JFL Life Sciences SME
SME₹18.17 Cr issue
+14.75%
Listing gain over issue price
Issue size
₹18.17 Cr
1 lot at cut-off
₹1,22,000
Lot size
2,000shares
Open
25 Aug 2022
Close
30 Aug 2022
Allotment
05 Sep 2022
Listing
08 Sep 2022
Listing performance
Issue price
₹61
Listed at
₹70
Listing-day close
₹66.50
Latest price
₹10.30
Close on 22 Oct 2026
Listing gain
+14.75%
Return since issue
-49.34%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Aug 2022 – 30 Aug 2022
- Listing date
- 08 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹61 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹18.17 Cr
- Market cap at offer price
- ₹67.09 Cr
- Promoter holding
- 92.52% → 67.47% pre-issue → post-issue
- ISIN
- INE0LA901015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 309, Satyam Mall, Opp.Saman Complex, Nr.Vishweshwar Mahadev Mandir, Settelite, 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 |
|---|---|---|---|
| Market maker | 1,50,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹61
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,22,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,44,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,76,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,98,000 |
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.
Valuation and performance
Valuation at offer price
₹61 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.89 | — |
| P/E (×) | 68.54 | — |
| Market cap | — | ₹67.09 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 7.89%
- PAT margin
- 1.65%
- NAV per share
- ₹138.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About JFL Life Sciences SME
Headquartered in Ahmedabad, Gujarat, JFL Life Sciences Limited is engaged in the business of manufacturing pharmaceutical products. The company was incorporated as 'JFL Life Sciences Private Limited' on April 25, 2010 and converted to a public limited company on March 3, 2022. Its product portfolio consists of Dry powder injections, Tablets & Capsules (B-Lactam) solid oral dosage form and Tablet and capsules (general). The company operates domestically across pan-India with international presence in 10 developed and developing countries. It maintains an FDA-approved state-of-the-art manufacturing facility near Ahmedabad and has established a strong R&D foundation to maintain competitiveness and advance healthcare.
Company Analysis
from RHPJFL Life Sciences Limited manufactures pharmaceutical products including dry powder injections, tablets, and capsules with domestic and international market presence.
Headquartered in Ahmedabad, Gujarat, JFL Life Sciences Limited is engaged in the business of manufacturing pharmaceutical products. The company was incorporated as 'JFL Life Sciences Private Limited' on April 25, 2010 and converted to a public limited company on March 3, 2022. Its product portfolio consists of Dry powder injections, Tablets & Capsules (B-Lactam) solid oral dosage form and Tablet and capsules (general). The company operates domestically across pan-India with international presence in 10 developed and developing countries. It maintains an FDA-approved state-of-the-art manufacturing facility near Ahmedabad and has established a strong R&D foundation to maintain competitiveness and advance healthcare.
PharmaceuticalsPharmaceutical Manufacturing
Objects of the Issue
- Repayment of secured and unsecured loans ₹750.00 lakhs p.19
- Funding the working capital requirements of the company ₹576.10 lakhs p.19
- General Corporate Purposes ₹435.98 lakhs p.19
- Repayment of secured and unsecured loans 750.00 p.71
- Funding the working capital requirements of the company 600.00 p.71
- General Corporate Purposes 426.58 p.71
Issue Structure
- Total Issue
- ₹1,816.58 lakhs
- Fresh Issue
- ₹1,816.58 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹61/- per Equity Share
- Lot Size
- 2,000 Equity Shares
- Face Value
- ₹10/-
Business Model
The company manufactures pharmaceutical products on a purchase order basis. It supplies products domestically across pan-India and internationally to 10 countries. Revenue is generated through sales of dry powder injections, tablets, capsules (B-Lactam) and general tablet and capsule products.
