Astonea Labs
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 May 2025 – 29 May 2025
- Listing date
- 03 Jun 2025
- Face value
- ₹1 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹37.67 Cr
- Market cap at offer price
- ₹142 Cr
- Promoter holding
- 98.42% → 72.30% pre-issue → post-issue
- ISIN
- INE0TG901011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Oneview Corporate Advisors Pvt.Ltd.
- Registered office
- SCO 186-187, 2nd Floor, Cabin No.206, Sector 8 C, Sector 8, Chandigarh
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 | 7,90,000 | — | — |
| Market maker | 1,44,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹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.
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 (₹) | 4.93 | 5.20 |
| P/E (×) | 27.38 | 25.96 |
| Price to book (×) | 8.57 | — |
| Market cap | — | ₹142 Cr |
Key performance indicators
- Return on net worth
- 31.83%
- ROCE
- 22.95%
- Debt / equity
- 2.16
- PAT margin
- 4.75%
- EBITDA margin
- 14.60%
- NAV per share
- ₹15.75
- Price to book
- 8.57
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Astonea Labs
Astonea Labs Limited, incorporated on April 11, 2017, and converted to a public company on January 11, 2024, specializes in manufacturing and marketing a wide range of pharmaceutical and cosmetic products. The company manufactures antibiotic drugs, anticold medications, antihistamines, and drugs for diabetes, cardiovascular diseases, gynaecological concerns, analgesics, fungal infections, and multivitamins, alongside cosmetic products including skin, tooth, and hair care items in various forms such as gels, ointments, creams, lotions, oils, and serums. The company operates through multiple revenue streams: contract manufacturing for domestic and international clients, own-brand sales under brands 'Glow Up' and 'Regero' available through e-commerce platforms like Amazon and Tata 1MG, and direct exports to countries such as Iraq and Yemen. The company is planning to launch a new line of skincare products under the brand name 'Avicel' and has undergone a USFDA audit for OTC products, positioning itself for expansion into the United States market.
Company Analysis
from RHPAstonea Labs Limited manufactures and markets pharmaceutical drugs, cosmetic products, and provides contract manufacturing services in the pharmaceutical and cosmetics industries.
Astonea Labs Limited, incorporated on April 11, 2017, and converted to a public company on January 11, 2024, specializes in manufacturing and marketing a wide range of pharmaceutical and cosmetic products. The company manufactures antibiotic drugs, anticold medications, antihistamines, and drugs for diabetes, cardiovascular diseases, gynaecological concerns, analgesics, fungal infections, and multivitamins, alongside cosmetic products including skin, tooth, and hair care items in various forms such as gels, ointments, creams, lotions, oils, and serums. The company operates through multiple revenue streams: contract manufacturing for domestic and international clients, own-brand sales under brands 'Glow Up' and 'Regero' available through e-commerce platforms like Amazon and Tata 1MG, and direct exports to countries such as Iraq and Yemen. The company is planning to launch a new line of skincare products under the brand name 'Avicel' and has undergone a USFDA audit for OTC products, positioning itself for expansion into the United States market.
Objects of the Issue
- Funding of expenses proposed to be incurred towards registration in Bolivia, South America 128.97 lakhs p.24
- Purchase and Installation of plants and machineries on the 2nd floor of existing premises of the factory i.e., Haripur, Tehsil – Raipur Rani, District Panchkula, Haryana for ointment plant as per USFDA guidelines for export purposes 523.40 lakhs p.24
- Advertising, marketing and brand building 495.15 lakhs p.24
- Investment in procuring hardware and software 68.38 lakhs p.24
- Funding for working Capital requirements 1975.00 lakhs p.24
- General corporate purposes p.24
- Funding of expenses proposed to be incurred towards product registration in Bolivia, South America ₹128.97 Lakhs p.97
- Purchase and installation of plant and machineries for ointment production for the purpose of export in accordance with the international standards and protocols, on the 2nd floor of the Existing Premises ₹523.40 Lakhs p.100
- Advertising, marketing and brand building ₹495.15 Lakhs p.105
- Investment in procuring hardware and software ₹68.38 Lakhs p.106
- Funding of working capital requirements ₹1,975.00 Lakhs p.107
- General corporate purposes p.109
- Not specified in document - this is PART 3 of 6 covering pages 126-187
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs (aggregating 27,90,000 Equity Shares at face value ₹ 10/- each)
- Fresh Issue
- Fresh Issue of up to 27,90,000 Equity Shares of face value ₹ 10/- each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- NIL
- Price Band
- ₹ [●] (Floor Price) to ₹ [●] (Cap Price) per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company generates revenue through three primary channels: (1) contract manufacturing of pharmaceutical and cosmetic products for third-party clients both domestically and internationally, which accounted for 90.31% of revenue for the period ended December 31, 2024; (2) own-brand sales under 'Glow Up' and 'Regero' brands sold through direct distribution and e-commerce platforms, accounting for 9.69% of revenue for the same period; and (3) trading of packing materials and raw materials used in pharmaceutical and cosmetic products. The company manufactures products adhering to rigorous pharmaceutical and cosmetic industry standards.
