Anlon Healthcare
Book Building issueMainboardBSE₹121 Cr issue
0.00%
Listing gain over issue price
Issue size
₹121 Cr
1 lot at cut-off
₹14,924
Lot size
164shares
Open
26 Aug 2025
Close
29 Aug 2025
Allotment
01 Sep 2025
Listing
03 Sep 2025
Listing performance
Issue price
₹91
Listed at
₹91
Listing-day close
₹91.73
Latest price
—
Listing gain
0.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Aug 2025 – 29 Aug 2025
- Listing date
- 03 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹91 per share
- Lot size
- 164 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹121 Cr
- Market cap at offer price
- ₹484 Cr
- Promoter holding
- 70.26% → 52.68% pre-issue → post-issue
- ISIN
- INE0Y8W01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- 101/102, Silvercoin Complex, Opp.Crystal Mall, Kalawad 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 |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 164 shares per lot, in multiples, at ₹91
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 164 | ₹14,924 |
| Retail (max) | 13 | 2,132 | ₹1,94,012 |
| S-HNI (min) | 14 | 2,296 | ₹2,08,936 |
| S-HNI (max) | 67 | 10,988 | ₹9,99,908 |
| B-HNI (min) | 68 | 11,152 | ₹10,14,832 |
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
0
Anchor portion
₹0 Cr
at ₹91 per share
Valuation and performance
Valuation at offer price
₹91 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.15 | 3.86 |
| P/E (×) | 17.67 | 23.58 |
| Price to book (×) | 4.51 | — |
| Market cap | — | ₹484 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 25.51%
- ROCE
- 21.93%
- Debt / equity
- 0.73
- PAT margin
- 17.06%
- EBITDA margin
- 26.88%
- NAV per share
- ₹20.18
- Price to book
- 4.51
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Anlon Healthcare
Anlon Healthcare Limited, incorporated in 2013 and converted to a public company in September 2024, manufactures high-purity advanced pharmaceutical intermediates and active pharmaceutical ingredients that serve as raw materials in the pharmaceutical industry. The company's products span pharmaceutical intermediates, APIs, nutraceutical APIs, personal care intermediates, and veterinary products, conforming to international standards (IP, BP, EP, JP, USP). Operating from a single facility in Rajkot, Gujarat, the company has commercialized over 65 products with an in-house R&D capability across four laboratories. It derives approximately 97% of revenue from domestic sales and 3% from exports across 15+ countries. The company holds ISO 9001:2015, GMP, and WHO-GMP certifications.
Company Analysis
from RHPAnlon Healthcare Limited is a chemical manufacturing company producing pharmaceutical intermediates and active pharmaceutical ingredients (APIs) for use in pharmaceutical formulations, nutraceuticals, personal care, and veterinary products.
Anlon Healthcare Limited, incorporated in 2013 and converted to a public company in September 2024, manufactures high-purity advanced pharmaceutical intermediates and active pharmaceutical ingredients that serve as raw materials in the pharmaceutical industry. The company's products span pharmaceutical intermediates, APIs, nutraceutical APIs, personal care intermediates, and veterinary products, conforming to international standards (IP, BP, EP, JP, USP). Operating from a single facility in Rajkot, Gujarat, the company has commercialized over 65 products with an in-house R&D capability across four laboratories. It derives approximately 97% of revenue from domestic sales and 3% from exports across 15+ countries. The company holds ISO 9001:2015, GMP, and WHO-GMP certifications.
