Influx Healthtech
Book Building issueSMENSE₹58.57 Cr issue
+38.02%
Listing gain over issue price
Issue size
₹58.57 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,200shares
Open
18 Jun 2025
Close
20 Jun 2025
Allotment
23 Jun 2025
Listing
25 Jun 2025
Listing performance
Issue price
₹96
Listed at
₹132.50
Listing-day close
₹126.20
Latest price
₹257
Close on 23 Oct 2026
Listing gain
+38.02%
Return since issue
+167.71%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Jun 2025 – 20 Jun 2025
- Listing date
- 25 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹58.57 Cr
- Market cap at offer price
- ₹222 Cr
- Promoter holding
- 99.85% → 73.53% pre-issue → post-issue
- ISIN
- INE0MYZ01012
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Rarever Financial Advisors Pvt.Ltd.
- Registered office
- 109, Ghanshyam Enclave Premises Co-op, Soc Plot No.856, Laljipada, Kandivali (West), Maharashtra
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 | 17,36,400 | — | — |
| Market maker | 3,06,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
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
17,36,400
Anchor portion
₹16.67 Cr
at ₹96 per share
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.36 | 5.77 |
| P/E (×) | 13.04 | 16.64 |
| Price to book (×) | 4.82 | — |
| Market cap | — | ₹222 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.98%
- ROCE
- 49.17%
- Debt / equity
- 0.01
- PAT margin
- 12.75%
- EBITDA margin
- 19.62%
- NAV per share
- ₹19.91
- Price to book
- 4.82
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Influx Healthtech
Influx Healthtech Limited, incorporated on September 28, 2020, is a contract manufacturer of Dietary and Nutritional Supplements, Cosmetics, Ayurvedic/Herbal Products, Veterinary Feed Supplements, Homecare Products, Active Pharmaceutical Ingredients (APIs), and finished dosage forms including tablets, capsules, and injectables. The company generates revenue primarily from the nutraceutical segment (89.69% in FY 2025), with smaller contributions from cosmetics (6.11%), Ayurvedic products (3.09%), veterinary products (1.05%), and homecare (0.06%). The company operates manufacturing facilities in Palghar, Thane, Maharashtra, and generates most of its revenue from Maharashtra (62.71%), Gujarat (20.00%), and Karnataka (5.60%). It was converted from a Private Limited to Public Limited Company on May 23, 2022.
Company Analysis
from RHPInflux Healthtech manufactures nutraceutical products, dietary supplements, cosmetics, Ayurvedic medicines, veterinary feeds, and homecare products for food, drug, cosmetics, agriculture, and other industries.
Influx Healthtech Limited, incorporated on September 28, 2020, is a contract manufacturer of Dietary and Nutritional Supplements, Cosmetics, Ayurvedic/Herbal Products, Veterinary Feed Supplements, Homecare Products, Active Pharmaceutical Ingredients (APIs), and finished dosage forms including tablets, capsules, and injectables. The company generates revenue primarily from the nutraceutical segment (89.69% in FY 2025), with smaller contributions from cosmetics (6.11%), Ayurvedic products (3.09%), veterinary products (1.05%), and homecare (0.06%). The company operates manufacturing facilities in Palghar, Thane, Maharashtra, and generates most of its revenue from Maharashtra (62.71%), Gujarat (20.00%), and Karnataka (5.60%). It was converted from a Private Limited to Public Limited Company on May 23, 2022.
