Aptus Pharma
Book Building issueSME₹13.02 Cr issue
+15.43%
Listing gain over issue price
Issue size
₹13.02 Cr
1 lot at cut-off
₹1,40,000
Lot size
2,000shares
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Listing performance
Issue price
₹70
Listed at
₹80.80
Listing-day close
₹84.84
Latest price
₹491.50
Close on 23 Oct 2026
Listing gain
+15.43%
Return since issue
+1655.36%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Sep 2025 – 25 Sep 2025
- Listing date
- 30 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹13.02 Cr
- Market cap at offer price
- ₹48.02 Cr
- Promoter holding
- 100.00% → 72.89% pre-issue → post-issue
- ISIN
- INE15XJ01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- Ashutosh Buildcon, Opp.Slok-2, Nr.Harikrupa Logistic Park, Aslali, Daskroi, 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 | 5,28,000 | — | — |
| Market maker | 94,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
5,28,000
Anchor portion
₹3.70 Cr
at ₹70 per share
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.20 | 4.52 |
| P/E (×) | 11.29 | 15.49 |
| Market cap | — | ₹48.02 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.50%
- ROCE
- 45.66%
- Debt / equity
- 1.49
- PAT margin
- 12.62%
- EBITDA margin
- 19.31%
- NAV per share
- ₹13.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aptus Pharma
Aptus Pharma Limited was originally incorporated as a private limited company on August 12, 2010, and converted to a public limited company on December 12, 2024. The company operates in the business of marketing and distribution of finished pharmaceutical formulations. Rather than owning manufacturing facilities, Aptus operates through a contract manufacturing model, with seven contract manufacturers supplying products. The company provides a diverse range of pharmaceutical products across therapeutic categories including anti-infectives, gastrointestinal, antacids, anti-allergic and respiratory, nutritional supplements, pain management, neuro-psychiatric, cardiovascular, anti-diabetic, lipid-lowering, and general wellness products in various dosage forms. The company's revenue from operations has grown from ₹1,389.73 lakhs in FY2023 to ₹2,455.77 lakhs in FY2025, with profitability improving significantly.
Company Analysis
from RHPAptus Pharma Limited is a pharmaceutical marketing and distribution company offering diverse formulation products across multiple therapeutic categories through a contract manufacturing model.
Aptus Pharma Limited was originally incorporated as a private limited company on August 12, 2010, and converted to a public limited company on December 12, 2024. The company operates in the business of marketing and distribution of finished pharmaceutical formulations. Rather than owning manufacturing facilities, Aptus operates through a contract manufacturing model, with seven contract manufacturers supplying products. The company provides a diverse range of pharmaceutical products across therapeutic categories including anti-infectives, gastrointestinal, antacids, anti-allergic and respiratory, nutritional supplements, pain management, neuro-psychiatric, cardiovascular, anti-diabetic, lipid-lowering, and general wellness products in various dosage forms. The company's revenue from operations has grown from ₹1,389.73 lakhs in FY2023 to ₹2,455.77 lakhs in FY2025, with profitability improving significantly.
pharmaceuticalspharmaceutical distributionhealthcare
Objects of the Issue
- Capital Expenditure for Office Premises with furniture and Industrial Racks ₹162.95 lakhs p.26
- Working Capital ₹800.00 lakhs p.26
- General corporate purposes p.26
- Capital Expenditure for Office Premises with furniture and Industrial Racks ₹162.95 lakhs p.88
- Working Capital ₹800.00 lakhs p.88
- General corporate purposes p.88
- Not specified in this document section
Issue Structure
- Total Issue
- 18,60,000 equity shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Fresh Issue
- 18,60,000 equity shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10/- per equity share
Business Model
Marketing and distribution of finished pharmaceutical formulations through contract manufacturing arrangements with third-party manufacturers; the company places purchase orders with contract manufacturers (average lead time 60 days) and markets products under proprietary brand names to customers primarily in Gujarat.