Pharmaceutical intermediatesActive Pharmaceutical Ingredients (APIs)Nutraceutical APIsPersonal care productsVeterinary/animal health products
Objects of the Issue
- Funding capital expenditure requirements for the expansion of the Manufacturing Facility ₹3,071.95 lakhs p.29
- Full or part repayment and/or pre-payment of certain outstanding secured borrowing (term loan) ₹500.00 lakhs p.29
- Funding the Working capital requirement ₹4,315.00 lakhs p.29
- General corporate purposes Not to exceed 25% of Gross Proceeds p.29
- Proposed Expansion including funding working capital requirements and construction of project building p.56
- Construction of project building forming part of Proposed Expansion ₹321.95 lakhs p.56
- Funding working capital requirements ₹1,030.00 lakhs (FY2026) and ₹3,285.00 lakhs (FY2027) p.61
- Prepayment or repayment of outstanding borrowings p.72
- General corporate purposes p.76
- Funding capital expenditure requirements for expansion of our Manufacturing Facility (Proposed Expansion) ₹3,071.95 lakhs p.125
- Full or part repayment and/or prepayment of certain outstanding secured borrowings (term loan) availed by our Company ₹500.00 lakhs p.125
- Funding the working capital requirements of our Company ₹4,315.00 lakhs p.125
- General corporate purposes [●] p.125
- Funding capex for the new manufacturing plant p.210
- Repayment of borrowings ₹500.00 lakhs p.211
Issue Structure
- Total Issue
- Up to 1,33,00,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Fresh Issue of up to 1,33,00,000 Equity Shares aggregating up to ₹[●] Lakh
- Offer for Sale
- Not Applicable
- Price Band
- To be decided by the Company in consultation with the BRLM (Floor Price and Cap Price within 120% of Floor Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures and sells pharmaceutical intermediates and APIs on a B2B basis to pharmaceutical companies, nutraceutical manufacturers, personal care companies, and animal health product manufacturers. Revenue is generated through direct sales governed by short-term purchase orders without long-term supply contracts. The business model relies on custom API development, regulatory approvals (Drug Master Files), and compliance with international pharmacopeia standards.
Business Segments
APIs serve as raw material for preparation of various types of FDF such as tablets, capsules, ointments, syrups, etc.
Manufacturing of APIs that serve as raw materials for pharmaceutical formulations
APIs serve as raw material for preparation of dietary supplements
APIs serve as raw material for preparation of personal care products, particularly piroctone olamine which is used in anti-dandruff products
Manufacture and sale of active pharmaceutical ingredients
Manufacture and sale of finished dosage formulations
Manufacture and sale of nutraceutical products
Serves as raw material in the manufacturing of Active Pharmaceutical Ingredients (APIs)
Serves as raw material for pharmaceutical formulations in preparation of various types of Finished Dosage Formula (FDF) such as tablets, capsules, ointments, syrups, ingredients in nutraceutical formulations, personal care products and animal health products
Serve as key starting material or as an advance intermediate for the manufacturing of APIs. The company manufactures 22 commercialized pharma intermediates including 3-(1-cyanoethyl) benzoic acid, Ketoprofen Ethyl Ester, 2-Phenylpropanoic acid, Loxoprofen Acid, N-methyl Desloratadine, and others.
Serves as raw material for pharmaceutical formulations in preparation of various types of Finished Dosage Formula (FDF) such as tablets, capsules, ointments, syrup etc. The company manufactures 18 commercialized APIs including Ketoprofen, Dexketoprofen trometamol, Loxoprofen Sodium Dihydrate, Rivaroxaban, Silodosin, Tolfenamic acid, and others.
Serves as raw material for preparation of dietary supplements and nutraceutical formulations. The company manufactures 20 commercialized nutraceutical APIs including L-Arginine, L-Carnitine L-Tartrate, L-Glutamine, Histidine hydrochloride Monohydrate, Cysteine Hydrochloride, N-Acetyl L-Cysteine, Taurine, and others.
The company's APIs serve as raw material for pharmaceutical companies manufacturing finished dosage formulations.
Supplies ingredients for personal care products, particularly Piroctone olamine which is used in anti-dandruff products, along with Sodium sarcosine 40% and Ethyl 2-Phenylpropionate.
Manufactures APIs for veterinary pharmaceuticals including Ketoprofen and Tolfenamic Acid for animal health products.
Manufacturing of high purity advance pharmaceutical intermediates which serve as raw material/key starting material in the manufacturing of active pharmaceutical ingredients, and active pharmaceutical ingredients which serve as raw material for pharmaceutical formulations in preparation of various types of Finished Dosage Formula such as tablets, capsules, ointments, syrups etc, and ingredients in nutraceuticals formulations, personal care products and animal health products.
