Achyut Healthcare SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Listing date
- 30 Mar 2022
- Face value
- ₹10 per share
- Issue price
- ₹20 per share
- Lot size
- 6,000 shares
- Total issue size
- ₹3.60 Cr
- Market cap at offer price
- ₹13.48 Cr
- Promoter holding
- 90.28% → 66.18% pre-issue → post-issue
- ISIN
- INE0K1401020
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 610 Colonade, B/H Iscon Temple, Opposite Iscon, BRTS Bus Stand, Iscon-Ambali Road, 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 |
|---|---|---|---|
| Market maker | 96,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹20
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 48,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 54,000 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.30 | — |
| P/E (×) | 66.67 | — |
| Market cap | — | ₹13.48 Cr |
Key performance indicators
- Return on net worth
- 3.41%
- NAV per share
- ₹8.68
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Achyut Healthcare SME
Achyut Healthcare Limited was incorporated on January 11, 1996, as a private limited company and converted to a public limited company on November 30, 2021. Since 2015, the company has been engaged in the pharmaceutical trading business, providing customized solutions to clients and customers both domestically and internationally in countries such as UAE, Kenya, and Nigeria. The company sources pharmaceutical products and sells them based on customer requirements and customizations. In 2021, the company commenced a private placement and plans to diversify into pharmaceutical manufacturing by establishing a manufacturing unit and purchasing plant and machinery.
Company Analysis
from RHPAchyut Healthcare Limited is a pharmaceutical trading company operating domestically and internationally, with recent plans to enter pharmaceutical manufacturing.
Achyut Healthcare Limited was incorporated on January 11, 1996, as a private limited company and converted to a public limited company on November 30, 2021. Since 2015, the company has been engaged in the pharmaceutical trading business, providing customized solutions to clients and customers both domestically and internationally in countries such as UAE, Kenya, and Nigeria. The company sources pharmaceutical products and sells them based on customer requirements and customizations. In 2021, the company commenced a private placement and plans to diversify into pharmaceutical manufacturing by establishing a manufacturing unit and purchasing plant and machinery.
Objects of the Issue
- Funding purchases of machineries and equipment ₹275.82 lakhs p.20
- General corporate purposes ₹59.18 lakhs p.20
- Funding purchase of machineries and equipment ₹275.82 lakhs p.68
- General Corporate Purposes ₹59.18 lakhs p.73
- Not explicitly stated in this document section
Issue Structure
- Total Issue
- ₹360.00 lakhs
- Fresh Issue
- ₹360.00 lakhs (18,00,000 Equity Shares of face value ₹10 each at ₹20.00 per share)
- Offer for Sale
- Nil
- Price Band
- ₹20.00 per Equity Share (Fixed Price)
- Lot Size
- 6,000 Equity Shares and in multiples of 6,000 thereafter; subject to a minimum allotment of 6,000 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company operates on a trading model for pharmaceutical products, purchasing stock-in-trade and selling to customers through intermediaries such as traders, dealers, and consignment stockists. It sources pharmaceutical products customized to customer requirements and sells both domestically and internationally. The company does not have formal long-term agreements with customers or suppliers but operates on a purchase order basis with mutual relationships and market-based pricing.
