Remus Pharmaceuticals
Book Building issueSME₹47.69 Cr issue
+39.24%
Listing gain over issue price
Issue size
₹47.69 Cr
1 lot at cut-off
₹1,22,900
Lot size
100shares
Open
17 May 2023
Close
19 May 2023
Allotment
24 May 2023
Listing
29 May 2023
Listing performance
Issue price
₹1,229
Listed at
₹1,711.25
Listing-day close
₹1,796.80
Latest price
₹880.60
Close on 23 Oct 2026
Listing gain
+39.24%
Return since issue
+473.21%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 May 2023 – 19 May 2023
- Listing date
- 29 May 2023
- Face value
- ₹10 per share
- Issue price
- ₹1,229 per share
- Lot size
- 100 shares
- Issue type
- Book Building issue
- Total issue size
- ₹47.69 Cr
- Market cap at offer price
- ₹181 Cr
- Promoter holding
- 92.82% → 68.37% pre-issue → post-issue
- ISIN
- INE0O5T01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 1101 to 1103, South Tower, One 42, B/H Ashok Vatika, Nr.Jayantilal Park BRTS, Ambli bopal Road, 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 | 1,10,500 | — | — |
| Market maker | 19,500 | — | — |
Application size
Minimum 100 shares per lot, in multiples, at ₹1,229
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹1,22,900 |
| S-HNI (min) | 2 | 200 | ₹2,45,800 |
| S-HNI (max) | 8 | 800 | ₹9,83,200 |
| B-HNI (min) | 9 | 900 | ₹11,06,100 |
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
1,10,500
Anchor portion
₹13.58 Cr
at ₹1,229 per share
Valuation and performance
Valuation at offer price
₹1,229 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 33.86 | — |
| P/E (×) | 36.30 | — |
| Market cap | — | ₹181 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 52.64%
- ROCE
- 69.99%
- Debt / equity
- 0.03
- PAT margin
- 13.70%
- NAV per share
- ₹64.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Remus Pharmaceuticals
Remus Pharmaceuticals Limited, incorporated in September 2015 and converted to a public limited company in January 2023, is engaged in marketing, distribution and trading of pharmaceutical products. The company operates through marketing and distribution of approved finished formulations in various countries, trading of Active Pharmaceutical Ingredients (API), and technical consultancy on pharmaceutical dossier preparation. The company has a product portfolio of 429 products as of January 31, 2023, with 295 products registered across 13 countries and 134 products under registration in 16 countries. Operations span therapeutic areas including ACE inhibitors, antibiotics, antivirals, corticosteroids, NSAIDs, antiretrovirals and many others. The company sources finished pharmaceutical formulations through 30 active loan license contract manufacturing facilities with WHO GMP compliant manufacturers and maintains business relationships with 58 domestic and 139 international distributors.
Company Analysis
from RHPRemus Pharmaceuticals is an API and pharmaceutical finished formulations trading, marketing and distribution company that operates in regulated pharmaceutical markets across 20+ countries.
Remus Pharmaceuticals Limited, incorporated in September 2015 and converted to a public limited company in January 2023, is engaged in marketing, distribution and trading of pharmaceutical products. The company operates through marketing and distribution of approved finished formulations in various countries, trading of Active Pharmaceutical Ingredients (API), and technical consultancy on pharmaceutical dossier preparation. The company has a product portfolio of 429 products as of January 31, 2023, with 295 products registered across 13 countries and 134 products under registration in 16 countries. Operations span therapeutic areas including ACE inhibitors, antibiotics, antivirals, corticosteroids, NSAIDs, antiretrovirals and many others. The company sources finished pharmaceutical formulations through 30 active loan license contract manufacturing facilities with WHO GMP compliant manufacturers and maintains business relationships with 58 domestic and 139 international distributors.
