Asston Pharmaceuticals IPO Opens July 9: Price Band ₹115–123, BSE SME Listing
NOOR MOHMMED
09/Jul/2025

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Asston Pharmaceuticals IPO opens July 9, 2025, with ₹27.56 crore issue at ₹115–123 price band, closes July 11 with BSE SME listing on July 16.
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Entirely fresh issue of 22.41 lakh shares; retail minimum bid ₹2.46 lakh (2 lots) with ₹12 GMP suggesting ~9.75% listing gains.
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Funds for machinery purchase, working capital, debt repayment and corporate use support growth in pharma and nutraceutical markets.
Asston Pharmaceuticals Limited launches a book-built BSE SME IPO of ₹27.56 crore in the price band ₹115–₹123 per share. The issue runs from July 9–11, 2025.
Here’s a complete look at business profile, IPO structure, objectives, GMP, financials, and our recommendation.
Company Overview
✅ Asston Pharmaceuticals manufactures and exports pharmaceutical formulations and nutraceutical products under its own brand “Asston”.
⭐ Key offerings:
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Tablets
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Capsules
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Oral liquids
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External preparations (ointments, creams, gels, lotions)
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Oral powders (sachets, dry syrup)
✅ Market focus on India and various African regions via exports.
⚙️ Supplies to hospitals, clinics, pharmacies, and wholesalers.
Promoters & Management
Led by:
✔️ Dr. Ashish Sakalkar – Expertise in formulations
✔️ Mrs. Saili More – Market operations
✔️ Mr. Sachin Badakh – Export strategy
✅ Team size: 50+ professionals.
✅ Known for consistent growth in Indian and export markets.
IPO Structure & Details
Detail | Info |
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IPO Type | Book Built Issue |
Total Issue Size | ₹27.56 Crores |
Fresh Issue | 22.41 lakh shares |
Offer for Sale | NIL |
Price Band | ₹115–₹123 per share |
Face Value | ₹10 per share |
Market Capitalisation | ₹104.70 Crores (at ₹123 upper band) |
Lot Size | 1,000 shares |
Retail Minimum Investment | ₹2,46,000 (2 lots = 2,000 shares) |
Important IPO Dates
Event | Date |
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IPO Opens | July 9, 2025 |
IPO Closes | July 11, 2025 |
Allotment Finalisation | July 14, 2025 (Monday) |
Tentative Listing Date | July 16, 2025 (Wednesday) |
Exchange | BSE SME |
Registrar | MAASHITLA SECURITIES PVT LTD |
Grey Market Premium (GMP)
✅ As of July 9, 2025, GMP is ₹12, suggesting ~9.75% premium over IPO price.
Date | IPO Price | Expected Listing Price | GMP (%) | Last Updated |
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04 July 2025 | ₹123 | ₹135 | ₹12 (9.75%) | 05:00 PM; 04 July 2025 |
Note: GMP is an unregulated, informal indicator – no guarantee of actual listing price.
IPO Subscription Status (Live Update)
✅ As of 11:30 AM on July 9, 2025 (First Day):
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Overall Subscription: 0.22 times
Investors can check real-time updates on BSE SME platform.
Anchor Investors
⭐ Raised ₹7.81 Crores from Anchor Investors at ₹123 per share.
⭐ Allotted 6,35,000 shares.
✅ Reflects institutional confidence in the issue.
Objectives of the IPO
Proceeds to be used for:
1️⃣ ₹630 lakh – Acquisition of machinery for manufacturing unit
2️⃣ ₹1,300 lakh – Incremental working capital requirements
3️⃣ ₹100 lakh – Repayment/prepayment of borrowings
4️⃣ General corporate purposes
✅ Supports expansion, efficiency, and financial health.
Lead Manager & Market Maker
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Book Running Lead Manager: SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED
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Registrar: MAASHITLA SECURITIES PRIVATE LIMITED
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Market Maker: JSK SECURITIES AND SERVICES PRIVATE LIMITED
Financial Performance
Strong growth across revenues, EBITDA, and PAT:
Period/Year | Revenue (₹ Lakh) | EBITDA (₹ Lakh) | Profit After Tax (₹ Lakh) |
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May 2025 (2 mths) | 620.93 | 194.90 | 132.24 |
FY25 | 2,561.02 | 673.03 | 432.51 |
FY24 | 1,584.09 | 280.06 | 136.03 |
FY23 | 719.19 | 217.05 | 105.66 |
✅ Revenue nearly quadrupled in two years
✅ Consistent EBITDA and PAT growth
Valuation Metrics
Metric | FY24 (Post-Issue) |
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Post-Issue EPS | ₹5.08 |
Post-Issue P/E Ratio | 24.21x |
Industry P/E Benchmark | ~16x–20x (typical SME pharma) |
ROCE | 51.25% |
ROE | 50.56% |
RoNW | 40.36% |
Annualised EPS | ₹9.32 |
Annualised P/E Ratio | 13.20x |
✅ Fully valued, but annualised P/E remains reasonable
✅ Very strong return ratios
Strengths
⭐ In-house brand with export growth in Africa
⭐ Diverse pharma and nutraceutical range
⭐ Proven profit expansion over 3 years
⭐ High ROE, ROCE and consistent margins
⭐ Anchored by experienced promoters
Risks
⚠️ High SME IPO ticket size (₹2.46 lakh minimum)
⚠️ Regulatory risks in pharma industry
⚠️ FX exposure for African exports
⚠️ Highly competitive segment with pricing pressure
Allotment & Listing
✅ Allotment Date: July 14, 2025
✅ Listing Date: July 16, 2025 on BSE SME
How to check allotment:
1️⃣ Go to Registrar’s website (MAASHITLA)
2️⃣ Select "Asston Pharmaceuticals Limited IPO"
3️⃣ Enter Application Number, PAN, or DP Client ID
4️⃣ Submit to view status
Analyst View: Should You Subscribe?
✅ GMP indicates ~9.75% listing gain potential
✅ Strong revenue and profit growth trends
✅ High return metrics support valuation
Our recommendation:
✔️ Apply for listing gains, best suited for risk-tolerant SME investors.
✔️ Fully priced but backed by robust fundamentals.
Final Verdict
✅ Recommended for listing gains given decent GMP and financial strength.
✅ Risk-aware investors can consider subscribing for short-term pop and hold for medium-term Africa export story.
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Disclaimer:
This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.
The Upcoming IPOs in this week and coming weeks are NSDL, Anthem Biosciences, Spunweb Nonwoven, Smartworks Coworking, Asston Pharmaceuticals.
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