Business Segments
Pharmaceutical product manufactured by the company
Solid oral dosage form pharmaceutical product
General pharmaceutical product
Solid oral dosage form tablet products including beta-lactam tablets (Cefixime, Amoxycillin Trihydrate dispersible tablets, Cefadroxil) and general tablets (Azithromycin, Ibuprofen, Ciprofloxacin)
Parenteral dry powder injection products including beta-lactam injections (Amoxycillin & Clavulanate Potassium, Ampicillin, Cloxacillin, Cephalosporins, Meropenem, Piperacillin & Tazobactam injections)
Solid oral dosage form capsule products including beta-lactam capsules (Amoxycillin, Ampicillin & Cloxacillin, Cefadroxil, Cephalexin) and general capsules (Diclofenac Sodium, Omeprazole, Pregabalin)
Oral Rehydration Solutions used for prevention and treatment of dehydration from acute diarrhea and cholera; manufacturing capacity licensed but no production as of February 28, 2022
Manufacturing and sale of dry powder injections (Beta-Lactam formulations)
Manufacturing and sale of solid oral dosage forms (tablets and capsules) with Beta-Lactam composition
Manufacturing and sale of solid oral dosage forms (tablets and capsules) for general pharmaceutical uses
Manufacturing and sale of oral rehydration solutions (ORS)
SWOT Analysis
Strengths
- • FDA-approved state-of-the-art manufacturing facility with pan-India presence and international exports(p.19)
- • Strong promoter ownership and continuity with experienced management(p.35)
- • Product registration in multiple countries creates competitive moat(p.103)
- • Experienced management team with extensive pharmaceutical sector knowledge(p.103)
- • WHO GMP certified manufacturing facility meeting international standards(p.103)
- • Significant unused capacity provides room for growth and cost optimization(p.104)
- • Strong profit growth despite flat revenue indicates operational efficiency(p.102)
- • Established global presence across 10 developed and developing countries(p.102)
- • FDA-approved state-of-the-art manufacturing facility with product registrations in multiple countries(p.188)
- • Strong profit growth despite modest revenue growth demonstrates operational efficiency(p.188)
- • Geographic diversity with PAN-India presence and international markets across 10 countries(p.188)
- • Experienced promoter management team with deep industry knowledge(p.188)
- • Strong profitability growth with 50% increase in PAT year-over-year(p.196)
- • Integrated packaging business model with diversified capabilities(p.198)
Weaknesses
- • High customer concentration with top 10 customers accounting for 84-91% of revenue(p.26)
- • Heavy dependence on top 10 suppliers for raw materials (76-89% of purchases)(p.26)
- • No long-term contracts with customers or suppliers; business dependent on purchase orders(p.26)
- • Outstanding litigation involving company, promoters and directors; criminal matters pending(p.29)
- • Single manufacturing unit in Gujarat creates operational concentration risk(p.28)
- • Significant secured debt of ₹1,522.93 lakhs outstanding and unsecured loans of ₹77.25 lakhs that may be recalled(p.37)
- • 100% dependence on third-party transportation providers without long-term contracts(p.33)
- • Restrictive covenants in lending agreements limiting operational flexibility(p.37)
- • Heavy dependence on export markets with 77% of sales from merchant exports(p.102)
- • Low absolute capacity utilization in Beta Lactum segment at 40%(p.102)
- • High financial leverage with secured and unsecured loans from multiple lenders(p.72)
- • Small workforce of 36 employees limits operational scale and execution capacity(p.118)
- • High dependency on third-party logistics and transportation providers with no in-house facility(p.189)
- • Significant exposure to key personnel retention risk with concentrated management(p.189)
- • High debt-to-equity ratio with significant finance costs burden(p.184)
- • Revenue decline in recent period with FY2022 (Feb 28) revenue of ₹2,491.20 lacs vs FY2021 of ₹3,277.47 lacs(p.188)
- • High finance costs indicating substantial debt burden(p.195)
- • Significant outstanding dues to creditors(p.205)
- • Litigation involving promoter related to cheque dishonor(p.202)
- • Negative operating cash flow despite profitable operations(p.197)
Opportunities
- • Expansion into additional geographic regions and international markets(p.32)
- • Growing pharmaceutical industry demand and market penetration potential(p.27)
- • India's rapid economic growth expected to create opportunities(p.19)
- • Strong R&D foundation enabling product development and innovation(p.19)
