In 2025, the Indian IPO market is seeing a surge in companies tapping the capital markets, and Earkart Limited is one such HealthTech company aiming to make a mark. Specializing in hearing aids and related products, Earkart offers an exciting investment opportunity in a growing sector with increasing demand for advanced medical devices. Set to open on September 25, 2025, Earkart’s IPO promises significant growth potential for investors seeking to diversify their portfolios into the HealthTech space.
About Earkart Ltd.
Earkart Limited was incorporated in 2012 and has since become a key player in the HealthTech sector, focusing on hearing aids and related accessories. Earkart manufactures modern hearing devices, including Receiver-In-Canal (RIC), Invisible (IIC), Behind-The-Ear (BTE), In-The-Ear (ITE), In-The-Canal (ITC), and Completely-In-Canal (CIC) devices. The company also sells products like adjustable foldable walkers and Multi-Sensory Integrated Educational Development (MSIED) materials for physically challenged individuals.
The company operates across a multi-channel distribution network, including online, offline, and B2G (Business-to-Government) sales. As of April 2024, Earkart introduced the Shop in Shop (SIS) model, offering franchises to opticians and ENT/optical clinics. It currently operates 49 SIS clinics across 22 cities in 6 states and 2 Union Territories.
Competitive Strengths:
- Diverse product range in the hearing aids category
- Expanding multi-channel distribution model
- Trusted Government supplier for hearing aids to ALIMCO under the Ministry of Social Justice and Empowerment
- Growing footprint in Shop in Shop (SIS) franchise model
- Innovation-driven with continuous focus on research and development
Earkart IPO Details
The Earkart IPO is a fixed price issue of ₹49.26 crores, consisting of a fresh issue of 33 lakh shares aggregating ₹44.75 crores and an offer for sale of 3.34 lakh shares amounting to ₹4.51 crores.
The IPO will be listed on BSE SME, and it opens on September 25, 2025, closing on September 29, 2025.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 25, 2025 |
| IPO Close Date | Sep 29, 2025 |
| Tentative Allotment | Sep 30, 2025 |
| Initiation of Refunds | Oct 1, 2025 |
| Credit of Shares to Demat | Oct 1, 2025 |
| Tentative Listing Date | Oct 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 29, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹135 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 36.49 lakh shares (₹49.26 Cr) |
| Reserved for Market Maker | 1,85,000 shares (aggregating up to ₹2.50 Cr)Rikhav Securities Ltd. |
| Fresh Issue (Ex Market Maker) |
31,30,000 shares (aggregating up to ₹42.26 Cr) |
| Offer for Sale | 3,34,000 shares of ₹10 (aggregating up to ₹4.51 Cr) |
| Net Offered to Public | 34,64,000 shares (aggregating up to ₹46.76 Cr) |
| Sale Type | Fresh Issue + Offer for Sale |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1.04 crore shares |
| Shareholding Post-Issue | 1.38 crore shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,85,000 (5.07%) |
| NII (HNI) Shares Offered | 17,32,000 (47.47%) |
| Retail Shares Offered | 17,32,000 (47.47%) |
| Total Shares Offered | 36,49,000 (100.00%) |
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Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,70,000 |
| Retail (Max) | 2 | 2,000 | ₹2,70,000 |
| HNI (Min) | 3 | 3,000 | ₹4,05,000 |
Promoter Holding:
- Pre-IPO: 78.75%
- Post-IPO: 57.34%
Book Running Lead Manager: Sarthi Capital Advisors Pvt. Ltd.
Registrar: Skyline Financial Services Pvt. Ltd.
Earkart Ltd. Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 30.29 | 19.25 | 14.73 |
| Total Income | 43.19 | 31.97 | 28.97 |
| Profit After Tax (PAT) | 6.88 | 3.06 | 1.31 |
| EBITDA | 9.76 | 3.55 | 1.61 |
| Net Worth | 19.92 | 13.03 | 6.56 |
| Reserves & Surplus | 9.48 | 12.97 | 6.49 |
| Total Borrowing | 4.96 | 4.00 | 1.21 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Cap | ₹185.68 Cr |
| ROE | 34.55% |
| ROCE | 47.32% |
| Debt/Equity | 0.26 |
| RoNW | 34.55% |
| PAT Margin | 15.93% |
| EBITDA Margin | 22.65% |
| Price to Book Value | 7.08 |
| EPS Pre-IPO | ₹6.59 |
| EPS Post-IPO | ₹5.00 |
| P/E Pre-IPO | 20.48x |
| P/E Post-IPO | 26.98x |
Earkart IPO Objectives
The Earkart IPO proposes to use the net proceeds for the following:
| Object | Amount (₹ Crore) |
| Funding working capital requirements | ₹21.10 |
| Capital expenditure for Shop in Shop (SIS) business model | ₹17.33 |
| General corporate purposes | ₹0.63 |
Industry Outlook
The HealthTech industry, specifically hearing aids, has seen tremendous growth in recent years, driven by:
- An aging global population with an increasing prevalence of hearing impairment
- Rising awareness about hearing health and advances in hearing aid technologies
- Expanding market access through multi-channel distribution models (online and offline)
- A growing emphasis on affordable healthcare devices
Earkart’s strong foothold in the hearing aids market, combined with its expanding distribution channels and innovative product offerings, positions the company well to capitalize on this growth.
Conclusion
Earkart Limited offers an exciting investment opportunity in the Healthcare sector, with its diverse portfolio of hearing aids and a well-established distribution network. The company’s recent expansion through the Shop in Shop (SIS) franchise model and its focus on technological innovation provide a solid foundation for future growth. While Earkart’s financials reflect impressive growth, potential investors should be mindful of the competitive landscape and the need for continuous innovation.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
