Avience Biomedicals SME
Book Building issueSMENSE SME₹30.24 Cr issue
+90.00%
Listing gain over issue price
Price band
₹208
Issue size
₹30.24 Cr
1 lot at cut-off
₹1,24,800
Lot size
600shares
Open
18 Jun 2026
Close
22 Jun 2026
Allotment
23 Jun 2026
Listing
25 Jun 2026
Listing performance
Issue price
₹208
Listed at
₹395.20
Listing-day close
₹414.95
Latest price
₹290.90
Listing gain
+90.00%
Return since listing
+39.86%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹145 +69.71%
25 Jun, 09:36 am
19 Jun 2026 Range ₹0 – ₹145 over 7 days 25 Jun 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 25 Jun 2026 | ₹145 | +69.71% | ₹66,100 | ₹353 | ₹87,000 |
| 24 Jun 2026 | ₹145 | +69.71% | ₹66,100 | ₹353 | ₹87,000 |
| 23 Jun 2026 | ₹95 | +45.67% | ₹43,300 | ₹303 | ₹57,000 |
| 22 Jun 2026 | ₹72 | +34.62% | ₹32,800 | ₹280 | ₹43,200 |
| 21 Jun 2026 | ₹70 | +33.65% | ₹31,900 | ₹278 | ₹42,000 |
| 20 Jun 2026 | ₹85 | +40.87% | ₹38,800 | ₹293 | ₹51,000 |
| 19 Jun 2026 | ₹85 | +40.87% | ₹38,800 | ₹293 | ₹51,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 18 Jun 2026 – 22 Jun 2026
- Listing date
- 25 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹208
- Issue price
- ₹208 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- NSE SME
- Total issue size
- ₹30.24 Cr
- Market cap at offer price
- ₹114 Cr
- Promoter holding
- 87.89% → 64.59% pre-issue → post-issue
- ISIN
- INE0V9I01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fintellectual Corporate Advisors Pvt.Ltd.
- Registered office
- C-11, Block-C, Community Centre, Janakpuri A-3, New Delhi
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 | 4,09,800 | — | — |
| Market maker | 82,200 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹208
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,24,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 5,400 | ₹11,23,200 |
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
4,09,800
Anchor portion
₹8.52 Cr
at ₹208 per share
Valuation and performance
Valuation at offer price
₹208 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.94 | 12.56 |
| P/E (×) | 11.59 | 16.56 |
| Price to book (×) | 3.68 | — |
| Market cap | — | ₹114 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 49.89%
- ROCE
- 24.84%
- Debt / equity
- 0.97
- PAT margin
- 15.86%
- EBITDA margin
- 25.22%
- NAV per share
- ₹56.50
- Price to book
- 3.68
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Avience Biomedicals SME
Avience Biomedicals Limited (formerly Avience Biomedicals Private Limited) was incorporated on December 23, 2019, and converted to a public limited company on September 3, 2024. Recognized under the Make in India Mission, the company commenced by producing essential diagnostic kits including Viral Transport Media, COVID, HIV, HBsAG, Malaria, and Dengue tests. It has since expanded its product range from IVD rapid test kits to include serology products, biochemistry analyzers and reagents, addressing various healthcare needs. The company operates through manufacturing and trading segments, with significant revenue from trading of medical devices and equipment sourced from third parties, while also engaging in in-house manufacturing of diagnostic products.
Company Analysis
from RHPAvience Biomedicals is an in vitro diagnostics and medical devices company that manufactures diagnostic kits, serology products, biochemistry analyzers and reagents, serving the healthcare sector across India and export markets.
