Anlon Healthcare IPO
Anlon Healthcare IPO Price Range is ₹86 - ₹91, with a minimum investment of ₹14,924 for 164 shares per lot.
Subscription Rate
7.123x
as on 29 Aug 2025, 06:10PM IST
Minimum Investment
₹14,924
/ 164 shares
IPO Status
Price Band
₹86 - ₹91
Bidding Dates
Aug 26, 2025 - Aug 29, 2025
Issue Size
₹121.03 Cr
Lot Size
164 shares
Min Investment
₹14,924
Listing Exchange
NSE
IPO Doc
Anlon Healthcare IPO Application Timeline
IPO Subscription Status
as on 29 Aug 2025, 06:10PM IST
IPO subscribed over
🚀 7.123x
This IPO has been subscribed by 47.285x in the retail category and 1.072x in the QIB category.
Subscription Rate
| Total Subscription | 7.123x |
| Retail Individual Investors | 47.285x |
| Qualified Institutional Buyers | 1.072x |
| Non Institutional Investors | 10.607x |
Objectives of IPO
- Anlon Healthcare Limited's IPO is a Fresh Issue of up to 1,33,00,000 Equity Shares worth up to ₹121.03 crore.
- It plans to invest ₹30.72 crore to expand its manufacturing facility. This expansion aims to increase its total production capacity by adding a new plant with 700 MTPA (Metric Tons Per Annum) capacity to its existing 400 MTPA facility, situated on a 5,059 square meter land area. This includes ₹3.22 crore for civil and structural work and ₹27.5 crore for equipment, plant, and machinery.
- The company intends to use ₹5 crore to repay some of its outstanding secured loans. As of March 31, 2025, its total outstanding secured loans from financial institutions were ₹33.01 crore. This step aims to reduce its overall debt and improve its debt-to-equity ratio, which was 0.73 for FY25.
- A substantial ₹43.15 crore will be allocated to fund the company's working capital requirements. These funds are planned for utilization over two fiscal years, with ₹10.3 crore in FY26 and ₹32.85 crore in FY27, supporting its ongoing chemical manufacturing operations.
Financial Performance of Anlon Healthcare
In the last fiscal year (FY25), the company's revenue nearly doubled to ₹120.5 crore as compared to ₹66.7 crore in FY24. The spike in revenue came after a sudden fall during FY24 from ₹113.1 crore revenue reported in FY23. Despite the unstable revenue, the profits of the company recorded a continuous growth YoY and grew to ₹20.5 crore in FY25 from just ₹5.8 crore in FY23.
Strengths and Risks
Strengths
The profits of the company have grown at an annual rate of 87.8% between FY23 and FY25 from ₹5.8 crore to ₹20.5 crore, respectively. The profit growth remained intact even after the revenue fall in FY24, showing strong operating efficiency.
It managed to cut down its debt from ₹74.6 crore in FY24 to ₹58.3 crore in FY25 and further plans to reduce it using the IPO funds. This will help save interest expense, which may improve the profits.
It boasts a strong product portfolio with 65 commercialized products, 28 at the pilot stage, and 49 at the lab testing stage, demonstrating a continuous development pipeline for the pharmaceutical industry.
The company maintains a strong customer base, having served 38 customers in FY25, with its top 10 customers contributing 77.70% of total revenue in the same year, indicating strong, stable relationships.
It operates four in-house testing laboratories and a 34-member quality control team, holding ISO 9001:2015, GMP, and WHO-GMP certifications, ensuring high product quality and compliance standards.
It has secured Drug Master File (DMF) approvals from major international agencies, including ANVISA (Brazil), NMPA (China), and PMDA (Japan), allowing it to export to over 15 countries and expanding its market reach.
Risks
The company’s revenue grew only at an annual rate of 3.2% between FY23 and FY25, mainly because of the sudden fall in FY24. Its revenue collapsed from ₹113.1 crore in FY23 to just ₹66.7 crore in FY24. Any future inconsistencies in revenue could harm the financial performance.
