Anlon Healthcare Limited, a Rajkot-based pharmaceutical bulk drug and intermediates manufacturer, has opened its IPO subscription on August 26, 2025, with the issue closing on August 29, 2025. The IPO is a Book Built Issue worth ₹121.03 crore, consisting entirely of a fresh issue of 1.33 crore equity shares.

The allotment is expected to be finalized on September 1, 2025, with shares likely to list on both BSE and NSE on September 3, 2025. The IPO is being managed by Interactive Financial Services Limited, while KFin Technologies Limited is the registrar.

IPO Price Band and Lot Size

The price band of the IPO is fixed at ₹86 to ₹91 per share, giving Anlon Healthcare a market capitalization of ₹483.68 crore at the upper band. The lot size is 164 shares, meaning:

• Retail investors need a minimum investment of ₹14,924

• HNIs must apply for at least 14 lots (2,296 shares), requiring ₹2,08,936

Company Overview

Anlon Healthcare has emerged as a global API and pharmaceutical bulk drug partner, known for adhering to international quality standards. Its products comply with FDA, PMDA, KFDA, cGMP, and WHO-GMP regulations.

The company operates on exceptional R&D strength, advanced API manufacturing facilities, and holds global accreditations. With a strong product pipeline and speed-to-market capabilities, Anlon has positioned itself as a reliable partner in the pharmaceutical industry.

Promoters and Management

The company is promoted by:

• Punitkumar R. Rasadia – with 11 years of experience in sourcing and supplying APIs, bulk drugs, intermediates.

• Meet Atulkumar Vachhani – over 11 years in pharma industry, responsible for administration, strategy, finance, and sales.

• Mamata Punitkumar Rasadia – part of the promoter group.

Financial Performance

Anlon Healthcare’s financial track record shows consistent growth:

• Revenue from operations: ₹12,045.51 lakh (FY25), ₹6,669.19 lakh (FY24), ₹11,312 lakh (FY23)

• EBITDA: ₹3,237.73 lakh (FY25), ₹1,556.93 lakh (FY24), ₹1,265.74 lakh (FY23)

• PAT: ₹2,051.79 lakh (FY25), ₹965.71 lakh (FY24), ₹582 lakh (FY23)

Key performance indicators for FY24:

• Pre-issue EPS: ₹6.38 | Post-issue EPS: ₹3.86

• Pre-issue P/E: 14.26x | Post-issue P/E: 23.57x

• Industry P/E: 42x

• ROCE: 21.93% | ROE: 67.99% | RoNW: 25.51%

This suggests the IPO is fairly priced, though slightly on the higher side compared to its peers.

Objectives of the IPO

The net proceeds will be used for:

1. ₹3,071.95 lakh for expansion of the manufacturing facility.

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

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

4. General corporate purposes.

Grey Market Premium (GMP)

As of August 23, 2025, the GMP of Anlon Healthcare IPO is ₹0, meaning no premium is visible in the grey market. The expected listing price is ₹91, the same as the IPO price, indicating no listing gain expectations. GMP is purely unofficial and speculative, hence not a reliable indicator for investors.

Live Subscription Status

On the first day of bidding (Aug 26, 2025, 12:30 PM), the IPO was subscribed 0.31 times. Investors can check the live subscription status at BSE till the close of the issue.

Allotment and Listing Details

• IPO Open Date: August 26, 2025

• IPO Close Date: August 29, 2025

• Allotment Date: September 1, 2025

• Listing Date: September 3, 2025

Investors can check allotment status on the KFin Technologies website using PAN, DP ID, or Application number.

Expert View and Recommendation

Despite its strong fundamentals, global accreditations, and rising profitability, the IPO lacks GMP premium, meaning no immediate listing gains are expected.

• For long-term investors: The company’s steady growth, strong ROE, and expansion plans make it a potential growth play.

• For short-term investors: With a GMP of ₹0, the IPO offers little to no scope for listing gains, hence experts recommend avoiding for short-term listing gains.