Pharmaceutical Distribution and TradingActive Pharmaceutical Ingredients (API) TradingPharmaceutical Marketing and Distribution
Objects of the Issue
- To Meet Working Capital Requirements ₹ 3,030.36 Lakhs p.21
- Funding investments for acquisitions and general corporate purposes ₹ 1,638.16 Lakhs p.21
- To Meet Working Capital Requirements ₹3,030.36 Lakhs (63.55% of gross issue proceeds) p.80
- Funding investments for acquisitions and general corporate purposes ₹1,638.16 Lakhs (34.35% of gross issue proceeds) p.80
- Public Issue Related Expenses ₹100.00 Lakhs (2.10% of gross issue proceeds) p.80
Issue Structure
- Total Issue
- ₹ 4,768.52 Lakhs (388000 Equity Shares)
- Fresh Issue
- 388000 Equity Shares aggregating to ₹ 4,768.52 Lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹ 1150/- per share; Cap Price: ₹ 1229/- per share
- Lot Size
- Bid Lot: 100 Equity Shares and in multiples of 100 Equity Shares thereafter
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue through three core business activities: (1) Marketing and distribution of approved finished pharmaceutical formulations in various countries; (2) Trading of Active Pharmaceutical Ingredients; (3) Technical consultancy on preparation of pharmaceutical dossier reports. The company procures finished pharmaceutical formulations through contract manufacturing under loan license arrangements with third-party manufacturers and distributes these products through a network of domestic and international distributors and directly to hospitals and clinics.
Business Segments
Marketing and distribution of approved finished pharmaceutical formulations in various countries across 20+ markets including Bhutan, Bolivia, Chile, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Kuwait, Madagascar, Malaysia, Hong Kong, Myanmar, Panama, Trinidad and Tobago, Uzbekistan, Venezuela, and Vietnam.
Trading of Active Pharmaceutical Ingredients (API) sourced and distributed to pharmaceutical companies.
Technical consultancy on preparation of reports on pharmaceutical dossiers for product registration in various countries.
Marketing and distribution of approved finished formulations in various countries through loan license and contract manufacturing arrangements
Trading of Active Pharmaceutical Ingredients
Technical Consultancy on preparation of reports on pharmaceutical dossiers for product registration
Sale of registered pharmaceutical formulations to international and domestic distributors. As on January 31, 2023, we have 295 products registered in total 13 countries. As on January 31, 2023, total 134 products are under process of registration in 16 countries.
Procurement of Active Pharmaceutical Ingredients from domestic market and sale in domestic as well as international markets. This is not core business of the company but in order to capture more market presence, we are also engaged in trading of APIs in international markets.
Provision of technical consultancy services to international distributors in preparation of reports on the dossiers under registrations. This service requires high level of technical knowledge and understanding of various regulatory requirements. As on the date of this Prospectus, our company has 16 qualified employees to provide this service.
Sale of registered pharmaceutical products to international distributors. The company has 295 products registered in 13 countries and 134 products under registration in 16 countries as of January 31, 2023. Has business to business supply agreements with 58 domestic and 139 international distributors.
Procurement of Active Pharmaceutical Ingredients from domestic market and sale in domestic and international markets. Not core business but undertaken to capture more market presence.
Provision of technical consultancy services to international distributors in preparation of reports on dossiers under registrations. Requires high level of technical knowledge and understanding of regulatory requirements. Company has 16 qualified employees for this service.
SWOT Analysis
Strengths
- • Established international presence across 20+ countries with registered and under-registration products(p.19)
- • Broad product portfolio of 429 products across diverse therapeutic categories(p.19)
- • Strong customer relationships with both domestic and international distributors(p.19)
- • Significant growth in revenue and profitability year-over-year(p.48)
- • Extensive network of 30 active loan license contract manufacturing facilities with WHO GMP compliance(p.19)
- • Experienced promoter team with 36+ years combined industry experience(p.119)
- • Wide geographic presence across 20+ countries with 429 registered and under-registration products(p.119)
