Accretion Pharmaceuticals
Book Building issueSMENSE₹29.75 Cr issue
-21.78%
Listing gain over issue price
Issue size
₹29.75 Cr
1 lot at cut-off
₹1,21,200
Lot size
1,200shares
Open
14 May 2025
Close
16 May 2025
Allotment
19 May 2025
Listing
21 May 2025
Listing performance
Issue price
₹101
Listed at
₹79
Listing-day close
₹82.95
Latest price
₹182.10
Close on 23 Oct 2026
Listing gain
-21.78%
Return since issue
+80.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 May 2025 – 16 May 2025
- Listing date
- 21 May 2025
- Face value
- ₹10 per share
- Issue price
- ₹101 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹29.75 Cr
- Market cap at offer price
- ₹112 Cr
- Promoter holding
- 100.00% → 73.48% pre-issue → post-issue
- ISIN
- INE0T8T01010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Jawa Capital Services Pvt.Ltd.
- Registered office
- 29 Xcelon Ind Park 1, B/h, Intas Pharmaceuticals, Vasna Chacharvad, Sanand, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,11,200 | — | — |
| Market maker | 1,47,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹101
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,21,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,42,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,69,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,90,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,11,200
Anchor portion
₹2.13 Cr
at ₹101 per share
Valuation and performance
Valuation at offer price
₹101 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.74 | 6.28 |
| P/E (×) | 21.31 | 16.08 |
| Price to book (×) | 7.55 | — |
| Market cap | — | ₹112 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 72.47%
- ROCE
- 36.73%
- Debt / equity
- 2.52
- PAT margin
- 11.51%
- NAV per share
- ₹13.37
- Price to book
- 7.55
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Accretion Pharmaceuticals
Accretion Pharmaceuticals Limited is a pharmaceutical manufacturing company incorporated on November 29, 2023, succeeding a partnership firm established in 2012 by its four promoters. The company commenced manufacturing operations in 2014 at its facility in Sanand, Ahmedabad, Gujarat. It manufactures tablets, capsules, oral liquids, external preparations (ointments, creams, gels, lotions, medicated shampoos, mouthwashes, dusting powders), and oral powders (sachets, dry syrups). The company operates on two business models: direct sales to marketers and contract manufacturing/loan license arrangements with other pharmaceutical marketers on a principal-to-principal basis. It is ISO 9001:2015, ISO 14001:2015, and ISO 22000:2018 certified.
Company Analysis
from RHPAccretion Pharmaceuticals manufactures pharmaceutical formulations including tablets, capsules, oral liquids, and external preparations for contract manufacturing and direct sales across domestic and export markets.
Accretion Pharmaceuticals Limited is a pharmaceutical manufacturing company incorporated on November 29, 2023, succeeding a partnership firm established in 2012 by its four promoters. The company commenced manufacturing operations in 2014 at its facility in Sanand, Ahmedabad, Gujarat. It manufactures tablets, capsules, oral liquids, external preparations (ointments, creams, gels, lotions, medicated shampoos, mouthwashes, dusting powders), and oral powders (sachets, dry syrups). The company operates on two business models: direct sales to marketers and contract manufacturing/loan license arrangements with other pharmaceutical marketers on a principal-to-principal basis. It is ISO 9001:2015, ISO 14001:2015, and ISO 22000:2018 certified.
pharmaceuticals - formulationscontract manufacturinghealthcare products
Objects of the Issue
- Capital expenditure towards purchase of new equipment/machineries, etc. Rs. 269.73 lakhs p.23
- Capital expenditure towards upgradation of existing manufacturing facility Rs. 465.57 lakhs p.23
- Repayment/prepayment of certain borrowings availed by our Company Rs. 99.17 lakhs p.24
- Funding working capital requirements Rs. 1,468.00 lakhs p.24
- General Corporate Purpose p.24
- Capital expenditure towards purchase of new equipment/machineries, etc. 269.73 Lakhs p.104
- Capital expenditure towards upgradation of existing manufacturing facility 465.57 Lakhs p.104
- Repayment/prepayment of certain borrowings availed by our Company 99.17 Lakhs p.104
- Funding working capital requirements 1468.00 Lakhs p.104
- General Corporate Purpose p.104
- Funding capex for plant and machinery procurement including pouch packaging machine, capsule filling machine, blister packaging machine, HPLC equipment and tablet compression machine ₹269.73 Lakhs p.168
- Objects of the Issue are not detailed in this section of the document
Issue Structure
- Total Issue
- 29,46,000 Equity Shares aggregating upto Rs. [●] lakhs
- Fresh Issue
- 29,46,000 Equity Shares aggregating upto Rs. [●] lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: Rs. 96 per Equity Share; Cap Price: Rs. 101 per Equity Share
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- Rs. 10 each
Business Model
The company earns revenue through three market segments: (1) Direct Export Sales to international clients in Africa, South-East Asia, and Latin America; (2) Domestic Sales within India; and (3) Sales on Contract Manufacturing/Loan License basis, wherein the company manufactures products for different marketers who are registered as Merchant Exporters. For the period ended December 31, 2024, revenue from these segments was Rs. 308.46 lakhs (Direct Export), Rs. 963.18 lakhs (Domestic), and Rs. 2,295.09 lakhs (Contract Manufacturing/Loan License) respectively.
