Company Background & Business Overview
Anlon Healthcare Ltd., founded in 2013 in Rajkot, Gujarat, is a pharmaceuticals manufacturer specialising in active pharmaceutical ingredients (APIs), advanced pharmaceutical intermediates, and related compounds used in health, nutraceutical, personal care, and veterinary products.
Over the years, Anlon Healthcare Ltd has developed a robust product portfolio—comprising 65 commercialised products, 28 pilot-stage items, and 49 under laboratory testing. It operates out of a WHO-GMP, GMP, and ISO 9001:2015 certified facility, ensuring compliance with key quality standards.
The company also holds Drug Master File (DMF) approvals from regulatory agencies including ANVISA (Brazil), NMPA (China), and PMDA (Japan), reinforcing its export credentials and regulatory compliance.
Anlon Healthcare IPO Overview
Anlon Healthcare is launching its Initial Public Offering (IPO) as a book-built fresh issue, meaning all shares offered are new and will raise capital directly for the company’s growth.
Crucially, this IPO will be listed on the Mainboard of both NSE and BSE, not on the SME platform—a notable detail that provides broader visibility and liquidity for investors.
IPO Structure, Pricing & Key Dates
| Detail | Information |
|---|---|
| Issue Type | 100% Fresh Issue—Book-Built |
| Price Band | ₹86 – ₹91 per equity share |
| Lot Size | 164 shares; Min Investment: ₹14,924 |
| Issue Size | 1.33 crore shares (~₹121.03 crore) |
| Issue Period | August 26 – August 29, 2025 |
| Allotment Date | September 1, 2025 |
| Refund / Demat Credit | September 2, 2025 |
| Listing Date | September 3, 2025 |
| Listing Exchanges | NSE & BSE |
Sources: Zerodha,Bajaj Finserv, Business Standard.
The IPO is structured with category-reserved quotas:
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Anchor Investors: 45% (~59.85 lakh shares)
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Qualified Institutional Buyers (QIBs): 30% (~39.90 lakh shares)
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Non-Institutional Investors (NIIs): 15% (~19.95 lakh shares)
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Retail Investors: 10% (~13.30 lakh shares).
Objectives of the IPO – What the Capital Will Fund
Anlon Healthcare will utilize the IPO proceeds for:
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Capacity Expansion: ₹30.71 crore to enhance manufacturing capacity.
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Working Capital: ₹43.15 crore to support operations.
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Debt Prepayment: Approximately ₹5 crore to reduce borrowings.
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General Corporate Purposes: Up to 25% of gross proceeds as flexibility (standard practice).
Financial Performance: Revenue, Profitability & Balance Sheet
Revenue & Profit Trends (₹ crore):
| Period | Revenue | PAT |
|---|---|---|
| FY22 | 57.54 | –0.11 |
| FY23 | 113.12 | 5.82 |
| FY24 | 66.69 | 9.66 |
| 10M FY25 (Jan 31, 2025) | 77.37 | 11.96 * |
Strengths – Strategic Advantages
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Regulatory credentials: WHO-GMP, DMFs, and international pharmacopoeia compliance indicate high-quality output.
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Diversified, expanding portfolio: R&D pipeline with commercial, pilot, and lab-stage products.
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Strong financial recovery: After a drop in revenue, FY24 and FY25 show improving profits and operational efficiency.
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Planned use of IPO funds: Expands capacity, improves working capital, and reduces debt—key for strengthening operations.
Risk Factors – Points of Caution
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Revenue volatility: Dramatic swings from FY22 to FY23 to FY24 need to be understood (likely demand shift or order timing).
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Single manufacturing location: Operational risk concentrated in one facility.
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Client concentration: A few major customers may influence revenue trends significantly.
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SME scale and competition: Facing large, established API manufacturers.
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Execution risk: Expansion and capital usage need to be managed well.
Investor Perspective – Should You Subscribe?
| Investor Profile | Considerations | Verdict |
|---|---|---|
| Growth-Oriented | Strong API sector demand, improving margins, regulatory compliance, capacity expansion. | Reasonable: Offers exposure to improving financials at fair valuation (~14× P/E). |
| Short-Term Traders | No grey market premium data yet; IPO is moderately priced with predictable subscription. | Speculative: Listing gains unconfirmed; investors must watch early demand closely. |
| Cautious Investors | Business volatility and execution risks remain; small scale plays less defensive roles. | Adopt wait-and-watch: Reassess after post-listing performance and early results. |
Final Takeaway
The Anlon Healthcare IPO presents a measured opportunity in India’s healthcare manufacturing domain, with solid regulatory credentials, rebounds in profitability, and strategic capital usage. Its valuation is not aggressive, making it accessible to investors seeking mid-to-long-term exposure to the API sector. However, revenue volatility and operational execution warrant careful review.