nutraceuticals and dietary supplementscosmeticsAyurvedic/herbal productsveterinary feed supplementshomecare productsactive pharmaceutical ingredients (APIs)finished dosage forms (tablets, capsules, injectables)
Objects of the Issue
- Funding capital expenditure requirements for setting up of manufacturing facility for Nutraceutical Division ₹2,249.11 lakhs p.31
- Funding capital expenditure requirements for setting up of manufacturing facility for Veterinary Food Division ₹1,148.58 lakhs p.31
- Purchase of Machineries for Homecare and Cosmetic Division ₹275.65 lakhs p.31
- General Corporate Expenses p.31
- Funding capital expenditure requirements for setting up of manufacturing facility for Nutraceutical Division ₹2,249.11 lakhs p.108
- Funding capital expenditure requirements for setting up of manufacturing facility for Veterinary Food Division ₹1,148.58 lakhs p.108
- Purchase of Machineries for Homecare and Cosmetic Division ₹275.65 lakhs p.108
- General Corporate Purposes [•] p.130
- Expansion of Manufacturing Facility for Nutraceutical Division - Civil works for ground floor, first floor, terrace cabins, compound wall and other structures ₹787.06 lakhs p.178
- Purchase of Machinery for Nutraceutical Division - 11 machinery lines ₹1,323.05 lakhs p.178
- Purchase of Machinery for Homecare Division - Detergent Soap Plant Machinery and Hydraulic Lifting Vacuum Emulsifying Mixer ₹66.60 lakhs p.178
- Purchase of Machinery for Cosmetic Division - Ampoule Fill & Seal Machine, Sachet Packing Machine, Automatic Lipstick Production Line, Automatic Nail Polish Filling and Capping Machinery, Packaging Machine ₹209.05 lakhs p.179
- Land Acquisition for Veterinary Food Division - 1350 square meter plot ₹69 lakhs (lease consideration) p.179
- Civil Work for Veterinary Food Division - Multi-story structure including ground, first, and second floors, terrace cabins, and external work ₹679.23 lakhs p.179
- Purchase of Machinery for Veterinary Food Division - Specialized machinery for pet food processing ₹410.35 lakhs p.179
- Land Acquisition for Nutraceutical Division Expansion - 3204 square meter plot ₹150 lakhs (with ₹11 lakh paid as token money) p.178
- Objects not explicitly stated for Fresh Offer uses in the document excerpt provided
Issue Structure
- Total Issue
- Up to 61,00,800 Equity Shares of ₹10 each aggregating to ₹[•] Lakhs
- Fresh Issue
- Up to 50,00,400 Equity Shares aggregating to ₹[•] Lakhs
- Offer for Sale
- Up to 11,00,400 Equity Shares aggregating to ₹[•] Lakhs
- Price Band
- ₹[•] per Equity Share (Floor Price) to ₹[•] per Equity Share (Cap Price)
- Lot Size
- [•] Equity Shares and in multiples of [•] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates as a contract manufacturer, producing nutraceuticals and related products for customers who procure from them for distribution to retailers and online platforms. Revenue is generated through the sale of manufactured dietary supplements, cosmetics, Ayurvedic medicines, veterinary feeds, and homecare products to customers in the nutraceutical, food, drug, cosmetics, cleaning compounds, agriculture, and other industries.
Business Segments
Manufacturing of dietary and nutritional supplements
Manufacturing of cosmetic products
Manufacturing of Ayurvedic and herbal medicines
Manufacturing of veterinary feed supplements
Manufacturing of homecare products
Manufacturing of nutraceutical products, dietary and nutritional supplements. In FY 2025, the Nutraceuticals division achieved revenue of ₹9,403.82 lakhs with 93% capacity utilization at 10,000 kg per day installed capacity.
Manufacturing of veterinary feed supplements in various forms including tablets, liquid orals, oral sprays, powders, bolus, gels, and ointments. The company is developing kibble formulations for pet food market.
Manufacturing of homecare and cosmetic products including personal care and color cosmetics lines.
Manufacturing of Ayurvedic products at the existing manufacturing facility in Palghar.
