Anlon Healthcare IPO Day 3: Issue booked over 6x over retail pust, GMP falls

The initial public offering (IPO) of Anlon Healthcare continued to see a muted demand during the third and final day of the bidding process, thanks to the retail push. The issue was booked more than 1.5 times on the first day and ended day two with more than 3.2 times subscription.

Rajkot-based Anlon Healthcare is selling its shares in the price band of Rs 86-91 apiece. Investors can apply for a minimum of 164 shares and its multiples thereafter. It is looking to raise Rs 121.03 crore via IPO, is entirely a fresh share sale of 1,33,00,000 equity shares.

According to the data, the investors made bids for 8,59,64,864 equity shares, or 6.46 times, compared to the 1,33,00,000 equity shares offered for the subscription by 3.15 pm on Friday, August 29, 2025. The bidding for the issue, which kicked-off on Tuesday, August 26, shall conclude today.

The allocation for retail investors was subscribed 43.11 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 9.03 times. Allocation for qualified institutional bidders (QIBs) was subscribed only 1.02 times as of the same time.

Incorporated in 2013, Anlon Healthcare is a chemical manufacturing player engaged in manufacturing of active pharmaceutical ingredients (APIs) and pharma intermediates. It manufactures high-purity pharmaceutical intermediates for API production and active pharmaceutical ingredients for formulations of medicines, nutraceuticals, personal care and animal health products.

The grey market premium (GMP) of Anlon Healthcare has seen some correction on the back of selling in the broader markets. Last heard, the company was commanding a premium of Rs 2 in the unofficial market, suggesting a mild listing of 2-3 per cent for the investors. The GMP stood around Rs 5, before the issue had opened for bidding.

Anlon Healthcare focuses on manufacturing and marketing specialized APIs in line with global standards. It positions itself as the first producer of Loxoprofen and related formulations. In FY24, its revenue growth was impacted due to the registration process in Brazil. Its operations are dependent on a single facility located in Rajkot and Valuation seems fully priced, said Swastika Investmart with an 'avoid' rating.

Anlon Healthcare reported a net profit of Rs 20.52 crore with a revenue of Rs 120.46 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 9.66 crore with a revenue of Rs 66.69 crore for the year 2023-24. Anlon Healthcare shall command a market capitalization Rs 483.68 crore.

"We recommend subscribing to the issue, as the planned capacity expansion from 400 MTPA to 1,100 MTPA at Rajkot, Gujarat, is set to nearly triple scale, with revenue expected to double over the next 2-3 years, offering a compelling long term growth opportunity in the Indian pharmaceutical sector," said SMIFS.

Anlon Healthcare has reserved 75 per cent of the net issue for qualified institutional bidders, 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors. Interactive Financial Services is the book running lead manager of Anlon Healthcare IPO and Kfin Technologies is the registrar of the issue. Shares shall be listed at both BSE and NSE on September 3.