Its high dependence on a limited number of customers (top 10 generated 77.70% of FY25 revenue) poses a significant risk, as losing any key customer could severely impact its financial performance and cash flows.
Operations are centralized in a single manufacturing facility in Rajkot, Gujarat, making it vulnerable to disruptions from local and regional factors like natural disasters or regulatory issues, which could halt production.
The business is highly working capital intensive, requiring substantial funds. It projects a need for ₹10.3 crore in FY26 and ₹32.85 crore in FY27 for operational requirements, indicating ongoing funding needs.
It depends on a few suppliers, mostly in Western India, for raw materials. In FY25, 89.66% of purchases came from the top 10 suppliers. This poses risks of supply chain disruptions and limited pricing flexibility.
The manufacturing facility was non-operational for four months in FY24 to comply with Brazilian Health Regulatory Agency recommendations, demonstrating a vulnerability to regulatory observations and operational halts.
How to Apply for Anlon Healthcare IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Anlon Healthcare IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Anlon Healthcare
Company | Operating Revenue | EBITDA Margin | Profit | P/E Ratio |
Anlon Healthcare | ₹120 Cr | 26.9% | ₹20.5 Cr | 14.3 |
₹100 Cr | 35.7% | ₹25 Cr | 24.6 | |
₹1,007 Cr | 24.7% | ₹160 Cr | 61.6 | |
₹696 Cr | 38.9% | ₹188 Cr | 31.1 |
Anlon Healthcare Shareholding Pattern
| Promoters | 70.26% | |
| Name | Role | Stakeholding |
| Punitkumar R. Rasadia | Promoter | 46.65% |
| Meet Atulkumar Vachhani | Promoter | 23.61% |
| Public | 29.74% | |
| Name | Role | Stakeholding |
| Shree Dwarikadhish Ventures LLP# | Public | 10.04% |
| Amitaben Natwarlal Ukani | Public | 8.03% |
| BAN Labs Private Limited | Public | 2.01% |
About Anlon Healthcare
The company focuses on serving the pharmaceutical industry both domestically and internationally. In FY25, 96.76% of its revenue came from sales within India, while it also exported to over 15 countries. It works with a specific customer group, having 38 customers in FY25, and its top 10 customers generated 77.70% of its revenue from operations. All operations run from a single manufacturing facility in Rajkot, Gujarat, covering 5,059 square meters, with an installed capacity of 400 MTPA. This facility has four in-house testing laboratories and a 34-member quality control team.
Operating in a competitive industry, the company faces high entry and exit barriers due to strict quality rules and long customer approval processes. For the future, its strategy involves expanding its product range and improving how it manages costs and runs operations. It also plans to increase its manufacturing capacity by adding a new plant with 700 MTPA installed capacity. The company aims to strengthen relationships with current customers and find new ones, aligning with global trends like the 'China+1' strategy. It also places a strong emphasis on health and safety in its daily work.
For more details, you can visit the official website of Anlon Healthcare here: https://www.anlon.in
Frequently Asked Questions of Anlon Healthcare IPO
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Who are the promoters of Anlon Healthcare?
Anlon Healthcare’s promoters are Punitkumar R. Rasadia, Meet Atulkumar Vachhani, and Mamata Punitkumar Rasadia. As of the RHP date, these promoters collectively own 70.26% of the company's shares.
Who are the competitors of Anlon Healthcare?
Anlon Healthcare competes with listed industry peers in the pharmaceutical sector. Its main competitors are Kronox Lab Sciences Limited, Acutaas Chemicals Ltd (formerly AMI Organics Limited), and Supriya Lifesciences Limited.
How does Anlon Healthcare make money?
Anlon Healthcare earns revenue by manufacturing high-purity pharmaceutical intermediates and Active Pharmaceutical Ingredients (APIs). These products are raw materials for medicines, nutraceuticals, personal care, and animal health products. In FY25, its revenue from operations was ₹120.3 crore.