Business Segments
Direct sales to international clients in Africa, South-East Asia, and Latin America
Sales of pharmaceutical products within India
Manufacturing of pharmaceutical products for different marketers who are registered as Merchant Exporters under GST, on a principal-to-principal basis
Manufacturing and sale of tablet formulations
Manufacturing and sale of oral liquid formulations
Manufacturing and sale of external preparation formulations
Manufacturing and sale of capsule formulations
Manufacturing and sale of oral powder formulations
Solid dosage form of medication designed in various types including immediate-release, enteric-coated, sustained-release, chewable, effervescent, and sublingual/buccal tablets for therapeutic effects including antibiotic, anti-inflammatory, antihistamine, antiulcer, anti-diabetic, cardiac, psychotropic and vitamins/supplements
Liquid formulations of medication intended to be taken by mouth including solutions, suspensions, syrups and drops for antibiotic, antihistamine, antiulcer, vitamins, antiparasitic and laxative purposes
Medications applied to the skin or external surfaces including ointments, creams, lotions, gels, pastes, dusting powders and mouthwash for antibiotic, anti-inflammatory, antipruritic, anti-ulcer and antiseptic purposes
Solid dosage form with a gelatin shell enclosing active pharmaceutical ingredients in hard-shelled form for antibacterial, antifungal, anti-inflammatory, antiulcer, cardiac and vitamins/supplement purposes
Finely divided solid dosage form intended to be swallowed after mixing with liquid for antibiotic, antihistamine, antiulcer and vitamins/supplement purposes
Direct sales to domestic marketers in India
Direct sales by the company to international clients outside India
Sales to merchant exporters who are registered under GST and who sell products onward to various countries
Sale of pharmaceutical products manufactured by the company to customers within India
Sale of pharmaceutical products manufactured by the company to customers outside India, including merchant exporters and direct exports
Manufacture and sale of tablet pharmaceutical products
Manufacture and sale of capsule pharmaceutical products
Manufacture and sale of oral liquid pharmaceutical products
Manufacture and sale of oral powder pharmaceutical products
Manufacture and sale of other pharmaceutical products
SWOT Analysis
Strengths
- • ISO certified with international quality standards(p.22)
- • Experienced promoter team with 50+ years collective experience(p.53)
- • Diversified revenue model across multiple market segments(p.42)
- • Profitable financial performance with strong revenue growth(p.25)
- • Majority directors lack prior listed company experience(p.57)
- • Company has onboarded professionals for regulatory compliance(p.57)
- • Experienced management team and long-standing customer relationships(p.125)
- • High EBITDA margins demonstrating operational efficiency(p.129)
- • Strong return on equity performance(p.129)
- • Experienced management with deep industry expertise(p.184)
- • Diversified product portfolio across multiple dosage forms(p.184)
- • Strong quality certifications and standards compliance(p.149)
- • Rapid EBITDA margin improvement demonstrating operational efficiency gains(p.132)
- • Growing export presence and geographic diversification(p.185)
- • Experienced management team with deep pharmaceutical industry knowledge(p.238)
- • Diverse product portfolio across multiple dosage forms(p.287)
- • Established manufacturing facility with significant production capacity(p.287)
- • Strong formulation and development capabilities(p.288)
- • Diverse and longstanding client base(p.288)
- • Strong recent financial growth(p.286)
- • High export market growth with 96% increase in merchant and direct export sales(p.299)
- • Significant raw material cost advantage of 12% on total purchase value(p.300)
- • Higher margin advantage in merchant export (41.89%) compared to domestic market (16.69%)(p.292)
- • Strong profitability improvement with PAT increasing from Rs. 10.39 lakhs (FY2023) to Rs. 387.53 lakhs (FY2024)(p.291)
- • Multiple regulatory approvals and certifications including GMP, ISO 9001:2015, ISO 14001:2015, and ISO 22000:2018(p.319)
Weaknesses
- • High customer concentration with top 5 customers representing 41.56% of revenue(p.36)
