculative grey market activity.

Company Overview

Anlon Healthcare Limited is positioned as a research-driven manufacturer of pharmaceutical bulk drugs and intermediates. Based in Rajkot, Gujarat, the company has built global recognition by adhering to strict international regulatory standards. Its products comply with FDA, PMDA, KFDA, cGMP, and WHO-GMP guidelines, giving it access to multiple global markets.

The company has established:

• Advanced API manufacturing facilities capable of handling complex production.

• Strong R&D capabilities that support a pipeline of pharmaceutical ingredients.

• Regulatory accreditations enabling entry into global markets.

• Speed-to-market competencies, helping it maintain a competitive edge.

Leadership and Promoters

The company is led by experienced promoters:

• Punitkumar R. Rasadia, with more than 11 years of experience in the pharmaceutical sector, skilled in sourcing and supplying specialty chemicals and APIs.

• Meet Atulkumar Vachhani, who also has 11 years of industry expertise, managing administration, strategy, finance, and sales.

• Mamata Punitkumar Rasadia, actively involved in supporting business operations.

Their combined expertise provides strategic leadership and operational direction, ensuring consistent growth.

Financial Performance

Anlon Healthcare has demonstrated strong financial growth over the last three fiscal years:

• Revenue from operations:

  • FY25: ₹12,045.51 lakh

  • FY24: ₹6,669.19 lakh

  • FY23: ₹11,312.00 lakh

• EBITDA:

  • FY25: ₹3,237.73 lakh

  • FY24: ₹1,556.93 lakh

  • FY23: ₹1,265.74 lakh

• Profit After Tax (PAT):

  • FY25: ₹2,051.79 lakh

  • FY24: ₹965.71 lakh

  • FY23: ₹582.00 lakh

This financial performance reflects rapid revenue expansion, improved profitability, and rising operational efficiency.

Key Ratios and Valuation

• Pre-issue EPS: ₹6.38

• Post-issue EPS: ₹3.86

• Pre-issue P/E ratio: 14.26x

• Post-issue P/E ratio: 23.57x

• Industry P/E ratio: 42x

• ROCE (FY24): 21.93%

• ROE (FY24): 67.99%

• RoNW (FY24): 25.51%

These ratios suggest that while valuation is moderate, the post-issue dilution reduces EPS, making the IPO appear slightly expensive compared to some listed peers.

Objectives of the IPO

The net proceeds will be utilised as follows:

1. ₹3,071.95 lakh for capital expenditure to expand the manufacturing facility.

2. ₹500 lakh for repayment or prepayment of secured borrowings.

3. ₹4,315 lakh for working capital requirements.

4. Remaining funds for general corporate purposes.

This shows the company’s focus on capacity expansion, balance sheet strengthening, and operational liquidity.

Allotment Process for Investors

The allotment date is fixed for September 1, 2025. Investors can check the allotment status on the registrar’s website by:

• Selecting Anlon Healthcare IPO from the dropdown list.

• Entering Application Number, PAN, or DP Client ID.

• Submitting details to check allotment status.

This simple process allows investors to know their allotment outcome before listing.

Expert Review and Recommendations

While Anlon Healthcare has solid financial performance, strong R&D capability, and global accreditations, the lack of grey market premium raises questions about listing gains. Experts highlight that though the business model and growth prospects are promising, the IPO valuation appears stretched after dilution, and near-term investor sentiment may be weak.

Therefore, the IPO may not be attractive for short-term listing gains, but it could appeal to long-term investors who believe in the pharmaceutical bulk drug and API industry’s growth potential, especially given the company’s regulatory strengths and expansion strategy.

The Anlon Healthcare IPO offers exposure to a growing pharmaceutical company with international recognition. Despite its financial growth, regulatory approvals, and promising expansion plans, the IPO faces challenges in terms of valuation and muted grey market activity. Investors are advised to avoid for listing gains, but those with a long-term outlook on the pharma sector may consider it selectively.

The Upcoming IPOs in this week and coming weeks are Amanta Healthcare, Rachit Paints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering.

The Current active IPO are Shivashrit Foods, Anondita Medicare, Classic Electrodes (India), ARC Insulation & Insulators.

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