Avience Biomedicals Limited (formerly Avience Biomedicals Private Limited) was incorporated on December 23, 2019, and converted to a public limited company on September 3, 2024. Recognized under the Make in India Mission, the company commenced by producing essential diagnostic kits including Viral Transport Media, COVID, HIV, HBsAG, Malaria, and Dengue tests. It has since expanded its product range from IVD rapid test kits to include serology products, biochemistry analyzers and reagents, addressing various healthcare needs. The company operates through manufacturing and trading segments, with significant revenue from trading of medical devices and equipment sourced from third parties, while also engaging in in-house manufacturing of diagnostic products.
in vitro diagnostics (IVD)medical devicespharmaceutical diagnosticshealthcare
Objects of the Issue
- Part finances the capital expenditure towards setting up of a new manufacturing unit at industrial plot no. 70, Sector 28 in the Medical Device Park under the Yamuna Expressway Industrial Development Authority (YEIDA), Gautam Buddha Nagar, Uttar Pradesh ₹1,595.53 lakhs p.24
- Funding the working capital requirement of our Company ₹825.00 lakhs p.24
- General Corporate Purpose p.24
- Part finances the capital expenditure towards setting up of a new manufacturing unit at industrial plot no. 70, Sector 28 in the Medical Device Park under the Yamuna Expressway Industrial Development Authority (YEIDA), Gautam Buddha Nagar, Uttar Pradesh ₹1,595.53 Lakhs p.99
- Funding the working capital requirement of our Company ₹825.00 Lakhs p.99
- General Corporate Purposes p.99
- Part finances the capital expenditure towards setting up of a new manufacturing unit at industrial plot no. 70, Sector 28 in the Medical Device Park under the Yamuna Expressway Industrial Development Authority (YEIDA), Gautam Buddha Nagar, Uttar Pradesh ₹1,595.53 lakhs (from Net Issue Proceeds) p.130
- Funding the working capital requirement of our Company for FY 2026-27 and FY 2027-28 ₹500.00 lakhs (FY 2026-27) and ₹325.00 lakhs (FY 2027-28) from Net Issue Proceeds p.130
- General Corporate Purposes [●] lakhs (subject to not exceeding 15% of the amount being raised or ₹10 crore, whichever is less) p.128
- Issue Related Expenses [●] lakhs (estimated total expenses of the Issue) p.128
Issue Structure
- Total Issue
- Up to ₹[●] Lakhs (comprising 14,53,800 equity shares of face value ₹10 each)
- Fresh Issue
- Up to 14,53,800 equity shares of face value ₹10 each for cash at ₹[●] per share aggregating up to ₹[●] Lakhs
- Offer for Sale
- Nil - The entire issue constitutes fresh issue of equity shares
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price) per equity share
- Lot Size
- Minimum Bid Lot of 600 Equity Shares and in multiples of 600 Equity Shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through two primary segments: (1) Manufacturing of in vitro diagnostic kits and medical devices including viral transport media, rapid test kits, serology products, biochemistry analyzers and reagents; (2) Trading in medical devices, equipment, surgical instruments, consumables, laboratory reagents and diagnostic equipment sourced from suppliers and related parties. As of January 31, 2026, trading accounted for 68.44% of revenue from operations and manufacturing for 30.70%, with the remainder from service sales.
Business Segments
Purchase and sale of medical devices, equipment, surgical instruments, consumables, laboratory reagents, and diagnostic equipment from suppliers and related parties
Production of in vitro diagnostic kits, viral transport media, rapid test kits, serology products, biochemistry analyzers and biochemistry reagents
Service-related revenue
Manufacturing of in vitro diagnostic (IVD) rapid test kits including Viral Transport Media, COVID-19, HIV, HBsAg, Malaria, Dengue diagnostic tests
Manufacturing and distribution of Serology products, Biochemistry Analyzers, Biochemistry Reagents, and medical equipment
Distribution and trading of medical equipment and medical devices
In-house manufacturing of rapid test kits, biochemistry reagents, hematology reagents, immunoassay reagents, culture media, analyzers/instruments, and electrolyte analyzers under the 'Avienbio' brand
Distribution and trading of branded medical equipment and diagnostic instruments from third-party manufacturers, including automated biochemistry analysers, haematology analysers, immunoassay analysers, molecular diagnostic instruments, and microbiology instruments
Post-sales support services including Annual Maintenance Contracts (AMC) and Comprehensive Maintenance Contracts (CMC) for diagnostic equipment
Lateral flow immunoassays for qualitative detection and differentiation of antibodies and antigens in human serum, plasma, or whole blood for diagnosis of infectious diseases including typhoid, hepatitis C, HIV, hepatitis B, H. pylori, chikungunya, and malaria.
