Anlon Healthcare IPO 2025 – Complete Research Review
🔹 IPO Overview
Anlon Healthcare Limited is coming up with its book-built IPO worth ₹121.03 crores, consisting entirely of a fresh issue of 1.33 crore equity shares. The company aims to utilize the proceeds for business expansion, working capital needs, and strengthening its financial position.
- IPO Opening Date: August 26, 2025
- IPO Closing Date: August 29, 2025
- Expected Allotment Date: September 1, 2025
- Tentative Listing Date: September 3, 2025
- Stock Exchange: BSE & NSE
🔹 Price Band & Lot Size
The price band of the IPO is fixed at ₹86 – ₹91 per share.
- Retail Investors: Minimum 1 lot (164 shares) → ₹14,924 (at upper band)
- sNII (Small HNI): 14 lots (2,296 shares) → ₹2,08,936
- bNII (Big HNI): 68 lots (11,152 shares) → ₹10,14,832
This structure clearly indicates that the IPO is affordable for retail participants while offering larger allocations for HNI categories.
🔹 Subscription Details
- The bidding window will remain open for 4 days (26–29 Aug 2025).
- Investor categories include Retail, QIBs (Qualified Institutional Buyers), and NIIs (Non-Institutional Investors).
- Final subscription figures will play a key role in determining listing expectations.
🔹 Grey Market Premium (GMP)
Market observers are keenly tracking the GMP (Grey Market Premium) for Anlon Healthcare IPO. The premium trend before listing usually reflects investor sentiment and possible listing gains. (Updated GMP data will be added as soon as market reports are available).
🔹 Allotment & Basis of Allotment
The allotment will be processed on September 1, 2025. Investors can check their application status through the official registrar’s portal. The basis of allotment will depend on demand across retail and institutional categories.
Anlon Healthcare IPO 2025 – A Promising Growth Opportunity or Overpriced Bet?
IPO Snapshot
Anlon Healthcare Limited is set to launch its ₹121.03 crore IPO, entirely through a fresh issue of 1.33 crore equity shares. The company, incorporated in 2013, is engaged in manufacturing pharmaceutical intermediates and active pharmaceutical ingredients (APIs), catering to both Indian and global markets.
- IPO Date: August 26 – August 29, 2025
- Listing Date: September 3, 2025 (tentative)
- Face Value: ₹10 per share
- Price Band: ₹86 – ₹91 per share
- Lot Size: 164 shares
- Issue Type: Book Building IPO
- Listing At: NSE, BSE
- Pre-Issue Shareholding: 3.98 crore shares
- Post-Issue Shareholding: 5.31 crore shares
IPO Reservation (Category-Wise)
| Category | Shares Offered | % Allocation | Max Allottees |
|---|---|---|---|
| QIB (Ex-Anchor) | 99,75,000 | 75.00% | NA |
| NII (HNI) | 19,95,000 | 15.00% | NA |
| Retail | 13,30,000 | 10.00% | 8,109 |
| Total | 1,33,00,000 | 100% | – |
IPO Timeline (Tentative)
- IPO Opens: Tue, Aug 26, 2025
- IPO Closes: Fri, Aug 29, 2025
- Allotment Date: Mon, Sep 1, 2025
- Refunds Initiation: Tue, Sep 2, 2025
- Shares Credit to Demat: Tue, Sep 2, 2025
- Listing Date: Wed, Sep 3, 2025
- UPI Mandate Cut-off: Aug 29, 2025 (5 PM)
Lot Size & Investment
| Investor Type | Lots | Shares | Investment (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 164 | ₹14,924 |
| Retail (Max) | 13 | 2,132 | ₹1,94,012 |
| S-HNI (Min) | 14 | 2,296 | ₹2,08,936 |
| B-HNI (Min) | 68 | 11,152 | ₹10,14,832 |
About the Company
Founded in 2013, Anlon Healthcare Ltd. is a chemical manufacturer specializing in pharma intermediates and APIs. Its portfolio includes 65 commercialized products, 28 at pilot stage, and 49 at laboratory stage.
Key Highlights:
- Manufactures high-purity APIs used in medicines, nutraceuticals, personal care & veterinary products.
- Holds multiple global DMF approvals (ANVISA, NMPA, PMDA).
- Filed 21 DMFs globally; working on approvals for Ketoprofen and Dexketoprofen Trometamol.
- Strong in-house R&D & quality control with 34-member technical team.
Competitive Strengths
- Diversified product portfolio across human & veterinary healthcare.
- Strong promoter background & management experience.
- High entry barriers due to long customer approval cycles.
- In-house testing, QA & QC facilities.
- Focus on environment, health & safety standards.
📈 Financial Performance (₹ in Crores)
| Particulars | FY 2023 | FY 2024 | FY 2025 | Growth (2024→2025) |
|---|---|---|---|---|
| Revenue | 113.12 | 66.69 | 120.46 | 🔼 +81% |
| EBITDA | 12.66 | 15.57 | 32.38 | 🔼 +108% |
| PAT | 5.82 | 9.66 | 20.52 | 🔼 +112% |
| Net Worth | 7.37 | 21.03 | 80.42 | 🔼 +282% |
Key Ratios (FY25):
- ROE: 40.45%
- ROCE: 21.93%
- PAT Margin: 17.06%
- EBITDA Margin: 26.88%
- Debt/Equity: 0.73
Valuation Metrics
- EPS (Pre-Issue): ₹5.15 → P/E = 17.67x
- EPS (Post-Issue): ₹3.86 → P/E = 23.57x
- Price-to-Book Value: 4.51x
- Market Cap: ₹483.68 crore (at upper price band)
👉 The IPO looks slightly aggressively priced, considering industry peers, but strong revenue and PAT growth add confidence.
Objects of the Issue
- Expansion Capex: ₹30.72 crore
- Debt Repayment: ₹5.00 crore
- Working Capital: ₹43.15 crore
- General Corporate Purposes
Subscription Status (Day 1 – Aug 26, 2025)
- QIB: 0.91x
- NII: 0.71x (sNII: 1.16x, bNII: 0.48x)
- Retail: 8.99x 🔥
- Overall: 1.69x (62,535 applications)
Strong retail demand, while institutional participation remains moderate.
Expert Review
- According to market analyst Dilip Davda, Anlon Healthcare IPO is “aggressively priced” given its valuation.
- However, its unique positioning in specialized APIs (e.g., Loxoprofen products) and strong financial turnaround make it attractive for long-term investors.
- Listing gains may depend heavily on QIB participation and GMP trend in the coming days.