- • Single manufacturing facility creating operational risk(p.35)
- • High debt levels with Rs. 1,378.98 Lakhs total borrowings(p.25)
- • Very limited operating history as a Company(p.35)
- • Criminal litigation pending against promoters(p.37)
- • High inventory levels at 50.13% of total assets(p.37)
- • No long-term agreements with major customers(p.41)
- • Delayed e-form filings and regulatory non-compliance(p.45)
- • Majority of directors lack experience in listed companies(p.57)
- • Unsecured loans create repayment and refinancing risks(p.57)
- • Promoter concentration limits minority shareholder influence(p.57)
- • Loans secured by personal guarantees of directors and promoters(p.58)
- • Heavy dependence on top 5 customers(p.131)
- • No backup power supply for manufacturing(p.60)
- • No dividend history and uncertain future dividend policy(p.60)
- • Significant dependence on top customers creating revenue concentration risk(p.186)
- • Negative operating cash flow indicating working capital challenges(p.133)
- • Limited geographic footprint with 94.33% of domestic revenue from single state (Gujarat)(p.151)
- • Small scale relative to peers with significantly lower revenue than listed competitors(p.133)
- • Single manufacturing facility creates operational dependency(p.287)
- • Reliance on third-party testing providers with limited control(p.288)
- • High leverage with debt-to-equity ratio of 1.02(p.281)
- • No long-term customer contracts, reliance on purchase orders(p.288)
- • Significant inventory carrying days indicating working capital strain(p.281)
- • High customer concentration with top 10 customers accounting for 65.36% of revenue(p.304)
- • Significant supplier concentration with top 10 suppliers accounting for 44.94% of purchases(p.304)
- • High debt-to-equity ratio of 1.02 (Total Debt/Shareholder's Fund) as of December 31, 2024(p.307)
- • Domestic market revenue declined 42% in FY2024 (Rs. 993.85 lakhs vs Rs. 1,727.36 lakhs in FY2023)(p.291)
- • Litigation involving directors/promoters related to alleged child labour exploitation(p.311)
Opportunities
- • Indian pharma industry projected to reach $130 Bn by 2030(p.23)
- • India's dominant position as global generic medicines supplier(p.22)
- • Capital expansion funded through IPO proceeds(p.23)
- • Significant working capital funding to support growth(p.24)
- • Listing on NSE-EMERGE platform to improve market access(p.23)
- • Strong export potential with presence in multiple geographies(p.45)
- • Automation of testing and packaging processes to increase capacity(p.106)
- • Expansion to new export markets including Ghana, DRC, Kenya and Sri Lanka(p.111)
- • Upgrade manufacturing facilities to meet international regulatory standards(p.111)
- • Increase production capacity through new equipment and machinery(p.107)
- • Expansion of direct export sales vertical(p.131)
- • Expand direct exports to geographies currently served through merchant exporters(p.185)
- • Register products with global regulatory authorities to enable direct international sales(p.185)
- • Capitalize on government PLI scheme support for pharmaceutical manufacturing(p.144)
- • Growing pharmaceutical market with projected expansion to $130Bn by 2030(p.144)
- • Expand product portfolio with high-margin formulations(p.186)
- • Leverage India's position as 'pharmacy of the world' for export growth(p.144)
- • Expansion into regulated global markets(p.286)
- • Increase geographical presence(p.286)
- • Diversify product portfolio(p.286)
- • Improve working capital management(p.286)
- • Growing pharmaceutical export market(p.271)
- • Expansion of export markets with direct export showing 2,295% growth(p.292)
- • Growing export business opportunities reflected in merchant export growth of 76% in FY2024(p.292)
- • Diversified product portfolio across tablets, capsules, oral liquids, oral powders, and other formulations(p.291)
Threats
- • Extensive regulatory requirements for pharmaceutical operations(p.34)
- • High competitive pressure in pharmaceutical industry(p.52)
- • Geographical concentration risk with 94.33% revenue from Gujarat(p.40)
- • Foreign currency exchange rate fluctuation risks(p.54)
- • Supply chain disruptions and raw material volatility(p.41)
- • Regulatory inspections and audit risks(p.35)
- • Geopolitical and economic instability in export markets(p.45)