Business Segments
SWOT Analysis
- • Pan-India and global market presence with operations across India, UAE, Kenya, and Nigeria(p.89)
- • Long-standing customer relationships in the pharmaceutical sector with growing business volume(p.89)
- • Experienced management team with 25+ years in pharmaceutical industry(p.89)
- • Efficient commission-based marketing model reducing fixed costs(p.90)
- • Established presence in pharmaceutical trading across domestic and international markets(p.155)
- • Diverse product portfolio across pharmaceutical categories(p.155)
- • Revenue growth trajectory with annual sales exceeding ₹1 crore(p.155)
- • Strong cash position post-IPO with ₹471.95 lakhs in cash and equivalents(p.133)
- • Positive profitability in recent period with ₹12.63 lakhs net profit(p.132)
- • Positive networth of ₹449.65 lakhs as of September 30, 2021(p.138)
- • Limited manufacturing history; trading company only(p.24)
- • High customer concentration (100% from top 5 customers)(p.26)
- • No long-term customer contracts; dependent on continuous relationships(p.27)
- • No formal agreements with traders/intermediaries; high intermediary dependence(p.27)
- • Trademark not registered; unprotected brand(p.30)
- • Promoter litigation: 4 criminal and 2 civil matters pending(p.28)
- • Certain regulatory filings and records not traceable(p.30)
- • No insurance coverage maintained(p.35)
- • Only 100% of plant & machinery quotations not yet ordered(p.25)
- • Conflict of interest with promoter group entities in similar business(p.32)
- • Severe operational losses and negative profitability history(p.89)
- • Very low revenue base with declining sales trend(p.89)
- • Dependence on few traders and export markets (only 3 countries for exports)(p.89)
- • Untraced Board approval records creating regulatory risk(p.59)
- • No intellectual property rights owned by the company(p.93)
- • Non-agricultural land usage approval is still pending(p.69)
- • High dependence on specific customers for revenue generation(p.155)
- • Vulnerability to inventory mismanagement with risk of stock decay(p.155)
- • Limited operational scale with minimal operational expenses indicating nascent operations(p.155)
- • History of losses with negative networth in prior years(p.138)
- • Trademark and brand not registered, creating intellectual property vulnerability(p.171)
- • Outstanding litigation involving promoter group companies(p.167)
- • International expansion into UAE, Kenya, and Nigeria already underway(p.19)
- • Entry into pharmaceutical manufacturing (currently trading only)(p.24)
- • Growing pharmaceutical demand and market expansion potential(p.24)
- • India's strong position in global pharmaceutical sector(p.19)
- • Expansion of global presence beyond current three export markets(p.90)
- • Entry into manufacturing business to reduce outsourcing dependence(p.90)
- • India's domestic pharmaceutical market projected to grow 3x in next decade(p.86)
- • Strong projected growth in Indian pharmaceutical exports(p.87)
- • Strengthening marketing network by inducting qualified personnel(p.91)
- • Expansion of distribution network to increase market reach(p.155)
- • Growth in international markets with operations already established in UAE, Kenya and Nigeria(p.155)
- • Potential to enter manufacturing business building on trading operations(p.155)
- • Enhancement of borrowing capacity and financial flexibility(p.156)
- • Leverage the upgraded position to public company status for market access(p.155)
- • COVID-19 pandemic with ongoing waves and variants(p.24)
- • Intense competition in pharmaceutical industry(p.32)
- • Customer payment delays and defaults(p.29)
- • Transportation and logistics risks for pharma products(p.28)
- • Regulatory changes in pharmaceutical sector(p.17)
- • Changes in foreign exchange rates affecting international business(p.27)
- • Economic slowdown in India affecting pharmaceutical demand(p.40)
- • Licensing and regulatory approval risks for manufacturing unit(p.31)
- • Moderate to high competition from scattered unorganized market participants(p.93)
- • Stringent pharmaceutical regulations and compliance requirements(p.95)
- • Essential commodities regulation could impose price and supply controls(p.95)
- • FDI restrictions on overseas investment activities(p.100)
- • Currency exchange rate fluctuations affecting import costs and export competitiveness(p.72)
- • Intense competition from both organized and unorganized pharmaceutical players(p.156)
- • Pricing pressures and margin compression from competitive dynamics(p.156)
- • COVID-19 pandemic impact with ongoing uncertainty and potential for further waves(p.156)
- • Risk of inability to renew necessary licenses and approvals for operations(p.20)
- • Regulatory changes affecting pharmaceutical business operations(p.155)
- • Dependence on continued cooperation of third-party distribution intermediaries(p.155)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mahendra Chatrabhuj Raycha | Promoter | 21.42% | — |
| Akshit Mahendra Raycha | Promoter | 6.98% | — |
| Mahendra Chatrabhuj Raycha | Promoter | 21.42% | 15.70% |
| Akshit Mahendra Raycha | Promoter | 6.98% | 5.12% |
| Mahendra Chatrabhuj Raycha | Promoter | 28.44% | 23.34% |
| Akshit Mahendra Raycha | Promoter | 5.36% | 7.80% |
| Mahendra Raychura - HUF | Promoter Group | — | 25.68% |
| Zenith Medicine Private Limited | Promoter Group Entity | — | 24.76% |
| Neela Mahendra Raycha | Promoter Group | — | 7.74% |
| Ray Remedies Private Limited | Promoter Group Entity | — | 7.08% |
Leadership
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.