Business Segments
Marketing and distribution of finished pharmaceutical formulations across therapeutic categories including anti-infectives, gastrointestinal, antacids, anti-allergic and respiratory, nutritional supplements, pain management, neuro-psychiatric, cardiovascular, anti-diabetic, lipid-lowering, and general wellness products in various dosage forms
Focused on acute therapies including general anti-infectives, pain management, antacids, and gastrointestinal drugs
Dedicated to chronic therapies, including anti-hypertensive, anti-diabetic, and lipid-lowering
Offers wellness and nutraceutical products, over-the-counter (OTC) formulations, and personal care products
Focused on exploring and developing opportunities in overseas markets, particularly in semi-regulated and emerging countries. As of the date of the Red Herring Prospectus, the Company has not commenced export of its products but is actively pursuing potential opportunities
Operates as one of three operational divisions established in 2022-2024
Operates as one of three operational divisions established in 2022-2024
Operates as one of three operational divisions established in 2022-2024
Not specified in this document section
SWOT Analysis
Strengths
- • Established pharmaceutical marketing and distribution company with diverse product portfolio(p.25)
- • 32 registered trademarks across multiple product classes(p.33)
- • Growing revenue trajectory with strong profitability improvements(p.27)
- • Multiple therapeutic product categories across diverse dosage forms(p.25)
- • Diversified product portfolio across 11+ therapeutic segments(p.114)
- • Multiple dosage forms enhancing patient compliance and adaptability(p.114)
- • Robust centralized distribution network with 6-month rolling inventory(p.114)
- • Strategic manufacturing alliances with WHO-GMP certified partners(p.115)
- • Rigorous quality assurance framework with real-time batch testing(p.115)
- • Competitive pricing enabled by asset-light model(p.115)
- • Experienced leadership with 20+ years in pharmaceuticals(p.116)
- • Skilled field force with low attrition rate and performance incentives(p.115)
- • Established pharmaceutical distribution network across Gujarat with full geographical coverage(p.182)
- • Diversified product portfolio across multiple therapeutic categories(p.239)
- • Strong growth in revenue and profitability over three years(p.240)
- • Multiple quality and business excellence awards recognizing operational strength(p.182)
- • Improved EBITDA margin and operational efficiency(p.241)
- • No material defaults or rescheduling with financial institutions(p.183)
Weaknesses
- • Complete reliance on contract manufacturers with no owned manufacturing capacity(p.32)
- • High customer concentration risk with top 10 customers representing 48.84% of revenue in FY25(p.33)
- • Negative operating cash flows for three consecutive fiscal years(p.35)
- • High working capital intensity with significant inventory and receivables requirements(p.35)
- • Corporate logo not registered with trademark authority, only pending registration(p.36)
- • History of delays in statutory compliance filings including GST, PF, and RoC returns(p.36)
- • Multiple instances of late filing of RoC forms with additional fees imposed(p.37)
- • Significant indebtedness with outstanding borrowings of ₹438.67 lakhs as of March 31, 2025(p.35)
- • Operational dependence on contract manufacturers without owned facilities(p.156)
- • Limited geographic presence concentrated in Gujarat (99.2% of revenue)(p.112)
- • Informal manufacturing arrangements with 5 out of 7 contract manufacturers(p.112)