SWOT Analysis
Strengths
- • Diversified product portfolio across pharma intermediates, APIs, and nutraceuticals with 65+ commercialized products(p.38)
- • International quality certifications and regulatory approvals from major markets(p.26)
- • Manufacturing facility holds ISO 9001:2015, GMP, and WHO-GMP certifications(p.38)
- • Strong in-house R&D capability with four dedicated laboratories for product development(p.50)
- • Growing product pipeline with 142 total products in various development stages(p.51)
- • No historical product safety incidents(p.53)
- • Established distributor network(p.53)
- • Growing capacity utilization(p.55)
- • Experienced promoter-led management(p.55)
- • Strong product portfolio with commercialized and development-stage products(p.147)
- • Scalable business model with established customer base(p.147)
- • High barriers to entry due to long customer approval cycles and strict product standards(p.147)
- • In-house quality control and testing capabilities(p.147)
- • Experienced promoters and management team(p.147)
- • Improved EBITDA and profitability metrics with strong growth trajectory(p.150)
- • One of few Indian manufacturers of Loxoprofen Sodium Dihydrate, a high-value NSAID API(p.207)
- • Diverse product portfolio spanning pharma intermediates, APIs, nutraceuticals, personal care, and veterinary products(p.208)
- • Regulatory approvals from major jurisdictions (Brazil, Japan, China) for key API products(p.208)
- • In-house QA/QC and R&D capabilities with four testing laboratories(p.209)
- • High entry barriers due to long customer approval cycles and strict product standards(p.209)
- • Manufacturing facility audited and approved by 33 customers and regulatory authorities with zero cancellations(p.209)
- • Experienced management team with 15+ years collective industry experience(p.208)
- • Expanded product portfolio from 10 commercialized products (FY2018) to 65 (FY2025)(p.210)
- • Experienced leadership with deep pharmaceutical industry expertise(p.240)
- • Rare manufacturing capability for key APIs(p.302)
- • Multiple international regulatory approvals for key products(p.303)
- • Diversified product portfolio across development stages(p.303)
- • Strong profitability improvement with EBITDA margin expansion(p.307)
- • Significant revenue growth recovery(p.306)
Weaknesses
- • Revenue highly concentrated in top 10 customers (77.70% in FY2025)(p.42)
- • Significant dependence on top 10 suppliers for raw materials (89.66% of purchases in FY2025)(p.49)
- • High trade receivable turnover days indicating stretched working capital (174 days in FY2025)(p.46)
- • Negative operating cash flows with sharp deterioration (₹-2,255.17 lakhs in FY2025)(p.46)
- • Manufacturing facility recently non-operational for 4 months due to regulatory audit(p.40)
- • Limited operating history in manufacturing since 2017(p.39)
- • No long-term purchase agreements with customers, reliance on short-term purchase orders(p.42)
- • None of the Directors have experience managing a public listed company(p.49)
- • High debt-equity ratio vs peers(p.53)
- • Significant unsecured demand loans(p.69)
- • High working capital requirements(p.57)
- • Rising employee attrition(p.75)
- • Trademark registration objections(p.72)
- • Unresolved regulatory compliance issues(p.65)
- • Delays in statutory dues payment(p.65)
- • Contingent GST liabilities exceed 10% of PAT(p.69)
- • High working capital requirements and days outstanding(p.150)
- • Significant outstanding debt burden requiring repayment(p.139)
- • Single manufacturing facility concentration(p.126)
- • Proposed expansion not yet appraised by independent financial institution(p.127)
- • Past compliance irregularities with corporate actions(p.124)
- • High customer concentration with top 10 customers accounting for 77.7% of revenue(p.203)
- • Only 3.24% of revenue from exports in FY2025, down from 9.93% in FY2024(p.204)
- • Declining customer base from 48 customers (FY2023) to 38 customers (FY2025)(p.216)
- • High supplier concentration with top 10 suppliers accounting for 89.66% of purchases in FY2025(p.219)