- • Diverse product portfolio spanning multiple therapeutic categories and dosage forms(p.119)
- • Strong customer relationships with 58 domestic and 139 international distributors(p.120)
- • Established manufacturing partnerships with 30 active WHO GMP compliant contract manufacturers(p.120)
- • Strong financial growth with 96% EBITDA CAGR and 104% PAT CAGR over three years(p.98)
- • Export-focused business model with 99.51% of FY2023 revenues from international markets(p.123)
- • Experienced promoter and management team with combined 36+ years in pharmaceutical industry(p.151)
- • Wide product portfolio of 429 registered and under-registration products across 13+ countries(p.151)
- • 30 WHO GMP compliant contract manufacturing facilities in multiple Indian states(p.151)
- • Diversified global revenue base with exports to 20+ countries across three continents(p.151)
- • Scalable customer-centric, order-driven business model with economies of scale(p.151)
- • Strong distributor network with 58 domestic and 139 international B2B supply agreements(p.154)
- • Promoters have combined experience of 36+ years in pharmaceutical industry with successful track record in building integrated business(p.233)
- • Diversified geographic presence with products registered and under registration across 20+ countries(p.233)
- • Large and growing product portfolio with 429 products, 295 registered in 13 countries and 134 under registration in 16 countries(p.233)
- • Strong financial growth with revenue CAGR of 54.53% (FY20 to FY21) and PAT growing 230% (FY21 to FY22)(p.236)
- • Substantial network of 58 domestic and 139 international distributors providing market reach(p.234)
Weaknesses
- • High customer concentration risk with top 10 customers contributing 73.66% of sales for Dec 2022(p.30)
- • High supplier concentration with top 10 suppliers contributing 79.17% of purchases for Dec 2022(p.30)
- • Dependence on rented facilities for registered office, corporate office and warehouse(p.30)
- • Outstanding tax litigation against promoters and group companies totaling Rs. 219.57 lakhs(p.29)
- • Non-provision for gratuity as per AS-15, resulting in overstatement of profits(p.32)
- • Unsecured loans of Rs. 719.64 lakhs from promoters repayable on demand(p.35)
- • High customer concentration with top 10 customers contributing 73.66% of revenues(p.93)
- • Limited domestic market presence with only 0.49% of FY2023 revenues from India(p.123)
- • Heavy reliance on contract manufacturing and loan licensing arrangements with external partners(p.119)
- • Working capital requirements increasing significantly from negative in FY21 to ₹3,995 crores projected by FY25(p.82)
- • Dependence on third-party contract manufacturers for production(p.154)
- • No captive manufacturing capacity or specific proprietary technology for production(p.154)
- • Limited working capital facility - HDFC Bank facility of ₹320 lakhs sanctioned but not yet availed(p.158)
- • Small employee base of only 35 staff across all operations(p.155)
- • Significant dependence on limited number of customers with top 10 contributing 73.66% of sales in stub period(p.240)
- • Significant dependence on limited number of suppliers with top 10 contributing 78.03% of purchases in stub period(p.240)
- • Outstanding income tax demands against promoters totaling ₹13,82,992 (Swapnil Shah alone)(p.245)
- • Group company Ratnatris Pharmaceuticals showing significant losses with negative networth of ₹(2,333.24) lakhs in FY2021(p.262)
Opportunities
- • Expansion into new markets with 134 products currently under registration process in 16 countries(p.19)
- • Indian pharmaceutical sector expected to grow at CAGR of 22.4% in the near future(p.20)
- • Indian pharmaceutical industry expected to reach ~US$ 130 billion by 2030(p.20)
- • Expansion of working capital capacity through IPO proceeds to support growth strategy(p.21)
- • Funding for acquisitions and investments to consolidate market position(p.21)
- • Indian pharmaceutical market projected to grow to ₹120 billion by 2030(p.114)
- • Indian pharma exports expected to grow at 22.4% CAGR with strong government PLI scheme support(p.110)
- • Government production-linked incentive scheme offering ₹197,000 crore support for pharmaceutical development(p.111)
- • 134 products under registration in 16 countries to boost growth(p.119)
- • Growing export markets with India supplying 20% of global generic drugs by volume(p.114)
- • Strategic expansion opportunity through acquisition and general corporate purposes (₹1,638 crores planned)(p.85)
- • Opportunity to expand domestic market presence which currently represents only 0.49% of revenues(p.84)