- • High reliance on a small set of contract manufacturers for production(p.112)
- • Thin net profitability margins(p.149)
- • Heavy dependence on top 10 customers for majority of revenue(p.244)
- • Reliance on informal contract manufacturing arrangements(p.239)
- • Significant increase in finance costs and borrowing burden(p.241)
- • Negative operating cash flow despite profitability(p.243)
- • High debt-to-equity ratio indicating leverage(p.233)
- • Pending trademark infringement litigation(p.184)
- • Declining current ratio signaling liquidity pressure(p.248)
- • High debt-to-equity ratio and elevated leverage(p.248)
- • Declining inventory turnover indicating potential inventory management issues(p.248)
- • Worsening trade receivable collection efficiency(p.248)
- • Sharp decline in net capital turnover indicating inefficient asset utilization(p.248)
- • Material trademark infringement litigation restricting commercial use(p.251)
- • Regulatory prohibition on fixed-dose combination product affecting operations(p.252)
Opportunities
- • Indian pharmaceutical market projected to reach US$ 130 billion by 2030 and US$ 450 billion by 2047(p.25)
- • Strong growth trajectory in Indian pharmaceutical sector with CAGR of 22.4% expected(p.25)
- • India's position as global pharmaceutical hub with 3rd ranking by volume and established export base(p.25)
- • Government initiatives to boost medical devices industry targeting US$ 50 billion by 2030(p.25)
- • Indian healthcare industry projected to reach over US$ 610 billion by 2026(p.25)
- • Strong bioeconomy with India's bioeconomy valued at US$ 137 billion in 2022 and target of US$ 300 billion by 2030(p.25)
- • Expansion to new geographical markets beyond Gujarat(p.39)
- • Significant geographical expansion into new states(p.117)
- • Growing chronic disease treatment market in India(p.111)
- • Indian pharma market projected to reach US$ 130 billion by 2030(p.108)
- • Strong government support through PLI scheme and medical device policies(p.107)
- • Rising OTC and wellness product demand in India(p.113)
- • Export potential with 20% of global generic drug exports currently from India(p.108)
- • Government initiatives expanding access through Pradhan Mantri Bhartiya Jan Aushadhi Kendras(p.107)
- • Geographic expansion beyond Gujarat to other states(p.182)
- • Expansion of in-house manufacturing capabilities(p.181)
- • Growing pharmaceutical market and demand for essential therapeutic products(p.182)
- • Expand product portfolio and therapeutic segments(p.182)
- • Leverage existing infrastructure for contract manufacturing and distribution(p.181)
Threats
- • Dependency on limited number of contract manufacturers with top 5 manufacturers contributing 77.88% of purchases(p.32)
- • Risk of supply disruptions and quality issues from contract manufacturers(p.32)
- • Requirement to obtain and maintain multiple statutory and regulatory permits and approvals(p.33)
- • Product liability exposure from defective medicines despite manufacturing agreements lacking pre-determined indemnity provisions(p.34)
- • Dependence on medical practitioners for business operations(p.34)
- • Concentration of warehousing facilities in Gujarat only, creating regional vulnerability(p.38)
- • 99.20% of revenue concentrated in Gujarat region in FY25(p.39)
- • Reliance on third-party transportation providers with exposure to service disruptions and cost inflation(p.39)
- • Exposure to Indian tax regime changes including GST and GAAR provisions(p.47)
- • Vulnerability to Indian economic slowdown and macroeconomic factors(p.48)
- • Risk from natural calamities and force majeure events(p.47)
- • Intense competition in pharmaceutical sector with lack of specialized/niche products(p.117)