- • Significant debt-to-equity ratio of 3.55x in FY2024, though improving to improved from 9.00x in FY2023(p.196)
- • Net profit margin contracted to 5.9% in FY2023 from 10.4% in FY2022(p.196)
- • Single manufacturing facility location creating geographic concentration risk(p.216)
- • Capacity utilization dropped significantly to 38.25% in FY2024 from 79% in FY2023(p.217)
- • High concentration of shareholding among promoters(p.253)
- • Significant unsecured borrowings from directors and related entities(p.279)
- • Substantial pending GST demands with contingent liability exposure(p.284)
- • Negative operating cash flow despite profitability(p.309)
- • Heavy reliance on working capital financing with restrictive covenants(p.296)
- • Limited export presence relative to domestic sales(p.306)
- • High concentration of receivables in single customer; promoter death creates uncertainty(p.311)
- • Slow customer recovery rates and large receivables outstanding(p.311)
- • Significant aged payables; material creditors with outstanding dues(p.311)
- • Does not meet minimum financial criteria for IPO eligibility(p.323)
Opportunities
- • Expanding Indian pharmaceutical industry with expected CAGR of 10% through FY2030(p.26)
- • Government initiatives to reduce API import dependency, reducing reliance on China(p.47)
- • Opportunity to expand international footprint across new export markets(p.51)
- • Potential to increase export revenue given current low export contribution (3.24% in FY2025)(p.45)
- • Planned manufacturing facility expansion to increase production capacity(p.30)
- • Capacity expansion to boost output(p.56)
- • Working capital funding to support growth(p.64)
- • Export market expansion opportunity(p.60)
- • Debt prepayment to reduce leverage(p.72)
- • Expanding capacity to capitalize on rising export demand and China+1 strategy(p.138)
- • Growing nutraceuticals market demand for APIs(p.167)
- • Increasing personal care and cosmeceutical products demand(p.168)
- • Strong Indian pharmaceutical industry growth and export opportunities(p.166)
- • PLI scheme reducing import dependency and supporting domestic API manufacturing(p.180)
- • Growing prevalence of lifestyle diseases driving pharmaceutical demand(p.168)
- • Indian pharmaceutical industry projected to grow at 10% CAGR to reach INR 7,327 Bn by FY2030(p.206)
- • India's API market expected to grow at 13.7% CAGR with strong government support(p.206)
- • China+1 strategy driving demand for alternative API suppliers, with India as preferred destination(p.211)
- • Rising demand for nutraceutical APIs projected to grow at 10-12% CAGR(p.207)
- • Government PLI scheme providing INR 15,000 crore in incentives for pharmaceutical manufacturing(p.182)
- • Bulk Drug Parks scheme with INR 3,000 crore budget to reduce manufacturing costs(p.188)
- • Planned capacity expansion from 400 MTPA to 1,100 MTPA through new manufacturing plant(p.210)
- • Export opportunity with India ranked as third-largest producer of APIs globally with 8% market share(p.206)
- • Expansion through pending Drug Master File approvals in multiple markets(p.303)
- • Custom manufacturing and complex chemical synthesis offerings(p.303)
- • Growth in nutraceuticals, personal care and veterinary API segments(p.302)
- • Leveraging international manufacturing approvals to capture export markets(p.302)
- • Scale existing manufacturing capacity with improved operational efficiency(p.307)
- • Expansion in pharmaceutical intermediates and APIs manufacturing(p.320)
- • Overseas export market participation(p.319)
- • Quality certification enabling market access(p.320)
Threats
- • Intense competition from low-cost API imports, with China supplying two-thirds of India's API imports(p.47)
- • Over 70-75% of Indian pharmaceutical industry's API requirements met by imports, creating dependency(p.47)
- • API pricing regulations by NPPA limit profitability for essential medicines(p.47)
- • Geographic concentration of manufacturing in Gujarat exposes to regional disruption risks(p.46)
