The Anondita Medicare IPO has opened on August 22, 2025, with an issue size of ₹69.50 crore, consisting entirely of a fresh issue of 47.93 lakh shares. This IPO has gained investor attention due to the company’s strong financial growth, robust margins, and presence in a niche but growing healthcare segment. The issue will close on August 26, 2025, and the listing on NSE SME is expected on or around September 1, 2025.

The price band for the IPO is fixed between ₹137 to ₹145 per share, with a minimum lot size of 1,000 shares. Retail investors are required to apply for at least 2 lots (2,000 shares), which equals an investment of ₹2,90,000. This makes the IPO primarily suited for HNIs and high-risk retail investors. At the upper end of the price band, the company’s market capitalization is expected to be ₹262.26 crore.

The book running lead manager for the IPO is Narnolia Financial Services Limited, with Maashitla Securities Private Limited as the registrar. Mansi Share Stock Broking Private Limited has been appointed as the market maker for the issue.

Company Background

Anondita Medicare Limited is a healthcare product manufacturer primarily engaged in the production of male condoms, sold under the flagship brand “COBRA”. The company is known for offering a variety of flavored condoms and has an installed production capacity of 562 million condoms per year, as per the certificate issued by JP Sood, Chartered Engineer, dated June 04, 2025.

The leadership team includes Mr. Anupam Ghosh (Managing Director and Promoter) with 25 years of industry experience, Mrs. Sonia Ghosh (Whole Time Director and Promoter) specializing in HR and administration, and Mr. Reshant Ghosh (Whole Time Director and Promoter) focusing on marketing and distribution networks.

Financial Performance

The company has demonstrated strong financial growth over the past three years.

• Revenue from operations grew from ₹3,613.97 lakh in FY23 to ₹4,655.53 lakh in FY24 and ₹7,712.95 lakh in FY25.

• EBITDA increased from ₹380.30 lakh in FY23 to ₹921.53 lakh in FY24 and ₹2,579.11 lakh in FY25.

• Profit After Tax (PAT) surged from ₹34.69 lakh in FY23 to ₹384.47 lakh in FY24 and ₹1,641.66 lakh in FY25.

This growth trajectory indicates a sustainable business model with scalability potential.

Valuation and Ratios

• Pre-Issue EPS (FY24): ₹14.04

• Post-Issue EPS (FY24): ₹8.73

• Pre-Issue P/E: 10.32x

• Post-Issue P/E: 16.60x

• Industry P/E: 110x

• ROCE (FY24): 37.42%

• ROE (FY24): 41.71%

• RoNW (FY24): 41.71%

These valuation ratios suggest that the IPO is reasonably priced compared to peers, especially given the strong profitability margins.

Anchor Investors

On August 21, 2025, the company raised ₹19.60 crore from anchor investors at ₹145 per share. A total of 13,52,000 shares were allotted, demonstrating confidence from institutional investors in the growth prospects of the company.

Grey Market Premium (GMP)

As of today, the Grey Market Premium (GMP) for Anondita Medicare IPO stands at ₹25, which implies a listing gain of about 17.24% over the upper price band of ₹145. However, it is important to note that GMP is an unofficial indicator and not a reliable measure of actual listing performance.

Subscription Status

On the first day of the subscription (August 22, 2025), the IPO was subscribed 0.97 times by 12:00 PM. This indicates a healthy response from investors, with expectations of oversubscription in the coming days, particularly in the retail and NII segments.

Risks and Considerations

While the company has shown impressive financial growth, there are certain risks investors should be aware of:

• The business is concentrated in one primary product segment (condoms), which may limit diversification.

• The IPO requires a high minimum investment (₹2.9 lakh), which may restrict retail participation.

• GMP movements are speculative, and real listing performance will depend on actual market demand.

Investment Recommendation

Considering the strong revenue growth, healthy margins, reasonable valuation, and positive GMP trends, the IPO may be attractive for risk-taking investors who are looking for short-term listing gains. However, conservative investors should carefully assess the company’s long-term scalability before applying.

The Upcoming IPOs in this week and coming weeks are 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, Mangal Electrical Industries, .

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