Business Segments
SWOT Analysis
- • Experienced management team critical to business success(p.57)
- • Specialized technical capabilities in pharmaceutical and cosmetic manufacturing(p.57)
- • Experienced management with strong industry presence(p.189)
- • Wide and diverse product portfolio across pharmaceuticals and cosmetics(p.145)
- • Strong quality certifications and GMP compliance(p.138)
- • WHO-GMP certification and multiple quality accreditations(p.167)
- • Scalable business model with contract manufacturing capability(p.145)
- • Multi-brand portfolio with direct e-commerce presence(p.138)
- • Established group of related companies with complementary business operations(p.194)
- • Diversified product portfolio across pharmaceuticals and cosmetics(p.250)
- • Multiple product brands and market presence(p.250)
- • International manufacturing capability with USFDA compliance(p.250)
- • Strong revenue growth trajectory(p.256)
- • Improving profitability and margins(p.256)
- • Comprehensive quality certifications across manufacturing processes(p.268)
- • WHO-GMP certification demonstrating compliance with global manufacturing standards(p.268)
- • Organic certification enabling access to premium market segments(p.268)
- • Portfolio of registered trademarks providing brand protection(p.269)
- • Growing profitability with improving EBITDA trajectory(p.272)
- • Adequate net worth exceeding regulatory requirements(p.272)
- • Strong asset base with net tangible assets(p.272)
- • Non-compliance with OTC Monograph User Fee Program under FDA(p.33)
- • History of delayed and non-compliant RoC filings(p.34)
- • High dependence on contract manufacturing revenue (90.31% of revenue)(p.39)
- • Concentration of top 10 customers at 40.98% of revenue(p.49)
- • High dependence on top 10 suppliers (33.90% of purchases)(p.35)
- • Significant inventory buildup with suboptimal utilization(p.45)
- • Sole manufacturing facility in single geography (Panchkula, Haryana)(p.47)
- • Domain name registered under third-party (Astonea Foundation)(p.40)
- • Dependency on Senior Management Personnel creates key person risk(p.57)
- • High competition for qualified technical personnel limits talent retention(p.57)
- • Lack of adequate succession planning for key roles(p.57)
- • Promoter concentration creates conflict of interest risk(p.57)
- • Unsecured loans create demand repayment risk(p.59)
- • Working capital intensive business requires significant funding(p.59)
- • Related party transactions may not be on arm's length basis(p.58)
- • No provisions made for potential investment value decline(p.61)
- • High customer concentration with top 5 customers representing 30.64% of revenue(p.147)
- • Limited geographic market presence requiring national expansion(p.144)
- • Dependence on contract manufacturing revenues with limited branded product revenue(p.140)
- • Relatively low capacity utilization in certain product categories(p.150)
- • Reliance on contractual labor with associated compliance obligations(p.152)
- • High leverage with debt exceeding equity(p.237)
- • Significant dependence on few customers(p.258)
- • High working capital requirements with rising inventory levels(p.219)
- • Concentration of ownership and management in promoters(p.209)
- • Limited cash reserves relative to operations(p.220)
- • Significant outstanding litigation with a major customer(p.260)
- • Dependence on domain name registered under third-party entity creating potential loss of online presence(p.30)
- • High leverage ratio exceeding 1.5x indicating substantial debt burden(p.273)
- • Recent promoter changes reducing management stability(p.275)
- • Multiple trademark applications rejected or opposed indicating brand protection challenges(p.270)
- • Outstanding approvals and registrations not yet obtained(p.270)
- • Expansion into overseas markets including Bolivia registration(p.58)
- • International expansion with ointment production facility for export(p.95)
- • Growing own branded product portfolio (Glow Up and Regaro)(p.108)
- • Enhanced manufacturing capabilities compliant with international standards(p.100)
- • Significant growth potential in Indian pharmaceutical and cosmetics markets(p.131)
- • Growing demand for affordable generic medicines and vaccines(p.130)
