India’s IPO market continues to attract niche companies in 2025, providing investors with opportunities to invest in high-growth sectors. Among these, Aptus Pharma Ltd, a pharmaceutical marketing and distribution company, is set to open its IPO on September 23, 2025, offering investors exposure to a robust distribution network, diverse therapeutic segments, and strategic manufacturing alliances.
About Aptus Pharma Ltd.
Incorporated in 2010, Aptus Pharma Ltd. operates in the marketing and distribution of finished pharmaceutical formulations. The company manufactures and distributes a broad range of formulations across multiple therapeutic areas, including:
- Aptus Pharma: Acute therapies such as anti-infectives, pain management
- Aptus CD Care: Chronic therapies
- Aptus Wellcare: Wellness and nutraceutical products
- Aptus Global: Exports to overseas markets
As of March 31, 2025, the company had 194 pharmaceutical formulations spanning eleven therapeutic segments. Its warehouse spans 15,732 sq. ft. and 1,989 sq. ft. in Ahmedabad, Gujarat. Distribution is supported by 125 direct and sub-distributors and a sales team of 54 field personnel. The company has 70 employees on payroll.
Competitive Strengths:
- Diversified product portfolio
- Robust distribution network
- Strategic manufacturing alliances across Gujarat, Uttarakhand, and Himachal Pradesh
- Competitive and cost-effective pricing
- Experienced management team
Aptus Pharma IPO Details
The Aptus Pharma IPO is a book-building issue of ₹13.02 crore, entirely a fresh issue of 0.19 crore shares. The IPO will list on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹65 – ₹70 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 18.6 lakh shares (₹13.02 Cr) |
| Sale Type | Fresh Capital |
| Reserved for Market Maker | 94,000 shares (₹0.658 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 50,00,000 shares |
| Shareholding Post-Issue | 68,60,000 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 94,000 (5.05%) |
| QIB | 8,80,000 (47.31%) |
| NII (HNI) | 2,66,000 (14.30%) |
| Retail | 6,20,000 (33.33%) |
| Total | 18,60,000 (100%) |
Anchor Investors:
| Bid Date | Shares Offered | Portion Size (₹ Cr) | 50% Lock-in | 90% Lock-in |
| Sep 22, 2025 | 5,28,000 | 3.70 | Oct 26, 2025 | Dec 25, 2025 |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,80,000 |
| Retail (Max) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (Min) | 3 | 6,000 | ₹4,20,000 |
| S-HNI (Max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (Min) | 8 | 16,000 | ₹11,20,000 |
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Promoter Holding:
The promoters include Tejash Maheshchandra Hathi, Chatrabhuj Vallabhbhai Butani, Kapilbhai Hasmukhbhai Chandarana, Ghanshyam Vinubhai Pansuriya, Milly Chetan Lalseta, Riddhish Natwarlal Tanna, Gaurang Rameshchandra Thakker, Kripaliben Mayank Thakker, and Kunjal Piyushbhai Unadkat.
- Pre-IPO: 100%
- Post-IPO: 72.89%
Book Running Lead Manager: Interactive Financial Services Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Market-Hub Stock Broking Pvt. Ltd.
Aptus Pharma Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 21.92 | 10.03 | 6.22 |
| Total Income | 24.64 | 17.88 | 13.90 |
| Profit After Tax | 3.10 | 0.80 | 0.19 |
| EBITDA | 4.76 | 1.49 | 0.57 |
| Net Worth | 6.97 | 1.77 | 0.97 |
| Reserves & Surplus | 1.97 | 1.47 | 0.67 |
| Total Borrowing | 10.36 | 5.31 | 2.21 |
Key Performance Indicators (FY2025):
- Market Cap: ₹48.02 Cr
- ROE: 44.50%
- ROCE: 45.66%
- Debt/Equity: 1.49
- RoNW: 44.50%
- EBITDA Margin: 19.31%
- EPS Pre-IPO: ₹6.20 | Post-IPO: ₹4.52
- P/E Pre-IPO: 11.29x | Post-IPO: 15.49x
Objects of the Issue
| S.No | Object | Expected Amount (₹ Cr) |
| 1 | Capital Expenditure for Office Premises with furniture and Industrial Racks | 1.63 |
| 2 | Working Capital | 8.00 |
| 3 | General Corporate Purposes | Balance |
Industry Outlook
The Indian pharmaceutical market continues to expand, driven by:
- Rising domestic healthcare demand
- Increasing awareness and chronic disease prevalence
- Expanding distribution channels across semi-urban and rural regions
- Growing export opportunities for generic formulations
Aptus Pharma’s diversified therapeutic portfolio, strong distribution network, and strategic manufacturing alliances position it well to capture growth in domestic and international pharmaceutical markets.
Aptus Pharma IPO: Peer Comparison
Investors looking at Aptus Pharma may also consider its industry peers to understand relative performance and market positioning. Key peers include Zota Health Care Ltd, Sunrest Lifescience Ltd, and Lincoln Pharmaceuticals Ltd. Comparing financial metrics such as revenue growth, profitability, and valuation multiples across these companies can provide valuable insights for making informed investment decisions.
Conclusion
Aptus Pharma Ltd. offers investors a promising opportunity in the pharmaceutical distribution and manufacturing sector. With consistent revenue and profit growth, a diversified portfolio, and strategic distribution and manufacturing capabilities, the company is well-positioned for expansion. However, investors should consider risks such as regulatory changes, competition in the pharmaceutical sector, and dependency on key distributors.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
