Amwill Health Care
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Feb 2025 – 07 Feb 2025
- Listing date
- 12 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹111 per share
- Lot size
- 1,200 shares
- Listing at
- BSE
- Total issue size
- ₹59.98 Cr
- Market cap at offer price
- ₹222 Cr
- Promoter holding
- 97.00% → 70.65% pre-issue → post-issue
- ISIN
- INE0U2L01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- No.157, 1st Floor, 2nd Main, r, 2nd Main, 3rd Cross Chamrajpet, Bangalore Urban, Karnataka
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 | 0 | — | — |
| Market maker | 2,71,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹111
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,33,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,66,400 |
| S-HNI (max) | 7 | 8,400 | ₹9,32,400 |
| B-HNI (min) | 8 | 9,600 | ₹10,65,600 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.04 | 6.52 |
| P/E (×) | 13.81 | 17.02 |
| Price to book (×) | 10.09 | — |
| Market cap | — | ₹222 Cr |
Key performance indicators
- Return on net worth
- 73.06%
- ROCE
- 94.16%
- PAT margin
- 28.53%
- NAV per share
- ₹11
- Price to book
- 10.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Amwill Health Care
Amwill Health Care Limited is a derma-cosmetic development company incorporated on August 21, 2017, and converted to a public limited company in January 2024. The company develops problem-solving dermatological, cosmeceutical and aesthetical products through an asset-light business model, outsourcing manufacturing, prototype development and distribution to third parties while focusing on product formulation and development. Operating in Karnataka, Andhra Pradesh and Telangana with plans to expand into West Bengal and Odisha, the company has developed 112 products across multiple therapeutic areas including acne treatment, anti-fungal, anti-histaminic, skin lightening and vitiligo solutions. The company derives all revenue from M/s. Amderma Healthcare LLP, a promoter group entity appointed as the carrying and forwarding agent, and benefits from its promoters' two decades of pharmaceutical industry experience and relationships with dermatologists and medical professionals.
Company Analysis
from DRHPAmwill Health Care Limited is a derma-cosmetic development company specializing in problem-solving dermatological, cosmeceutical and aesthetical products across skin care, hair care, and personal hygiene sectors in India.
Amwill Health Care Limited is a derma-cosmetic development company incorporated on August 21, 2017, and converted to a public limited company in January 2024. The company develops problem-solving dermatological, cosmeceutical and aesthetical products through an asset-light business model, outsourcing manufacturing, prototype development and distribution to third parties while focusing on product formulation and development. Operating in Karnataka, Andhra Pradesh and Telangana with plans to expand into West Bengal and Odisha, the company has developed 112 products across multiple therapeutic areas including acne treatment, anti-fungal, anti-histaminic, skin lightening and vitiligo solutions. The company derives all revenue from M/s. Amderma Healthcare LLP, a promoter group entity appointed as the carrying and forwarding agent, and benefits from its promoters' two decades of pharmaceutical industry experience and relationships with dermatologists and medical professionals.
Objects of the Issue
- Funding of working capital requirements of our Company ₹2,500 lakhs p.84
- Marketing and brand building activities ₹500 lakhs p.88
- General corporate purposes [To be finalized - not to exceed 25% of Gross Proceeds] p.84
Issue Structure
- Total Issue
- ₹[•] Lakhs (Upto 62,00,000 Equity Shares of ₹10 each)
- Fresh Issue
- ₹[•] Lakhs (Upto 50,00,000 Equity Shares of ₹10 each)
- Offer for Sale
- ₹[•] Lakhs (Upto 12,00,000 Equity Shares of ₹10 each by Promoter Group Selling Shareholders)
- Price Band
- ₹[•] to ₹[•] (Floor Price to Cap Price) - To be determined
- Lot Size
- [•] Equity Shares and in multiples of [•] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates an asset-light model where it focuses on product development and formulation while outsourcing manufacturing to 37 contract manufacturers, prototype development to third parties, and distribution/storage through M/s. Amderma Healthcare LLP (a promoter group entity). The company sells all products to Amderma, which handles storage, distribution and customer orders, receiving a margin not exceeding 4% on the purchase price. Revenue is derived entirely from sales to Amderma, which then distributes to end customers including wholesalers, doctors, hospitals and nursing homes.
Business Segments
SWOT Analysis
- • Asset-light, scalable business model with outsourced key functions(p.132)
- • Extensive derma-cosmetic product portfolio with 112 products across multiple therapeutic areas(p.132)
- • Strong promoter expertise with 20+ years cumulative experience in pharmaceutical industry(p.132)
- • Direct relationships with dermatologists for product development and validation(p.111)
- • Complete revenue dependence on single distributor (Amderma Healthcare LLP)(p.29)
- • Limited product innovation track record with discontinued products(p.111)
- • No in-house R&D department, dependent on external dermatologists(p.33)
- • Concentration risk with top 10 contract manufacturers representing 71% of expenses(p.31)
- • High working capital intensity with significant trade receivables(p.37)
- • Limited operating history since incorporation in 2017(p.37)
- • All premises on leasehold with risk of non-renewal(p.40)
- • Expansion into untapped geographic markets (West Bengal, Odisha)(p.134)
- • Growing derma-cosmetic market with strong industry CAGR(p.105)
- • India beauty market expected to reach $20 billion by 2025(p.109)
- • Increasing premiumization and consumer shift to ethical brands(p.107)
- • Rising demand for natural and organic products(p.109)
- • Growing prevalence of dermatological conditions driving demand(p.106)
- • Amderma breach or termination could eliminate all revenue channels(p.29)
- • Contract manufacturer quality failures or delays(p.32)
- • Intense competition from established and international brands(p.44)
- • Regulatory changes and stricter compliance requirements(p.43)
- • Geographic concentration risk in three states(p.36)
- • Dependency on key personnel, particularly promoters(p.47)
- • Pending trademark registration creates IP vulnerability(p.35)
- • Macroeconomic sensitivity affecting consumer spending(p.51)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anand Gandhi | Promoter | 40.57% | — |
| Tarun Gandhi | Promoter | 40.57% | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.