- • Expanding e-commerce and digital channels for cosmetics and pharma distribution(p.144)
- • Rising consumer demand for natural and organic cosmetic products(p.135)
- • Export growth opportunities to regulated international markets(p.138)
- • Strategy to expand product portfolio and enter unexplored markets(p.145)
- • Expansion into e-commerce and direct-to-consumer channels(p.250)
- • International market expansion post-USFDA approval(p.250)
- • New product launches and brand development(p.250)
- • Contract manufacturing for third parties(p.250)
- • Leveraging established distribution network of group company(p.194)
- • Planned migration to main board once eligibility criteria are met(p.290)
- • Expansion of certified product portfolio categories through existing certifications(p.268)
- • Access to multiple distribution channels through diversified registered intermediaries(p.314)
- • Enhanced market reach through compulsory market-making for three years post-listing(p.290)
- • Regulatory changes in pharmaceutical and cosmetic industries(p.38)
- • Intense competition in pharmaceutical and cosmetics markets(p.48)
- • Risk of supply chain disruption from natural disasters and unrest(p.42)
- • Exposure to raw material price volatility and currency fluctuations(p.36)
- • Intellectual property claims from competitors(p.48)
- • Risk of natural disasters affecting Panchkula facility(p.47)
- • Regulatory non-compliance under Factories Act 1948(p.46)
- • Transportation and logistics cost volatility(p.55)
- • Regulatory barriers in overseas markets limit international expansion(p.58)
- • Price controls limit pricing power and profitability(p.58)
- • Government regulatory changes could disrupt operations(p.62)
- • GST implementation creates compliance complexity and cost(p.62)
- • Political instability and policy changes threaten business conditions(p.63)
- • Foreign exchange volatility impacts international operations(p.63)
- • India's sovereign credit rating downgrades could increase financing costs(p.63)
- • Global financial market instability affects Indian economy and markets(p.63)
- • Inflation volatility increases business costs(p.63)
- • Product pricing fluctuations adversely affect financial performance(p.60)
- • Brand reputation damage from quality issues or negative publicity(p.60)
- • Manufacturing capacity estimates based on assumptions may not materialize(p.60)
- • Intense competition from domestic and international pharmaceutical and cosmetic manufacturers(p.151)
- • Fluctuations in raw material prices impacting profitability(p.144)
- • Regulatory complexity and changes in government policies(p.144)
- • Supply chain disruptions and vulnerability of raw material availability(p.134)
- • High cost and long timelines of R&D with risk of clinical trial failures(p.134)
- • Rising pressure on drug pricing and generic competition(p.134)
- • Regulatory compliance and licensing risks in pharmaceuticals(p.252)
- • Customer concentration and receivables collection risk(p.219)
- • Intense competition in pharmaceutical and cosmetics sector(p.258)
- • Environmental compliance and pollution control requirements(p.266)
- • Commodity price volatility and raw material cost fluctuations(p.254)
- • Dependence on specific manufacturing facilities(p.204)
- • Regulatory risk from multiple pending approvals across state and central authorities(p.270)
- • Potential dispute risk with domain name holder affecting digital operations(p.30)
- • Trademark opposition and objections creating brand portfolio uncertainty(p.270)
- • Minimum allottee requirement for IPO viability with 50-shareholder threshold(p.286)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashish Gulati | Promoter | 96.40% | — |
| Ashish Gulati | Promoter | 96.40% | 70.81% |
| Harsh Gulati | Promoter Group | 0.98% | 0.72% |
| Usha Gulati | Promoter Group | 0.98% | 0.72% |
| Neha Dutta Gulati | Promoter Group | 0.06% | 0.05% |
| Ashish Gulati | Promoter | 96.40% | 70.81% |
| Ashish Gulati | Promoter | 96.40% | — |
| Usha Gulati | Promoter (subject to removal per board resolution dated March 12, 2024) | 0.98% | — |
| Harsh Gulati | Promoter (subject to removal per board resolution dated March 12, 2024) | 0.98% | — |
| Ashish Gulati | Promoter | — | — |
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.