The Anondita Medicare IPO made a remarkable stock market debut on September 1, 2025, when its shares were listed at a massive 90% premium over the issue price on the NSE SME platform. Shares opened at ₹275.50 per share, compared to the IPO price of ₹145, reflecting the huge investor confidence and market enthusiasm surrounding the public offering.

IPO Structure and Details

The Anondita Medicare IPO was a Book Built Issue with a total issue size of ₹69.50 crores, consisting entirely of a fresh issue of 47.93 lakh shares. The price band for the issue was set at ₹137 to ₹145 per equity share. At the IPO price of ₹145 per share, the company’s market capitalisation stood at approximately ₹262.26 crores.

The IPO opened for subscription on August 22, 2025, and closed on August 26, 2025, receiving an overwhelming response from investors across categories. The lot size for retail investors was fixed at 2 lots (2,000 shares), amounting to an investment of ₹2,90,000 at the upper price band.

The book running lead manager for the IPO was Narnolia Financial Services Limited, while Maashitla Securities Private Limited served as the registrar. Mansi Share Stock Broking Private Limited was the market maker.

Subscription Status and Grey Market Premium

The IPO witnessed an extraordinary level of investor interest, getting subscribed 277.64 times by the final day. Retail investors, institutional investors, and non-institutional categories all showed remarkable demand.

Before listing, the Grey Market Premium (GMP) for Anondita Medicare IPO was around ₹25, indicating expectations of a positive listing. However, the actual listing price far exceeded those estimates, as shares debuted with a 90% premium, rewarding investors significantly.

Anchor Investors

Ahead of the IPO, the company successfully raised ₹19.60 crores from anchor investors, allocating 13.52 lakh equity shares at ₹145 per share. This anchor investment further boosted confidence in the issue, underlining the attractiveness of the company’s growth potential.

Company Overview

Anondita Medicare Limited is engaged in the manufacturing of male condoms with a wide variety of flavors, marketed under its flagship brand “Cobra”. The company has a certified installed production capacity of nearly 562 million condoms per annum, supported by 11 modern manufacturing lines at its Noida facility.

The manufacturing facility uses CNG as a clean fuel, showcasing the company’s focus on sustainable practices. Apart from flavored male condoms in strawberry, mint, chocolate, butterscotch, coffee, and bubblegum variants, the company has also ventured into female condoms, holding a global patent in this category, which offers a strong competitive edge.

Manufacturing and Quality Control

The production process involves advanced equipment including dipping machines, compounding tanks, testing systems, and foiling machines. Every condom undergoes 100% electronic testing to ensure quality, safety, and durability.

The company maintains a multi-layered quality control system, covering raw material quarantine, in-process testing, electronic detection for defects, packaging integrity checks, and final inspections. This ensures that all products meet global regulatory standards before being dispatched to domestic and international markets.

Use of IPO Proceeds

The net proceeds from the IPO will be utilized for:

• ₹600 lakh towards the purchase of equipment and machinery,

• ₹3,500 lakh for working capital requirements,

• Funding unidentified acquisitions and meeting general corporate purposes.

This allocation highlights the company’s growth-oriented strategy and focus on capacity expansion.

Industry Outlook

The Indian pharmaceutical industry, of which Anondita Medicare forms a specialized segment, has shown strong resilience and is expected to grow to US $75 billion by 2025 and US $150 billion by 2030.

Parallelly, the Indian condom market has been witnessing robust growth. By 2024, it was valued at US $245 million and is projected to reach US $410 million by 2030, growing at a CAGR of 8.9%. India, being one of the largest condom producers in the world with 8 billion condoms manufactured annually, provides a favorable market for companies like Anondita Medicare.

Changing demographics, rising health awareness, increasing acceptance of contraceptives, and government health initiatives are driving long-term demand in the condom segment. Innovations such as ultra-thin condoms, biodegradable variants, and non-latex alternatives are also reshaping consumer preferences.

Business Strategies

Anondita Medicare has laid out clear strategies to strengthen its position, including:

1. Expanding global reach through exports to Africa, Southeast Asia, and Latin America.

2. Securing UN qualification for supplying to international health programs.

3. Investing in technology adoption and automation for efficiency and sustainability.

4. Introducing new patented products, including female condoms, to tap into underserved markets.

Risks and Concerns

Despite the positive outlook, the company faces certain risks:

• Heavy dependency on government contracts, which form a significant portion of revenues.

• Losses from its subsidiary, Anondita Healthcare & Rubber Products (India) Limited, which may affect profitability.

• Geographical concentration of revenue in a few states, making it vulnerable to regional business slowdowns.

Conclusion

The Anondita Medicare IPO listing at a 90% premium has highlighted the strong investor appetite for quality SME issues and confidence in the company’s growth trajectory. The overwhelming subscription, robust listing gains, and strong fundamentals reflect the company’s bright prospects.

With its flagship Cobra brand, patented female condom product line, sustainable practices, and expansion strategies, Anondita Medicare is positioned to leverage both the pharmaceutical industry growth and the rising condom market demand in India and abroad.

The company’s successful listing demonstrates how innovation, market positioning, and strong investor trust can combine to create a high-growth opportunity in the SME segment.

The Upcoming IPOs in this week and coming weeks are Vashishtha Luxury Fashion, Karbonsteel Engineering, Sharvaya Metals, Austere Systems, Optivalue Tek Consulting, Vigor Plast India, Goel Construction Company.

The Current active IPO are Amanta Healthcare, Rachit Prints, Abril Paper Tech, Sneha Organics, Sugs Lloyd, Oval Projects.

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