- • Government policy changes affecting pricing and drug regulation(p.149)
- • Regulatory risks from pending trademark oppositions on key brand names(p.161)
- • Dependence on few geographic markets creates revenue concentration risk(p.154)
- • Reliance on distributor network for market access and sales(p.112)
- • Regulatory changes and compliance requirements in pharmaceutical industry(p.239)
- • Intense competition from existing and new pharmaceutical companies(p.239)
- • Supply chain disruption risk from multiple contract manufacturers(p.239)
- • Dependence on continuation of loan and license agreements with manufacturers(p.239)
- • Economic sensitivity and fiscal policy changes(p.239)
- • Risk of losing key management personnel(p.239)
- • Pressure to maintain quality standards and customer compliance(p.239)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tejash Maheshchandra Hathi | Promoter | 15.5% | 11.30% |
| Chatrabhuj Vallabhbhai Butani | Promoter | 4.5% | 3.28% |
| Kapilbhai Hasmukhbhai Chandarana | Promoter | 15.5% | 11.30% |
| Ghanshyam Vinubhai Pansuriya | Promoter | 7.0% | 5.10% |
| Milly Chetan Lalseta | Promoter | 11.5% | 8.38% |
| Riddhish Natwarlal Tanna | Promoter | 11.5% | 8.38% |
| Gaurang Rameshchandra Thakker | Promoter | 11.5% | 8.38% |
| Kripaliben Mayank Thakker | Promoter | 11.5% | 8.38% |
| Kunjal Piyushbhai Unadkat | Promoter | 11.5% | 8.38% |
| Tejash Maheshchandra Hathi | Promoter | 15.50% | 11.30% |
| Chatrabhuj Vallabhbhai Butani | Promoter | 4.50% | 3.28% |
| Kapilbhai Hasmukhbhai Chandarana | Promoter | 15.50% | 11.30% |
| Riddhish Natwarlal Tanna | Promoter | 11.50% | 8.38% |
| Gaurang Rameshchandra Thakker | Promoter | 11.50% | 8.38% |
| Milly Chetan Lalseta | Promoter | 11.50% | 8.38% |
| Kripaliben Mayank Thakker | Promoter | 11.50% | 8.38% |
| Kunjal Piyushbhai Unadkat | Promoter | 11.50% | 8.38% |
| Ghanshyam Vinubhai Pansuriya | Promoter | 7.00% | 5.10% |
| Tejash Maheshchandra Hathi | Promoter | — | — |
| Chatrabhujbhai Butani | Promoter | — | — |
| Ghanshyam Vinubhai Pansuriya | Promoter | — | — |
| Kapilbhai Hasmukhbhai Chandarana | Promoter | — | — |
| Milly Chetan Lalseta | Promoter | — | — |
| Riddhish Natwarlal Tanna | Promoter | — | — |
| Gaurang Rameshchandra Thakker | Promoter | — | — |
| Kripaliben Mayank Thakker | Promoter | — | — |
| Kunjal Piyushbhai Unadkat | Promoter | — | — |
| Tejash Maheshchandra Hathi | Promoter/Managing Director | 15.50% | 11.30% |
| Milly Chetan Lalseta | Promoter | 11.50% | — |
| Riddhish Natwarlal Tanna | Promoter/Non-Executive Director | 11.50% | 8.38% |
| Kapilbhai Hasmukhbhai Chandarana | Promoter/Chief Financial Officer | 15.50% | 11.30% |
| Ghanshyam Vinubhai Pansuriya | Promoter/Chief Executive Officer | 7.00% | 5.10% |
| Chatrabhuj Vallabhbhai Butani | Promoter | 4.50% | — |
| Gaurang Rameshchandra Thakker | Promoter | 11.50% | — |
| Kripaliben Mayank Thakker | Promoter | 11.50% | — |
| Kunjal Piyush Unadkat | Promoter | 11.50% | — |
| Kripali Mayank Thakkar | Promoter | — | — |
Leadership
Tejash Maheshchandra Hathi · Managing Director
Kapilbhai Hasmukhbhai Chandarana · CFO
Ghanshyam Vinubhai Pansuriya · CEO
Mohini Hardikbhai Gandhi · Company Secretary and 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.
Offer documents
Aptus Pharma IPO FAQs
What is the lot size of Aptus Pharma IPO?
The minimum lot size of Aptus Pharma IPO is 2,000 shares. One lot costs ₹1,40,000 at the cut-off price.
When does Aptus Pharma IPO open and close?
Aptus Pharma IPO opened for subscription on 23 Sep 2025 and closed on 25 Sep 2025.
What is the listing date of Aptus Pharma IPO?
Aptus Pharma IPO listed on 30 Sep 2025.