Real-time RT-PCR assays for qualitative detection of nucleic acids from SARS-CoV-2, H1N1 swine flu, and other viruses in respiratory samples.
Nutrient-rich substances used in laboratories to support growth and multiplication of microorganisms including bacteria, fungi, and viruses. Products include chocolate agar plates, CLED agar, glucose broth, MacConkey agar, nutrient agar, sheep blood agar, and viral transport solutions.
Automated medical instruments for quantitative measurement of electrolyte ions (sodium, potassium, chloride, calcium) in human serum, plasma, and urine. Products include AV LYTE-80 and AV LYTE-90 analyzers and associated reagent calibrators and controls.
Diagnostic reagent kits for in vitro quantitative determination of various biochemical parameters in human serum, plasma, and urine including albumin, alkaline phosphatase, ALT/SGPT, amylase, bilirubin, calcium, cholesterol, creatinine, CRP, glucose, HDL/LDL cholesterol, proteins, triglycerides, urea, and uric acid.
Advanced laboratory instruments including semi-automatic biochemistry analyzers, oxygen concentrators (for oxygen therapy in hospital and homecare use), and hematology analyzers for analyzing biological and chemical elements of human body fluids.
Micropipettes in various volume ranges (5-50μl, 100μl, 100-1000μl, 1000μl), transfer pipets, centrifuge tubes, filter tips, PCR tubes, microtube screw caps, deep well plates, blood culture bottles, and other plastic laboratory consumables for sample handling and processing.
Specialized reagents for cleaning laboratory and medical equipment including alkaline detergents (AV-88 Detergent), biowash solutions, probe cleaners, and flow cell cleaners for biochemistry analyzers and laboratory instruments.
Manufacture and sale of innovative molecular diagnostic solutions for complex diseases, including manufacturing of diagnostic reagents and consumables for genomics and molecular biology applications.
Trading of diagnostics and surgical equipment, healthcare products, and consumables through the subsidiary DR Meditech Surgical and Diagnostics (India) Private Limited.
Manufacturing and distribution of in vitro diagnostic (IVD) products including viral transport media (VTM), COVID, HIV, HBsAG, Malaria, Dengue tests, serology products, and biochemistry analysers
SWOT Analysis
Strengths
- • Recognized under Make in India Mission with diverse product portfolio(p.23)
- • Operating in high-growth Indian diagnostics industry with scale advantages(p.23)
- • ISO certifications and regulatory compliance(p.99)
- • Diverse product portfolio across diagnostic and medical device segments(p.99)
- • Multiple market channels (B2B and B2C)(p.99)
- • Advanced manufacturing technology and high-capacity equipment(p.102)
- • Significant production capacity expansion planned(p.102)
- • High-speed production capabilities across multiple product lines(p.104)
- • WHO GMP compliance and validation pathway(p.122)
- • Multiple international certifications planned(p.122)
- • Substantial expansion in production capacity(p.121)
- • Extensive IVD Rapid Tests and advanced medical devices portfolio(p.207)
- • Strong adherence to rigorous international quality and safety standards(p.207)
- • Established reputation for reliability and quality standards(p.207)
- • Dedicated and highly skilled workforce across specializations(p.208)
- • Efficient manufacturing processes enabling short lead times(p.208)
- • End-to-end solutions with dedicated Service Engineers team(p.208)
- • Global presence with international marketing efforts(p.208)
- • Strategic geographic location in Medical Park with infrastructure advantages(p.208)
- • Experienced leadership in IVD sector with 30 years combined expertise(p.255)
- • Established track record with successful prior venture in diagnostics(p.255)
- • Strong operational expertise in supply chain and logistics management(p.255)
- • Qualified independent directors with professional credentials(p.255)
- • Recognition as Startup and MSME with government backing(p.364)
- • Strong revenue and profit growth trajectory(p.374)
- • Significant EBITDA margin expansion(p.378)
- • Successful expansion in manufactured goods with export capabilities(p.378)