- • Global health crises and pandemics could disrupt operations(p.56)
- • Changes in government regulations could disrupt operations(p.61)
- • Uncertainty in applicability and interpretation of tax laws(p.61)
- • Taxes and levies impact demand and profitability(p.61)
- • Infrastructure disruptions could harm business operations(p.62)
- • Political instability and changes in economic liberalization policies(p.62)
- • Global economic conditions and volatility impact business(p.62)
- • Indian economy slowdown affects pharmaceutical demand and per capita income correlation(p.63)
- • Natural calamities and communicable diseases threaten operations(p.64)
- • Terrorist attacks and civil unrest destabilize financial markets(p.64)
- • Delay in IPO completion impacts revenue and operations(p.58)
- • Intense competition from large, well-established pharmaceutical corporations(p.183)
- • Regulatory changes and compliance requirements in pharmaceutical manufacturing(p.192)
- • Price controls on scheduled formulations affecting margins(p.192)
- • Fluctuations in raw material costs and input prices(p.171)
- • Dependence on supply chain continuity for imported raw materials and APIs(p.147)
- • Intense competition from organized and unorganized players(p.288)
- • Changes in government regulations and implementation(p.288)
- • Regulatory compliance risks and adverse application of tax laws(p.288)
- • Fluctuations in raw material prices(p.289)
- • Economic slowdown risk in India and globally(p.288)
- • Political and policy instability affecting India's economy(p.288)
- • Dependence on raw material price fluctuations and availability(p.304)
- • Intense competition from both organized and unorganized pharmaceutical sectors(p.304)
- • Trademark infringement litigation with Sun Pharmaceutical Industries Limited involving LULYLIN/LULIFIN marks(p.309)
- • Regulatory risks including pharmaceutical manufacturing and export compliance requirements(p.304)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Harshad Nanubhai Rathod | Promoter | 19,66,500 shares (24.07%) | 19,66,500 shares (17.61% at lower end of price band) |
| Mr. Vivek Ashok Kumar Patel | Promoter | 19,66,500 shares (24.07%) | 19,66,500 shares (17.61% at lower end of price band) |
| Mr. Mayur Popatlal Sojitra | Promoter | 19,66,500 shares (24.07%) | 19,66,500 shares (17.61% at lower end of price band) |
| Mr. Hardik Mukundbhai Prajapati | Promoter | 19,66,500 shares (24.07%) | 19,66,500 shares (17.61% at lower end of price band) |
| Mayur Popatlal Sojitra | Promoter | 24.07% | 17.69% |
| Vivek Ashok Kumar Patel | Promoter | 24.07% | 17.69% |
| Harshad Nanubhai Rathod | Promoter | 24.07% | 17.69% |
| Hardik Mukundbhai Prajapati | Promoter | 24.07% | 17.69% |
| Ankita Vivek Patel | Promoter Group | 0.93% | — |
| Rathod Pooja Harshad | Promoter Group | 0.93% | — |
| Shweta Sojitra | Promoter Group | 0.93% | — |
| Vaishaki Hardik Prajapati | Promoter Group | 0.93% | — |
| Mayur Popatlal Sojitra | Promoter | — | — |
| Harshad Nanubhai Rathod | Promoter | — | — |
| Vivek Ashok Kumar Patel | Promoter | — | — |
| Hardik Mukundbhai Prajapati | Promoter | — | — |
| Mr. Vivek Ashok Kumar Patel | Promoter | 24.07% | 17.69% |
| Mr. Harshad Nanubhai Rathod | Promoter | 24.07% | 17.69% |
| Mr. Mayur Popatlal Sojitra | Promoter | 24.07% | 17.69% |
| Mr. Hardik Mukundbhai Prajapati | Promoter | 24.07% | 17.69% |
| Harshad Nanubhai Rathod | Promoter/Director | — | — |
| Mayurbhai Popatbhai Sojitra | Promoter/Director | — | — |
| Hardik Mukundbhai Prajapati | Promoter/Director | — | — |
| Vivek Ashokkumar Patel | Promoter/Director | — | — |
Leadership
Mr. Harshad Nanubhai Rathod · Promoter
Mr. Vivek Ashok Kumar Patel · Promoter
Mr. Mayur Popatlal Sojitra · Promoter
Mr. Hardik Mukundbhai Prajapati · Promoter
Ms. Bhavika Dhaval Makadia · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Accretion Pharmaceuticals IPO FAQs
What is the lot size of Accretion Pharmaceuticals IPO?
The minimum lot size of Accretion Pharmaceuticals IPO is 1,200 shares. One lot costs ₹1,21,200 at the cut-off price.
When does Accretion Pharmaceuticals IPO open and close?
Accretion Pharmaceuticals IPO opened for subscription on 14 May 2025 and closed on 16 May 2025.
What is the listing date of Accretion Pharmaceuticals IPO?
Accretion Pharmaceuticals IPO listed on 21 May 2025.