Manufacturing of dietary and nutritional supplements including tablets, capsules, powders, liquid orals, softgels, lozenges, jellies, gummies, effervescent tablets, liquid-fill capsules, oral dispersible films, candies, and gym/sports supplements
Manufacturing of diverse cosmetic products including skin care and body care products, hair care and beard care solutions, face masks, soaps, and other beauty products
Production of ayurvedic and herbal formulations in tablet, capsule, powder, liquid oral, and external application forms including ointments, creams, and lotions
Manufacturing of veterinary feed supplements for dogs, cats, horses, birds, cows, chickens, pigs, buffaloes, squirrels, and goats in multiple formats including tablets, liquid orals, oral sprays, powders, boluses, gels, ointments, and creams
Manufacturing of homecare solutions including bathroom cleaners, floor cleansers, phenyle liquids, and other household cleaning products
Manufacture of dietary and nutritional supplements for clients
Manufacture of cosmetics and beauty products
Manufacture of ayurvedic and herbal products
Manufacturing of active pharmaceutical ingredients
Manufacturing of tablets, capsules, and injectables
Production of dietary and nutritional supplements including the manufacturing of finished dosage forms such as tablets, capsules, and production of gummies & effervescent tablets, liquid fill capsules, premix solutions, and oral dispersible films
Production of cosmetics, ayurvedic/herbal products, veterinary feed supplements, homecare products, active pharmaceutical ingredients (APIs), and other healthcare products
SWOT Analysis
Strengths
- • Diverse client base with longstanding CDMO relationships and advanced manufacturing facilities with global accreditations(p.134)
- • Large and rapidly growing R&D capabilities across product portfolio with experienced management team(p.134)
- • Robust Quality Assurance & Control practices and proven track record of growth and profitability(p.134)
- • Strong financial performance with revenue growth of 30.52% in Nutraceuticals division (FY 2023-24)(p.112)
- • Diversified product portfolio across multiple sectors(p.174)
- • Multiple industry certifications and quality standards(p.165)
- • Strong EBITDA margins and profitability growth(p.166)
- • Experienced promoter with 18+ years in industry(p.164)
- • High capacity utilization in manufacturing facilities(p.186)
- • Dedicated formulation development department with innovative capabilities(p.176)
- • Low debt and strong financial position(p.166)
- • Expanding customer base with 571 total customers(p.166)
- • Established CDMO with diverse manufacturing capabilities(p.222)
- • Multiple international quality certifications(p.222)
- • Experienced promoter with 18+ years in the industry(p.222)
- • Strong revenue and profit growth trajectory(p.265)
- • Diverse product portfolio spanning multiple sectors(p.222)
- • Three manufacturing facilities with significant capacity(p.222)
- • Established CDMO with three GMP-certified manufacturing facilities spanning 36,676 sq ft(p.300)
- • Diversified product portfolio across nutraceuticals, cosmetics, ayurvedic, veterinary and homecare segments(p.300)
- • Strong revenue growth with 31.44% YoY growth in FY2024 and 4.89% in FY2025, increasing EBITDA margins(p.302)
- • Improved profitability through efficient raw material sourcing and product mix optimization(p.302)
- • Large and expanding customer base with 473 nutraceutical clients in FY2025(p.303)
- • Minimal financial leverage with debt-to-equity ratio of 0.006(p.293)
Weaknesses
- • Concentrated customer base—top 10 customers represent ~47% of revenue(p.40)
- • Concentrated supplier base—top 10 suppliers represent ~36-39% of total supplies(p.41)
- • Single manufacturing facility location in Palghar, Thane—geographical concentration of operations(p.39)
- • No long-term agreements with customers or suppliers—business terms subject to change(p.40)
- • Facilities leased from promoters, not owned—dependent on promoter goodwill and lease renewal(p.46)
- • Machinery orders not yet placed for proposed expansion—timeline and cost uncertainty(p.43)
- • Past instances of statutory compliance delays and non-compliance with regulatory filings(p.48)
- • High dependence on promoters—no succession plan or leadership bench strength(p.55)
- • Company has unsecured loans of ₹21.92 Lakh repayable on demand by Directors(p.70)