- • Scalable manufacturing operations with 32 new licenses obtained(p.370)
- • Diversified product portfolio addressing multiple healthcare segments(p.364)
Weaknesses
- • High concentration of revenue from top 10 customers (46.44% as of Jan 2026)(p.34)
- • Heavy dependence on trading business (68.44% of standalone revenue as of Jan 2026)(p.35)
- • Significant related-party transactions with subsidiary (14.75% of revenue from DR Meditech as of Jan 2026)(p.35)
- • High dependence on limited suppliers (top supplier provides 63% of raw materials)(p.38)
- • High employee attrition rate (32.73% as of Jan 2026, 40% in FY 2024-25)(p.41)
- • Unsecured loans from directors totaling ₹320.82 lakhs repayable on demand(p.44)
- • Negative cash flows from investing activities and geographic revenue concentration(p.38)
- • No product liability insurance coverage(p.44)
- • History of delayed regulatory filings(p.49)
- • Limited scale and capacity constraints(p.99)
- • Dependence on unwritten customer relationships without long-term contracts(p.58)
- • High debt burden and restrictive covenants(p.55)
- • Incomplete R&D infrastructure(p.52)
- • Lack of long-term supplier contracts(p.53)
- • Geographic concentration in North India(p.52)
- • Dependence on channel distribution network(p.53)
- • High working capital requirements for expansion(p.124)
- • Significant debt requirements for new facility(p.130)
- • Dependence on supplier advances and inventory financing(p.124)
- • Rising inventory holding period requirements(p.127)
- • Dependence on a limited number of key suppliers for raw materials(p.209)
- • High research and development costs straining financial resources(p.209)
- • High concentration of revenue from top customers(p.227)
- • High dependence on single largest supplier(p.228)
- • High debt burden relative to equity; long-term debt exceeds paid-up capital(p.285)
- • Significant GST dispute pending against subsidiary company(p.282)
- • Family-controlled board with limited independent representation(p.252)
- • Concentrated customer base creates revenue dependency risk(p.286)
- • Significant debt burden with total borrowings of ₹2,672.61 lakhs(p.380)
- • High interest costs and finance burden(p.369)
- • Heavy reliance on third-party logistics and transportation(p.365)
- • Multiple ongoing litigation with customers affecting cash flow(p.384)
- • Significant provision for doubtful debts indicating collection challenges(p.342)
- • Promoter tax demand outstanding(p.399)
Opportunities
- • Expanding from trading to manufacturing to diversify revenue base(p.35)
- • Setting up new manufacturing unit in Uttar Pradesh under YEIDA medical device park(p.24)
- • Scaling manufacturing operations with ₹825 lakhs working capital investment(p.24)
- • Expansion of manufacturing capacity and product lines(p.49)
- • Growing diagnostic and medical device market in India(p.99)
- • Expansion into international markets(p.51)
- • New product licenses and portfolio expansion(p.101)
- • Access to WHO-validated product markets and government tenders(p.120)
- • Expansion of product portfolio into analyzers and reagents(p.120)
- • Growing domestic and international diagnostic market demand(p.120)
- • Innovation capability through new facility infrastructure(p.120)
- • Cost efficiency and margin improvement from automation(p.120)
- • Expansion of manufacturing capacity and modernization of facilities(p.209)
- • Enhanced reputation through WHO and US FDA approved new plant(p.209)
- • Strategic geographic advantages from Medical Park location(p.209)
- • Access to specialized infrastructure and amenities for medical device manufacturers(p.209)
- • Expansion into new geographic markets(p.209)
- • Diversification of product portfolio into new medical device categories(p.209)
- • Expansion into molecular diagnostics and genomics market(p.288)
- • Growing rural healthcare diagnostics market(p.255)
- • SME IPO platform listing enabling access to capital markets(p.259)
- • Capital work-in-progress indicates expansion of manufacturing capacity(p.285)
- • Expansion through new product launches and manufacturing capabilities(p.324)
- • Growing export market with higher margin potential(p.372)
- • B2B and B2G market penetration across India and overseas(p.364)
