Asston Pharmaceuticals IPO Opens July 9: Price Band ₹115–123, BSE SME Listing

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    09/Jul/2025

  • 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.

  • Entirely fresh issue of 22.41 lakh shares; retail minimum bid ₹2.46 lakh (2 lots) with ₹12 GMP suggesting ~9.75% listing gains.

  • 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:

  • Tablets

  • Capsules

  • Oral liquids

  • External preparations (ointments, creams, gels, lotions)

  • 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
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
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
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):

  • 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

  • Book Running Lead Manager: SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED

  • Registrar: MAASHITLA SECURITIES PRIVATE LIMITED

  • 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)
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)
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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