- • Geographical diversification into Eastern Asian markets(p.104)
- • Expansion of production capacity to meet growing global pharmaceutical demand(p.104)
- • Growing Indian pharmaceutical market projected to reach $120-130 billion by 2030(p.95)
- • Expansion of customer base through enhanced distribution network(p.104)
- • India's leading position as global generic drug supplier with 20% market share(p.94)
- • Expansion into new geographic markets and emerging territories with strong existing registration base(p.189)
- • Product portfolio diversification across multiple dosage forms and therapeutic categories(p.188)
- • Strategic positioning in bulk manufacturing/trade supply model with direct access to pharmaceutical marketers(p.188)
- • Expansion through new factory unit development(p.197)
- • Access to SIDBI and UGRO financing for growth(p.197)
- • Potential for price realization and margin improvement in demand-supply imbalance(p.195)
Threats
- • Competitive pharmaceutical industry with larger players having greater resources(p.34)
- • COVID-19 pandemic continues to impact operations and future uncertainty remains(p.26)
- • Adverse regulatory changes governing pharmaceutical products and development(p.29)
- • Raw material price volatility and supply chain risks beyond company control(p.27)
- • Risk of industrial accidents and fire from combustible raw materials(p.30)
- • Dependence on power and water supply with limited substitute options(p.34)
- • Political instability and changes in economic liberalization policies affecting business(p.44)
- • Natural calamities and terrorist attacks could adversely impact operations(p.45)
- • Intense competition from domestic and international manufacturers with greater resources(p.117)
- • Fragmented industry with low barriers to entry intensifying price competition(p.117)
- • Global economic slowdown projected for 2022 due to Russia-Ukraine war(p.84)
- • Regulatory risks from stringent drug manufacturing and pricing controls(p.121)
- • Currency and commodity price volatility affecting API costs and export competitiveness(p.84)
- • Significant geopolitical and trade policy risks affecting export-dependent business(p.189)
- • Intense competition from fragmented industry with no entry barriers and price-driven purchasing decisions(p.189)
- • Rising transportation and logistics costs impacting profitability and operational margins(p.189)
- • Ongoing COVID-19 pandemic and potential future health crises creating operational uncertainty(p.190)
- • High regulatory compliance burden with risk of license/permit non-renewal and operational interruption(p.189)
- • Intense competition from organized and unorganized players(p.198)
- • Business disruption from pandemic affecting production capability(p.196)
- • Volatile raw material costs impacting profitability(p.195)
- • Covenant restrictions limiting operational flexibility on borrowings(p.200)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Smiral Ashwinkumar Patel | Promoter | 60.78% | 44.33% |
| Tejal Smiral Patel | Promoter | 22.74% | 16.58% |
| Smiral Ashwinkumar Patel | Promoter | 60.78% | 44.33% |
| Tejal Smiral Patel | Promoter | 22.74% | 16.58% |
| Smiral Ashwinkumar Patel HUF | Promoter Group | 5.46% | 3.98% |
| Ashwinbhai Jivrambhai Patel | Promoter Group | 1.22% | 0.89% |
| Dakshaben Jashwantbhai Patel | Promoter Group | 0.51% | 0.37% |
| Rupesh Kirtibhai Patel | Promoter Group | 0.46% | 0.34% |
| Ashokkumar Prahladbhai Patel | Promoter Group | 0.37% | 0.27% |
| Ushaben Ashokbhai Patel | Promoter Group | 0.29% | 0.21% |
| Artiben Manishbhai Patel | Promoter Group | 0.28% | 0.20% |
| Shobhaben Kirtibhai Patel | Promoter Group | 0.24% | 0.18% |
| Kiritkumar P. Patel | Promoter Group | 0.16% | 0.12% |
| Smiral Ashwinkumar Patel | Promoter | 60.78% | — |
| Tejal Smiral Patel | Promoter | 22.74% | — |
Leadership
Smiral Ashwinkumar Patel · Chairman and Managing Director
Tejal Smiral Patel · Whole-time Director
Manishkumar Jasvantlal Patel · Non-Executive Director
Sonu Lalitkumar Jain · Independent Director
Bhavna Shah · Independent Director
Bhaumik Sanjaykumar Shah · CFO
Pratima Singh · 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.
JFL Life Sciences SME IPO FAQs
What is the lot size of JFL Life Sciences SME IPO?
The minimum lot size of JFL Life Sciences SME IPO is 2,000 shares. One lot costs ₹1,22,000 at the cut-off price.
When does JFL Life Sciences SME IPO open and close?
JFL Life Sciences SME IPO opened for subscription on 25 Aug 2022 and closed on 30 Aug 2022.
What is the listing date of JFL Life Sciences SME IPO?
JFL Life Sciences SME IPO listed on 08 Sep 2022.