Astonea Labs Limited is a specialised manufacturer and marketer of a wide range of pharmaceutical and cosmetic products. Their portfolio includes antibiotic drugs, anti cold medications, antihistamines, and treatments for diabetes, cardiovascular diseases, gynecological issues, analgesics, fungal infections, and multivitamins. In addition, they offer skin, tooth, and hair care products available in multiple forms such as gels, ointments, creams, lotions, oils, and serums. This diverse product range enables them to serve various therapeutic and personal care segments effectively.

The company plans to raise ₹37.66 crore through a Book Built Issue consisting entirely of a fresh issue of 27.90 lakh equity shares. The IPO subscription opens on May 27 2025 and closes on May 29 2025. The shares are expected to be allotted on or about May 30 2025. Listing is scheduled on the BSE SME platform with a tentative date of June 3 2025. The price band is fixed between ₹128 and ₹135 per equity share. The lot size is 1,000 shares requiring retail investors to invest a minimum of ₹1,35,000. High Net Worth Individuals must invest at least 2 lots or 2,000 shares amounting to ₹2,70,000.

Management and Promoters
Mr Ashish Gulati is the Promoter and Managing Director of Astonea Labs. He has over 6 years of experience in the pharmaceutical and cosmetics industry. The promoter along with the senior management team plays a vital role in the company’s growth trajectory by providing strategic guidance and overseeing overall business performance.

Financial Performance
Astonea Labs has demonstrated steady financial growth over recent years. Revenues from operations were ₹30.17 crore in fiscal 2022 ₹67.26 crore in 2023 ₹80.29 crore in 2024 and ₹69.69 crore for the nine months ended December 31 2024. EBITDA increased from ₹5.87 crore in 2022 to ₹7.34 crore in 2023 ₹12.04 crore in 2024 and ₹11.47 crore in the recent nine months. Profit after tax showed strong growth from ₹0.25 crore in 2022 to ₹0.67 crore in 2023 ₹3.81 crore in 2024 and ₹4.10 crore for the latest period.

Key ratios indicate robust operational efficiency and return metrics. The pre issue Earnings Per Share EPS for FY24 is ₹5.01 and post issue EPS is ₹3.62. The pre issue Price to Earnings PE ratio stands at 26.95 times and post issue PE rises to 37.25 times against an industry PE ratio of 49 times. Return on Capital Employed ROCE is 22.95 percent Return on Equity ROE is 37.86 percent and Return on Net Worth RoNW is 31.83 percent. The annualised EPS based on recent financials is ₹7.09 with a PE ratio of 19.03 times. These metrics suggest the IPO is fairly valued relative to industry peers.

IPO Details and Market Outlook
ONEVIEW CORPORATE ADVISORS PRIVATE LIMITED is the book running lead manager and KFin Technologies Limited is the registrar for the issue. Basan Equity Broking Limited acts as the Market Maker facilitating liquidity in the shares. The market capitalisation post IPO at the upper price band ₹135 is estimated at ₹141.89 crore.

The Grey Market Premium GMP is zero indicating no premium or discount on listing. GMP is based on informal trading demand and supply and does not guarantee price movement. Investors should prioritise company fundamentals and long term outlook instead of short term listing gains.

Conclusion
Astonea Labs provides investors an opportunity to enter the pharmaceutical and cosmetic manufacturing sector with a diverse product portfolio and consistent financial performance. Although the company shows steady growth the IPO is fairly priced with no anticipated listing gains. Investors aiming for quick profits should be cautious while long term investors may evaluate the company’s fundamentals and sector potential before subscribing.

The Upcoming IPOs in this week and coming weeks are Scoda Tubes,Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions.

The Closed IPOs are Borana Weaves, Dar Credit and Capital, Belrise Industries.