Anlon Healthcare IPO Overview
Anlon Healthcare is raising ₹121 crore via a fresh issue of 1.33 crore shares in its book‑built IPO (price band ₹86‑₹91). The offer opens on 26 August 2025 and closes on 29 August 2025, with allotment expected 1 September 2025 and listing on BSE/NSE on 3 September 2025. Proceeds will fund proposed capex expansion , working‑capital , debt repayment and general corporate purposes.
Anlon Healthcare Subscription and GMP Status
| Subscription Rate Source: NSE/BSE | |||
| Category | Shares Offered | Shares Bid For | Subscription (x) |
| QIBs | 99,75,000 | 1,01,04,040 | 1.01 |
| NIIs | 19,95,000 | 1,11,55,116 | 5.59 |
| Retails | 13,30,000 | 4,69,74,028 | 35.32 |
| Employees | |||
| Shareholders | |||
| Total | 1,33,00,000 | 6,82,33,184 | 5.13 |
| Last Updated: 29 Aug 2025- 12 PM | |||
| GMP (₹) (grey market premium) | IPO Price (₹) |
| 2 | 86-91 |
| Last Updated: 29 Aug 2025- 12 PM | |
| 📌 Note: The above GMP data is unofficial and has been collected from multiple sources including grey market dealers and market observers. It is provided purely for informational and educational purposes. Please consult your financial advisor before making any investment decisions. | |
IPO Key Date
Core Business & Overview
Incorporated in 2013 and headquartered in Rajkot, Gujarat, Anlon Healthcare began manufacturing operations in 2017. The company specializes in producing high-purity pharmaceutical intermediates and active pharmaceutical ingredients (APIs), serving industries such as human and animal health, nutraceuticals, and personal care.
Quality Credentials:
Its manufacturing facility holds certifications including ISO 9001:2015, GMP, and WHO-GMP, indicating a strong commitment to quality. It adheres to pharmacopeial standards like IP, BP, EP, JP, and USP in its production processes.
Product Portfolio & Pipeline:
Commercialised Products: 65
Pilot Stage: 28
Laboratory/Development Stage: 49
The company recently filed 21 Drug Master Files (DMFs) across global regulatory agencies and holds approvals in Brazil (ANVISA), China (NMPA), and Japan (PMDA), particularly for APIs like loxoprofen sodium dihydrate and loxoprofen acid.
Team & Infrastructure
Anlon Healthcare operates with a 34-member team, of which 24 are science graduates, supported by four in-house laboratories for research, quality control, and process optimization.
Strengths
- Diverse and Scalable Product Line
The breadth of commercialized and R&D-stage products enables flexibility and growth potential. - Robust Regulatory and Quality Framework
Certifications (ISO, GMP, WHO-GMP), international pharmacopeia compliance, and multiple DMFs offer strong regulatory moats. - In-house R&D and Manufacturing Excellence
Having custom manufacturing capabilities and internal testing labs enhances control over quality and client-specific requirements. - High Industry Barriers and Regulatory Oversight
Strict audit regimes and approval cycles create entry barriers, which Anlon leverages to maintain competitive differentiation.
Risks
- Dependence on a Single Manufacturing Facility
The Rajkot facility is critical to operations; any disruption could significantly impact output and revenue. - Customer and Supplier Concentration
Revenue largely stems from a limited set of clients, and dependence on suppliers based in Western India poses supply-chain risks. - Strict Quality Compliance Obligations
Even minor deviations can result in order cancellations, warranty claims, or reputational damage. Case in point: a four-month shutdown to address recommendations by Brazil’s ANVISA illustrates the operational risks of non-compliance. - Operational and Industry-Level Pressures
- Limited operating history compared to more established peers
- Highly fragmented and competitive API sector, with intense competition from both domestic and global players
- Financial risk factors, including liquidity stress and longer working capital cycles, have been highlighted by rating agencies
Financial Performance Overview (₹ in Crore)
| Metric | FY 2023 | FY 2024 | FY 2025 |
| Revenue (₹ Cr.) | 112.88 | 66.58 | 120.29 |
| Profit (₹ Cr.) | 5.82 | 9.66 | 20.52 |
| Assets (₹ Cr.) | 111.55 | 128.00 | 181.30 |
Revenue
- FY 2023: ₹112.88 Cr
- FY 2024: ₹66.58 Cr
- FY 2025: ₹120.29 Cr
Revenue dipped sharply in FY24 (down 41%), but recovered strongly in FY25, nearly doubling year-on-year. This indicates resilience and demand revival, though volatility suggests dependency on certain products or markets.
Profit
- FY 2023: ₹5.82 Cr
- FY 2024: ₹9.66 Cr
- FY 2025: ₹20.52 Cr
Despite lower revenue in FY24, profit rose by 66%, reflecting better cost control or higher margins. In FY25, profit more than doubled, showing strong operational efficiency and scale benefits.
Assets
- FY 2023: ₹111.55 Cr
- FY 2024: ₹128 Cr
- FY 2025: ₹181.30 Cr
Steady asset growth year after year, with a sharp rise of 42% in FY25. This suggests expansion, possibly linked to capacity additions and higher capital investment in line with IPO objectives.
✅ Pros
- Strong growth in profits despite revenue volatility.
- Diversified API & intermediates portfolio with global DMF filings.
- Certified manufacturing (ISO, GMP, WHO-GMP) and regulatory approvals.
- Expanding asset base showing capacity growth.
- IPO funds allocated to capex, working capital, and debt reduction.
❌ Cons
- Heavy reliance on a single plant in Rajkot.
- Revenue volatility with FY24 dip raising consistency concerns.
- Customer & supplier concentration risk.
- Strict compliance requirements; past shutdowns due to audits.
- Competitive, fragmented API industry with pricing pressures.
Disclaimer:
The above IPO analysis and financial data are based on information provided by the company in its official documents. For complete details, please refer to the Red Herring Prospectus (RHP) linked above. Investors are strongly advised to consult their financial advisor before making any investment decisions.