- • Recognized Make in India mission alignment creating government support(p.364)
- • Scale and operating leverage to improve profitability(p.372)
Threats
- • Extensive pharmaceutical regulations and compliance requirements across multiple jurisdictions(p.33)
- • Supply disruption risks from reliance on imports from China (2.99% to 31.33% of raw materials)(p.37)
- • High customer concentration creates revenue vulnerability (top customer 13.40% of revenue)(p.33)
- • Geographic revenue concentration with top 5 states contributing 90.51% of domestic sales(p.40)
- • Regulatory risks including product recalls and quality compliance across domestic and export markets(p.37)
- • Risk of machinery breakdowns and production disruptions affecting capacity utilization(p.37)
- • Product shelf-life constraints requiring timely delivery to avoid wastage(p.42)
- • Potential conflicts of interest with promoter group entities in similar businesses(p.43)
- • Regulatory changes and compliance risks(p.63)
- • Intense competition from organized and unorganized competitors(p.54)
- • Rapid technological change in healthcare sector(p.55)
- • Raw material price volatility and supply chain disruptions(p.53)
- • International regulatory risks and export challenges(p.51)
- • Dependence on utility supplies and infrastructure(p.57)
- • Macroeconomic slowdown and Indian economic risks(p.61)
- • Geopolitical and natural disaster risks(p.62)
- • Product liability and quality risks(p.58)
- • Regulatory complexity and evolving compliance requirements(p.157)
- • High dependence on imported raw materials and components(p.157)
- • Intense competition from established multinational manufacturers(p.157)
- • Price regulation and affordability constraints(p.157)
- • Supply chain and logistics inefficiencies(p.157)
- • Geopolitical uncertainty affecting global trade(p.145)
- • Intense competition from multinational companies and new entrants(p.209)
- • Risk of regulatory requirement changes increasing costs and time-to-market(p.209)
- • Economic downturns and currency exchange rate fluctuations(p.209)
- • Supply chain disruptions from natural disasters, geopolitical issues, or pandemics(p.209)
- • Regulatory compliance risk regarding GST and statutory dues(p.282)
- • Interest rate sensitivity from high borrowing dependency(p.302)
- • Trade receivables aging and doubtful debts risk(p.309)
- • Inventory management and obsolescence risk in diagnostics(p.298)
- • Regulatory changes and policy uncertainty in medical device sector(p.365)
- • Exposure to input price volatility and raw material costs(p.365)
- • Competitive market dynamics and industry cyclicality(p.365)
- • Macroeconomic uncertainties affecting demand and pricing(p.365)
- • Foreign exchange rate volatility impacting export operations(p.365)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dharam Deo Choudhary | Promoter | 50.57% | 37.17% |
| Ram Nagina Choudhary | Promoter | 15.93% | 11.71% |
| Janardan Pal | Promoter | 10.43% | 7.66% |
| Deepa Choudhary | Promoter | 10.88% | 7.99% |
| Mr. Dharam Deo Choudhary | Promoter | 50.57% | 37.17% |
| Mr. Ram Nagina Choudhary | Promoter | 15.93% | 11.71% |
| Mr. Janardan Pal | Promoter | 10.43% | 7.66% |
| Mrs. Deepa Choudhary | Promoter | 10.88% | 7.99% |
| Dharam Deo Choudhary | Promoter | — | — |
| Ram Nagina Chaudhary | Promoter | 4.96% | — |
| Dharam Deo Choudhary | Promoter | — | — |
| Ram Nagina Choudhary | Promoter | — | — |
| Janardan Pal | Promoter | — | — |
| Deepa Choudhary | Promoter | — | — |
| Dharam Deo Choudhary | Promoter/Chairman and Managing Director | 50.57% | — |
| Ram Nagina Choudhary | Promoter/Whole Time Director | 15.93% | — |
| Deepa Choudhary | Promoter/Executive Director | 10.88% | — |
| Janardan Pal | Promoter/Non-Executive Director | 10.43% | — |
| Dharam Deo Choudhary | Promoter | 50.57% | — |
| Ram Nagina Choudhary | Promoter | 20.90% | — |
| Deepa Choudhary | Promoter | 10.88% | — |
| Janardan Pal | Promoter | 10.43% | — |
Leadership
Dharam Deo Choudhary · Managing Director
Ram Nagina Choudhary · Whole Time Director
Manoj Kumar · Company Secretary and Compliance Officer
Saurabh Verma · 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.