- • Domestic sales concentrated in four states (83% in FY2025), creating regional concentration risk(p.51)
- • Risk of supply chain disruption from global events (e.g., COVID-19 impact on China APIs)(p.47)
- • Pharmaceutical industry subject to rapid innovation and product obsolescence(p.44)
- • Intense competition from domestic and multinational players(p.61)
- • Pricing pressure from competitors(p.61)
- • Foreign exchange volatility(p.60)
- • Dependence on third-party logistics(p.62)
- • Hazards from handling flammable chemicals(p.59)
- • Regulatory approvals risk for expansion(p.56)
- • Regulatory compliance and licensing risks(p.63)
- • Raw material supply disruptions(p.55)
- • Utility supply interruptions(p.75)
- • Global economic slowdown and tariff uncertainties affecting demand(p.159)
- • High dependency on Chinese API imports creating supply disruption risk(p.179)
- • Regulatory risks including product quality standards and compliance requirements(p.141)
- • Working capital financing challenges with limited bank support(p.139)
- • Intense competition from established pharmaceutical manufacturers(p.149)
- • Currency fluctuation and commodity price volatility risks(p.127)
- • India's API market 70% dependent on imports, primarily from China, creating supply chain vulnerability(p.187)
- • Strong competition from Chinese API manufacturers with lower costs(p.191)
- • Raw material costs increased over 100% since pre-pandemic levels(p.193)
- • High capital investment required for API manufacturing acts as entry barrier(p.191)
- • Stringent environmental regulations increasing operational costs(p.188)
- • Volatility in API pricing and raw material costs(p.193)
- • Regulatory compliance complexity requiring frequent audits by international agencies like USFDA(p.189)
- • Industry cyclicality and potential market saturation in generic drugs(p.191)
- • Extensive regulatory compliance requirements across multiple jurisdictions(p.304)
- • Manufacturing facility subject to frequent customer and regulatory audits(p.304)
- • Operational disruptions from regulatory compliance requirements(p.308)
- • Raw material availability and cost volatility(p.304)
- • Technology adaptation risks in competitive industry(p.304)
- • Restrictive covenants limiting operational and capital flexibility(p.300)
- • Exposure to commodity price volatility with no hedging in place(p.311)
- • Foreign exchange risk from USD-denominated transactions(p.312)
- • Floating rate interest rate risk on debt(p.312)
- • Inflation risk impacting cost estimation and control(p.312)
- • Dependence on limited number of customers(p.313)
- • Intense competition in domestic and international markets(p.313)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Punitkumar R. Rasadia | Promoter | 46.65% | — |
| Meet Atulkumar Vachhani | Promoter | 23.61% | — |
| Mamata Punitkumar Rasadia | Promoter | — | — |
| Punitkumar R. Rasadia | Promoter | — | — |
| Meet Atulkumar Vachhani | Promoter | — | — |
| Punitkumar R. Rasadia | Promoter | 46.65% | [●] |
| Meet Atulkumar Vachhani | Promoter | 23.61% | [●] |
| Mamata Punitkumar Rasadia | Promoter | — | — |
| Punitkumar Rasadia | Promoter | — | — |
| Meet Vachhani | Promoter | — | — |
| Punitkumar R. Rasadia | Promoter | 46.65% | — |
| Meet Atulkumar Vachhani | Promoter | 23.61% | — |
| Mamata Punitkumar Rasadia | Promoter | 0% | — |
| Punitkumar R. Rasadia | Promoter | — | — |
Leadership
Punitkumar R. Rasadia · Chairman and Managing Director
Meet Atulkumar Vachhani · Whole-Time Director/Executive Director
Amita Chhaganbhai Pragada · Company Secretary and Compliance Officer
Hitesh Bavanjibhai Makwana · Chief Financial 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.
Anlon Healthcare IPO FAQs
What is the lot size of Anlon Healthcare IPO?
The minimum lot size of Anlon Healthcare IPO is 164 shares. One lot costs ₹14,924 at the cut-off price.
When does Anlon Healthcare IPO open and close?
Anlon Healthcare IPO opened for subscription on 26 Aug 2025 and closed on 29 Aug 2025.
What is the listing date of Anlon Healthcare IPO?
Anlon Healthcare IPO listed on 03 Sep 2025.