Anlon Healthcare Limited, a research-intensive pharmaceutical bulk drug and intermediates manufacturer based in Rajkot, Gujarat, has successfully closed its Initial Public Offering (IPO) with a subscription of 2.39 times on the final day of bidding, 29 August 2025.

The IPO, which was a Book Built Issue, aimed to raise ₹121.03 crores, consisting entirely of a fresh issue of 1.33 crore equity shares. The shares are scheduled to be listed on both BSE and NSE, with a tentative listing date of 3 September 2025. The IPO allotment will be finalized on 1 September 2025.

IPO Price Band and Market Capitalisation

The price band of the IPO was fixed between ₹86 to ₹91 per share. At the upper price band of ₹91, the company’s market capitalisation is estimated at ₹483.68 crores. The lot size for retail investors was 164 shares, requiring a minimum investment of ₹14,924, while HNIs were required to invest in a minimum of 14 lots (2,296 shares) amounting to ₹2,08,936.

The book running lead manager of the issue was Interactive Financial Services Limited, while KFin Technologies Limited acted as the registrar.

Grey Market Premium (GMP) Analysis

The Grey Market Premium (GMP) for Anlon Healthcare IPO was reported at ₹0 during the subscription period. This indicates that no significant listing gains are expected based on current demand and supply in the grey market. Since the grey market is unregulated, these numbers should only be considered for educational purposes and not as investment advice.

Subscription Status of the IPO

On the final day of bidding, the IPO was subscribed 2.39 times. This subscription level indicates moderate interest from investors, especially compared to other actively oversubscribed IPOs in the market. While demand was decent, it did not generate a massive premium or excitement in the grey market.

Company Overview

Anlon Healthcare has earned a global reputation for its high-quality pharmaceutical bulk drugs and intermediates. The company’s products comply with regulatory requirements of top international health authorities including FDA, PMDA, KFDA, cGMP, and WHO-GMP.

The company prides itself on its advanced R&D capabilities, modern API manufacturing facilities, and speed-to-market approach, making it an ideal partner in the Active Pharmaceutical Ingredient (API) sector.

Promoters and Leadership Team

The company is promoted and led by experienced professionals:

• Punitkumar R. Rasadia – With over 11 years of experience in pharmaceuticals, particularly in sourcing and supplying specialty chemicals, APIs, intermediates, and bulk drugs.

• Meet Atulkumar Vachhani – With more than 11 years of experience, he manages company strategy, administration, finance, and sales.

• Mamata Punitkumar Rasadia – A promoter involved in the company’s long-term vision and growth strategy.

Financial Performance

Anlon Healthcare has shown strong financial growth in recent years:

• Revenue from operations stood at ₹12,045.51 lakh in FY 2025, ₹6,669.19 lakh in FY 2024, and ₹11,312.00 lakh in FY 2023.

• EBITDA for the same periods was ₹3,237.73 lakh (FY25), ₹1,556.93 lakh (FY24), and ₹1,265.74 lakh (FY23).

• Profit after tax (PAT) rose to ₹2,051.79 lakh in FY25, compared to ₹965.71 lakh in FY24 and ₹582.00 lakh in FY23.

This consistent growth reflects the company’s expanding product portfolio and its efficiency in scaling operations.

Valuation and Ratios

The company’s pre-issue EPS stood at ₹6.38, while the post-issue EPS comes down to ₹3.86 for FY24.

• Pre-issue P/E ratio: 14.26x

• Post-issue P/E ratio: 23.57x

• Industry average P/E: 42x

Additionally, the Return on Capital Employed (ROCE) was 21.93%, the Return on Equity (ROE) stood at 67.99%, and RoNW was 25.51% in FY24. These indicators suggest the IPO is priced moderately, with valuations below industry averages.

IPO Objectives

The proceeds from the IPO are planned to be utilised for:

1. ₹3,071.95 lakh for expansion of manufacturing facilities.

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

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

4. Balance for general corporate purposes.

Allotment and How to Check Status

The IPO allotment will be finalized on 1 September 2025. Investors can check their status by visiting the registrar’s website and entering their Application Number, PAN, or DP Client ID. Successful applicants will see shares credited to their demat accounts ahead of the tentative listing on 3 September 2025.

Investment Outlook and Review

Despite solid fundamentals and growth, the absence of Grey Market Premium (₹0) suggests that listing gains may not materialize. The IPO received a moderate subscription of 2.39 times, reflecting average investor interest.

Given its financial performance, regulatory accreditations, and strong promoter experience, Anlon Healthcare has long-term growth potential in the API and bulk drug manufacturing sector. However, for short-term investors seeking quick listing gains, analysts recommend an Avoid stance on the IPO. Long-term investors may consider it selectively based on their portfolio strategy.

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

The Current active IPO are Oval Projects, Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering, .

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