- • KYC document discrepancies identified in promoter group with mismatches in names across documents(p.64)
- • Business conducted on purchase order basis without long-term customer agreements(p.66)
- • No cybercrime insurance policy or issuer data security policy currently in place(p.67)
- • Sales primarily driven through word-of-mouth without extensive advertising and marketing(p.67)
- • Heavy dependence on nutraceutical segment revenue(p.200)
- • Concentration risk with top 10 customers representing 47.89% of revenue(p.192)
- • Limited geographic reach outside Maharashtra and Gujarat(p.200)
- • Reliance on leased manufacturing facilities with time-bound agreements(p.183)
- • Declining ROCE from 65.58% to 49.17% year-on-year(p.166)
- • Limited technical collaborations and partnerships(p.193)
- • High dependence on a limited customer base
- • Insufficient verifiable documentation for key director's experience(p.229)
- • Concentrated ownership structure with promoter holding 95% shares(p.233)
- • Significant increase in trade payables, particularly to MSMEs(p.276)
- • No formal dividend policy in place(p.257)
- • High dependence on limited number of customers—top 10 customers represent 47.89% of revenue(p.312)
- • Significant dependence on limited suppliers—top 10 suppliers represent 36.38% of total supplies(p.312)
- • Promoter has outstanding income tax demands totaling approximately Rs 20.93 crores across multiple assessment years(p.316)
- • Operating at maximum capacity with only 5% organic revenue growth in FY2025 despite higher working capital(p.293)
- • Declining inventory turnover ratio from 26.95x (FY2024) to 11.23x (FY2025) indicating accumulating inventory(p.293)
Opportunities
- • Expansion into new product categories and verticals—nutraceutical, cosmetics, veterinary, homecare segments(p.46)
- • Proposed establishment of new manufacturing facilities for nutraceutical, veterinary, and homecare divisions(p.43)
- • Growth in formulation development and innovation—liquid fill technology, gummies, gel concepts, protein bars, cosmetics(p.47)
- • Geographic expansion beyond Maharashtra, Gujarat, Karnataka into new states(p.42)
- • Expansion of Nutraceutical division capacity from 10,000 kg to 20,000 kg per day to address growing demand(p.112)
- • Introduction of new product lines including oral dispersible films, beverages, protein bars and snacking products(p.113)
- • Expansion of Veterinary Food Division with kibble manufacturing for pet food market(p.122)
- • Veterinary segment showing strong growth with revenues increasing 115% from FY 2023-24 and further growth in FY 2024-25(p.122)
- • Planned expansion of Homecare and Cosmetic division with introduction of new product lines including detergent bars, lipstick and nail polish(p.127)
- • Growing Indian health and wellness market with rising demand for functional foods and protein supplements(p.114)
- • Growing Indian nutraceutical market projected to reach USD 18 billion by 2025(p.153)
- • Rising demand for natural and organic products in cosmetics industry(p.157)
- • Expansion of pet food market at 15.37% CAGR through 2030(p.160)
- • Government support through PLI scheme for nutraceuticals(p.154)
- • Strong consumer shift toward preventive healthcare and wellness products(p.155)
- • Ayurveda market growth driven by global consumer preference for natural products(p.160)
- • Planned facility expansion to increase nutraceutical manufacturing capacity(p.178)
- • Expansion into beauty, cosmetics, personal care and disinfectant products(p.222)
- • Growing nutraceutical and healthcare market in India(p.222)
- • Scaling production capacity through additional facilities(p.222)
- • Enhanced financial management and strategic growth initiatives(p.223)
- • Indian nutraceutical market experiencing rapid growth with regional shift from mature markets(p.301)
- • Planned capacity expansion with new manufacturing units for veterinary and nutraceutical products(p.325)
- • Diversification into non-nutraceutical segments with strong growth potential; other segments grew 66.43% YoY(p.305)
- • Export capability with growing international presence; exports increased from ₹25.58 lakhs (FY2024) to ₹61.03 lakhs (FY2025)(p.292)
Threats
- • Downturn in nutraceutical industry—89.7% of revenue dependent on this segment(p.39)