- • Expanding global presence by registering 134 additional products in 16 new countries(p.152)
- • Growing export revenue opportunity from emerging markets with strong recent growth trajectory(p.152)
- • Expanding brand visibility and market share through enhanced marketing and brand building(p.152)
- • Opportunity to introduce new products across high-end and mid-segment market segments(p.152)
- • Planned expansion into new product registrations across multiple countries to support growth trajectory(p.233)
- • Significant investment in product development and registration with consultancy expenses of ₹161.65 lakhs in stub period(p.237)
- • Multiple business verticals offering cross-selling and diversification including APIs, formulations and technical consultancy(p.234)
Threats
- • Intense competitive pressure from organized and unorganized local pharmaceutical players(p.32)
- • Exposure to foreign exchange fluctuations with 100% non-India revenue(p.36)
- • Regulatory risks and product registration requirements in multiple jurisdictions(p.32)
- • Raw material price fluctuations and supply chain disruptions(p.32)
- • Global economic slowdown and potential recession impacting demand(p.20)
- • COVID-19 pandemic impacts on business operations and supply chains(p.40)
- • Regulatory and political risks in 20+ countries where company operates(p.119)
- • Global economic slowdown with growth forecast at 2.7% for 2023 vs 6.0% in 2021(p.102)
- • Supply chain disruptions and international trade constraints affecting pharmaceutical imports/exports(p.110)
- • Currency fluctuation risks with 99.51% of revenues denominated in foreign currencies(p.123)
- • High global inflation with consumer prices rising to 8.8% in 2022(p.102)
- • Intense competition from established global pharma players and other Indian generic manufacturers(p.119)
- • Dependence on contract manufacturers with potential quality and supply risks(p.120)
- • Competition from organized and unorganized players with stronger financial resources(p.154)
- • Raw material supply vulnerability and price fluctuation risks(p.154)
- • Regulatory changes and compliance requirements in multiple international jurisdictions(p.160)
- • Significant exposure to regulatory changes in pharmaceutical sector across 20+ countries with varying regulations(p.235)
- • Intense competition from existing and new pharmaceutical market participants(p.235)
- • Risk of supply chain disruption from reliance on contract manufacturers and limited suppliers(p.235)
- • Group company outstanding income tax demand of ₹205,124,890 with potential impact on related party arrangements(p.246)
- • Exposure to foreign exchange fluctuation risks with significant export revenues of ₹3,223.19 lakhs(p.239)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arpit Deepakkumar Shah | Promoter | 23.04% | 16.97% |
| Roma Vinodbhai Shah | Promoter | 23.04% | 16.97% |
| Swapnil Jatinbhai Shah | Promoter | 23.04% | 16.97% |
| Anar Swapnil Shah | Promoter | 23.04% | 16.97% |
| Arpit Deepakkumar Shah | Promoter | 23.04% | 16.97% |
| Roma Vinodbhai Shah | Promoter | 23.04% | 16.97% |
| Swapnil Jatinbhai Shah | Promoter | 23.04% | 16.97% |
| Anar Swapnil Shah | Promoter | 23.04% | 16.97% |
| Vinodkumar Gandalal Shah | Promoter's Group | 0.07% | 0.05% |
| Dhruvalben Vishal Shah | Promoter's Group | 0.03% | 0.03% |
| Mansi Aadarsh Shah | Promoter's Group | 0.09% | 0.07% |
| Hemant Ishwarlal Modi | Promoter's Group | 0.46% | 0.34% |
| Mr. Arpit Deepakkumar Shah | Promoter/Managing Director | — | — |
| Mr. Swapnil Jatinbhai Shah | Promoter/Chairman and Whole Time Director | — | — |
| Ms. Roma Vinodbhai Shah | Promoter/Whole Time Director | — | — |
| Mrs. Anar Swapnil Shah | Promoter/Whole Time Director | — | — |
| Arpit Deepakkumar Shah | Promoter | 23.04% | — |
| Roma Vinodbhai Shah | Promoter | 23.04% | — |
| Swapnil Jatinbhai Shah | Promoter | 23.04% | — |
| Anar Swapnil Shah | Promoter | 23.04% | — |
Leadership
Arpit Deepakkumar Shah · Managing Director
Swapnil Jatinbhai Shah · Chairman & Whole Time Director
Roma Vinodbhai Shah · Whole Time Director
Anar Swapnil Shah · Whole Time Director
Deval Bakulkumar Patel · Company Secretary and Compliance Officer
Anjali Shah · 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.
Remus Pharmaceuticals IPO FAQs
What is the lot size of Remus Pharmaceuticals IPO?
The minimum lot size of Remus Pharmaceuticals IPO is 100 shares. One lot costs ₹1,22,900 at the cut-off price.
When does Remus Pharmaceuticals IPO open and close?
Remus Pharmaceuticals IPO opened for subscription on 17 May 2023 and closed on 19 May 2023.
What is the listing date of Remus Pharmaceuticals IPO?
Remus Pharmaceuticals IPO listed on 29 May 2023.