India’s IPO market continues its robust run into July 2025, driven by active retail and institutional participation across manufacturing, technology and pharmaceutical sectors. Adding to this momentum is Asston Pharmaceuticals Ltd., a rapidly growing exporter of pharmaceuticals and nutraceutical products, opening its public issue on July 9, 2025.
Here is a detailed insight into Asston Pharmaceuticals Ltd., its IPO, and the industry outlook.
About Asston Pharmaceuticals Ltd.
Incorporated in 2019, Asston Pharmaceuticals Ltd. is engaged in manufacturing and exporting pharmaceutical formulations globally. Its diverse product portfolio includes tablets, capsules, sachets, and syrups, covering therapeutic categories like analgesics, antibiotics, antifungals, and vitamins.
Key highlights include:
- FDA certification from Central and State FDA, NQA accreditation, and adherence to Quality Management System (QMS) standards.
- Operates on a principle-to-principle model, manufacturing products for direct sales and under contract manufacturing arrangements.
- As of July 2025, the company employs 46 permanent and 6 contractual employees.
Its flagship products include Albendazole USP 400 mg, Diclofenac 100 mg, Ibuprofen, Paracetamol, and Ferrovit Syrup.
Asston Pharmaceuticals Ltd. IPO Details
The Asston Pharmaceuticals IPO aims to raise ₹27.56 crore through a fresh issue of 22.41 lakh shares. The proceeds will fund capital expenditure, working capital needs, debt repayment, and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | July 9, 2025 |
| IPO Close Date | July 11, 2025 |
| Allotment Date (Tentative) | July 14, 2025 |
| Initiation of Refunds | July 15, 2025 |
| Credit of Shares to Demat | July 15, 2025 |
| Listing Date (Tentative) | July 16, 2025 |
| UPI Mandate Cut-off | 5 PM on July 11, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Price Band | ₹115 to ₹123 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size | 22,41,000 shares (₹27.56 Cr) |
| Fresh Issue | 22,41,000 shares (₹27.56 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE SME |
| Shareholding Pre-Issue | 62,71,360 shares |
| Shareholding Post-Issue | 85,12,360 shares |
Lot Size of Asston Pharmaceuticals Ltd. IPO
| Application Type | Lots | Shares | Amount |
| Individual investors (Min) | 2 | 2,000 | ₹2,46,000 |
| Individual investors (Max) | 2 | 2,000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,69,000 |
| S-HNI (Max) | 8 | 8,000 | ₹9,84,000 |
| B-HNI (Min) | 9 | 9,000 | ₹11,07,000 |
Asston Pharmaceuticals Ltd. Financials
The IPO values Asston Pharmaceuticals Ltd. at a market capitalisation of ₹104.70 crore. The company has demonstrated robust growth in both revenues and profitability.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Equity (ROE): 50.56%
- Return on Capital Employed (ROCE): 51.25%
- Debt/Equity: 0.68
- Return on Net Worth (RoNW): 40.36%
- Profit After Tax (PAT) Margin: 17.27%
- EBITDA Margin: 24.60%
- Price-to-Book Value: 12.07
- Pre-IPO Earnings Per Share (EPS): 6.90
- Post-IPO Earnings Per Share (EPS): 9.32
- Pre-IPO Price-to-Earnings Ratio (P/E): 17.83
- Post-IPO Price-to-Earnings Ratio (P/E): 13.2
Company Financial Snapshot
| Period Ended | 31 May 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 31.83 | 28.12 | 20.26 | 13.69 |
| Revenue (₹ Cr) | 6.21 | 25.61 | 15.84 | 7.19 |
| Profit After Tax (₹ Cr) | 1.32 | 4.33 | 1.36 | 1.06 |
| EBITDA (₹ Cr) | 1.93 | 6.16 | 2.55 | 1.52 |
| Net Worth (₹ Cr) | 12.04 | 10.72 | 6.39 | 1.99 |
| Reserves and Surplus (₹ Cr) | 5.77 | 4.45 | 5.61 | 1.29 |
| Total Borrowing (₹ Cr) | 7.83 | 7.26 | 6.82 | 5.25 |
Asston Pharmaceuticals Ltd.: Industry Outlook
- The Indian pharmaceutical export market is forecasted to continue its double-digit growth, driven by demand for generic formulations, quality manufacturing standards, and expansion into emerging markets.
- Asston Pharmaceuticals’ diverse product portfolio and strategic manufacturing location support its expansion plans.
- However, the sector is competitive with regulatory challenges, necessitating continuous compliance and product innovation.
Use of IPO Proceeds
| Objective | Expected Amount (₹ in million) |
| Funding capital expenditure for acquiring machinery | ₹60 |
| Funding incremental working capital requirements | ₹130 |
| Repayment/prepayment of certain outstanding borrowings | ₹10 |
| General Corporate Purposes | Balance |
Conclusion
Asston Pharmaceuticals Ltd. IPO offers investors an opportunity to participate in India’s robust pharmaceuticals export growth story. The company’s formulation expertise, experienced promoters, and consistent financial performance provide a strong base for its growth trajectory.
However, investors should consider risks including sector competition and margin sustainability before investing. The IPO may appeal to those with a long-term investment horizon, looking to diversify into healthcare manufacturing and export-focused businesses.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