- • Revenue concentration in three states (Maharashtra 62.7%, Gujarat 20%, Karnataka 5.6%)—regional economic shocks(p.42)
- • Raw material price fluctuations—spot market procurement with no long-term contracts(p.44)
- • Transportation disruptions due to natural calamities, strikes, or infrastructure failures(p.54)
- • Regulatory changes and licensing requirements—AYUSH regulations, FDA compliance, food & drug standards(p.50)
- • Intense competition from established players with greater resources and brand recognition(p.63)
- • Counterfeiting and intellectual property infringement risks(p.53)
- • Product liability, recall risks, and lack of product liability insurance(p.56)
- • Merchandise returns and reverse logistics disruptions expose company to significant financial pressure(p.64)
- • Promoter share sales could adversely affect trading price of Equity Shares(p.64)
- • Adverse changes in regulations governing products could negatively impact operations(p.65)
- • Industry malpractices such as misleading marketing and false advertising negatively affect emerging companies(p.67)
- • Labor shortages, strikes and wage demands could disrupt operations and increase costs(p.70)
- • Global economic and political conditions beyond company control could harm business and stock price(p.73)
- • Natural calamities could have negative impact on Indian economy and company's business(p.73)
- • Financial instability in Indian markets significantly influenced by worldwide economic conditions(p.73)
- • Regulatory changes in drugs and cosmetics sector(p.205)
- • Increasing competition from both established and new market players(p.200)
- • Dependence on consistent raw material supply from multiple suppliers(p.189)
- • Exposure to input price volatility affecting COGS(p.166)
- • Export revenue currently minimal at 0.58% of total revenue(p.166)
- • Skill shortage in pharmaceutical and nutraceutical sectors(p.201)
- • Dependence on key personnel and founders(p.222)
- • Intense competition in pharmaceutical and nutraceutical manufacturing(p.222)
- • Regulatory and compliance risks in pharmaceutical manufacturing(p.222)
- • Exposure to raw material and input price volatility(p.265)
- • Concentration of manufacturing facilities in single geographic location(p.222)
- • Dependence on timely availability and price fluctuations of key raw materials(p.301)
- • Intense competition from organised and unorganised players in the nutraceutical market(p.312)
- • Labour cost escalation and availability constraints; employee benefits increased 36.63% YoY(p.301)
- • Regulatory changes and compliance requirements affecting operations and profitability(p.301)
- • Risk of failure to obtain timely approvals, licenses, registrations and permits for expansion plans(p.301)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Munir Abdul Ganee Chandniwala | Promoter Selling Shareholder | 95.00% | — |
| Mrs. Shirin Munir Ahmed Chandniwala | Promoter | 4.85% | — |
| Mr. Abdul Ganee Abdul Rasul Chandniwala | Promoter | negligible | — |
| Mr. Munir Abdul Ganee Chandniwala | Promoter and Selling Shareholder | 95.00% | 69.73% |
| Mrs. Shirin Munir Ahmed Chandniwala | Promoter | 4.85% | 3.80% |
| Mr. Abdul Ganee Abdul Rasul Chandniwala | Promoter | 0.00% | 0.00% |
| Munir Abdul Ganee Chandniwala | Promoter | — | — |
| Shirin Munir Ahmed Chandniwala | Promoter | — | — |
| Mr. Munir Abdul Ganee Chandniwala | Promoter/Chairman & Managing Director | 95.00% | — |
| Mrs. Shirin Munir Ahmed Chandniwala | Promoter/Whole-Time Director | 4.85% | — |
| Mr. Abdul Ganee Abdul Rasul Chandniwala | Promoter/Non-Executive Director | 0.00% | — |
| Munir Abdul Ganee Chandniwala | Promoter | — | — |
Leadership
Mr. Munir Abdul Ganee Chandniwala · Chairman and Managing Director
Mrs. Shirin Munir Ahmed Chandniwala · Whole-time Director
Mr. Abdul Ganee Abdul Rasul Chandniwala · Director
Mr. Ashish Ghanshyam Shah · Chief Financial Officer
Mr. Atul Kumar Ashok Kumar Shukla · 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.
Influx Healthtech IPO FAQs
What is the lot size of Influx Healthtech IPO?
The minimum lot size of Influx Healthtech IPO is 1,200 shares. One lot costs ₹1,15,200 at the cut-off price.
When does Influx Healthtech IPO open and close?
Influx Healthtech IPO opened for subscription on 18 Jun 2025 and closed on 20 Jun 2025.
What is the listing date of Influx Healthtech IPO?
Influx Healthtech IPO listed on 25 Jun 2025.