Asston Pharmaceuticals IPO will open on July 9, 2025, and close on July 11, 2025. It is a Book Built Issue, aiming to raise around ₹27.56 crores. The issue consists of a fresh issue of ₹27.56 crores and an offer for sale of [.] equity shares, with a face value of ₹10 each.
The IPO price band is set between ₹115 to ₹123 per share. The quota allocation includes 35% for retail investors, 50% for QIBs, and 15% for HNIs. The listing is scheduled on BSE on July 16, 2025, and the allotment date is July 14, 2025.
In terms of financial performance, the company reported a revenue of ₹25.61 crores in 2025, up from ₹15.84 crores in 2024. Net profit rose to ₹4.33 crores in 2025, compared to ₹1.36 crores in 2024.
Asston Pharmaceuticals IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 9, 2025 |
| IPO Close Date: | July 11, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹115 to ₹123 Per Share |
| Issue Size: | Approx ₹27.56 Crores |
| Fresh Issue: | Approx ₹27.56 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Asston Pharmaceuticals IPO Market Lot
The Asston Pharmaceuticals IPO has a minimum market lot of 2,000 shares, requiring an application amount of ₹2,46,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹2,46,000 |
| Retail Maximum | 2 | 2,000 | ₹2,46,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,69,000 |
Asston Pharmaceuticals IPO Allotment & Listing Dates
The Asston Pharmaceuticals IPO will open on July 9 and close on July 11, 2025. The allotment of shares will be finalized on July 14, and the IPO is scheduled to list on BSE on July 16, 2025.
| Type | Date |
|---|---|
| IPO Open Date: | July 9, 2025 |
| IPO Close Date: | July 11, 2025 |
| Basis of Allotment: | July 14, 2025 |
| Refunds: | July 15, 2025 |
| Credit to Demat Account: | July 15, 2025 |
| IPO Listing Date: | July 16, 2025 |
Asston Pharmaceuticals IPO: Promoters
The promoters of Asston Pharmaceuticals are Dr. Ashish Narayan Sakalkar, Saili Jayaram More, and Sachin Chandrakant Badakh.
Asston Pharmaceuticals IPO Company Financial Report
The promoters of Asston Pharmaceuticals are Dr. Ashish Narayan Sakalkar, Saili Jayaram More, and Sachin Chandrakant Badakh.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹7.19 | ₹5.78 | ₹1.06 | ₹13.69 |
| 2024 | ₹15.84 | ₹14.02 | ₹1.36 | ₹20.26 |
| 2025 | ₹25.61 | ₹19.91 | ₹4.33 | ₹28.12 |
| May 2025 | ₹6.21 | ₹4.44 | ₹1.32 | ₹31.83 |
Asston Pharmaceuticals IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 50.56% |
| ROCE: | 51.25% |
| EBITDA Margin: | 24.60% |
| PAT Margin: | 17.27% |
| Debt to equity ratio: | 0.68 |
| Earning Per Share (EPS): | ₹6.90 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 40.36% |
| Net Asset Value (NAV): | ₹17.09 |
Asston Pharmaceuticals IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Shelter Pharma Limited | 6.26 | 6.70 | 16.94% | 36.96 | – Cr. |
| Bafna Pharmaceuticals Limited | 1.76 | 51.38 | 4.89% | 35.86 | – Cr. |
| Trident Lifeline Limited | 11.35 | 25.29 | 19.85% | 57.16 | – Cr. |
Objects of the Issue – Asston Pharmaceuticals IPO
- Funding capital expenditure requirements towards acquiring machinery in the manufacturing unit
- Funding incremental working capital requirements of the Company
- Repayment and/or prepayment, in part or full, of certain outstanding borrowings availed by the Company
- General corporate purposes
Asston Pharmaceuticals Company Overview, Strengths, and Risks
Asston Pharmaceuticals Limited is an Indian pharmaceutical and nutraceutical company founded in 2019, headquartered in Navi Mumbai, Maharashtra. The company specializes in the manufacturing and export of a diverse range of healthcare products including tablets, capsules, oral liquids, external preparations (ointments, creams, gels, and lotions), and oral powders (sachets, dry syrups). They operate under their own brand “Asston” and also provide contract manufacturing and loan licensing services for other marketers.
Asston Pharmaceuticals emphasizes quality manufacturing, with certifications from both Central and State FDA, and accreditation by NQA (Nuclear Quality Assurance), adhering to Quality Management System (QMS) standards. They have a manufacturing facility in Ambernath, Maharashtra, and collaborate with WHO-GMP certified contract manufacturers for certain specialized formulations.
The company is currently undergoing an IPO, with the issue opening on July 9, 2025, and closing on July 11, 2025.
Strengths:
- Formulation Expertise: Asston Pharmaceuticals has a strong in-house QA/QC and regulatory department, focusing on enhancing formulations across diverse therapeutic categories. This expertise helps them establish as a reliable partner in export markets.
- Experienced Promoters: The company is led by experienced promoters, including Dr. Ashish Narayan Sakalkar (Managing Director), who bring significant domain knowledge and global market experience.
- Wide Range of Products: Asston offers a broad portfolio of products, including generics, pediatric formulations, eye drops, and nutraceuticals across various dosage forms (tablets, capsules, syrups, sachets, injectables). This diversity allows them to cater to varying demands and strengthens their position as a “one-stop shop.” They hold over 150 registered trademarks.
- Strategic Location: Their manufacturing facility in Ambernath, Maharashtra, is strategically located near Mumbai ports and highways, facilitating efficient global exports.
- Skilled Workforce: The company employs a skilled workforce that ensures quality compliance across manufacturing and distribution.
- Established Contract Manufacturing Network & Asset-Light Model: Asston collaborates with five WHO-GMP certified contract manufacturers, which enables an asset-light operational model, reducing heavy capital expenditure, maintenance costs, and certain regulatory or labor risks.
- Quality Assurance & Regulatory Compliance: They prioritize quality at every stage, from production to export, with tie-ups with NABL accredited laboratories and adherence to FDA and QMS standards.
- Growing Financials: The company has shown significant growth in its financials, with total income increasing from ₹7.19 crores in FY23 to ₹15.84 crores in FY24, and further to ₹25.61 crores in FY25. Profit after tax has also seen substantial growth.
- International Presence: Asston has established relationships with around 10 pharmacies globally and actively exports to regulated markets like West Africa and South Africa, focusing on emerging markets in Africa and Asia.
Risks:
- Heavy Dependence on Third-Party Manufacturers: While providing an asset-light model, reliance on third-party manufacturers for certain products limits Asston’s direct control over production schedules and quality assurance for those specific items. Loss of these tie-ups or low entry barriers in contract manufacturing could impact their operations and profitability.
- Concentration of Manufacturing Facilities: All of Asston’s manufacturing facilities are situated in Ambernath, Thane, Maharashtra. Any significant interruption (natural disaster, labor unrest, etc.) in this single region could adversely affect their business and financial condition.
- Customer Concentration: The company derives a significant portion of its revenue from a limited number of major customers and does not have long-term contracts with most of them (other than two customers with one-year contracts). This makes them vulnerable to the loss of these key customers.
- Regulatory Environment: The pharmaceutical sector is heavily regulated. Any failure to comply with existing or future statutory and regulatory requirements in India and other jurisdictions could adversely affect their business, results of operations, and financial condition.
- Working Capital Requirements and Receivables: The company has substantial working capital requirements and faces risks related to receivables, which could adversely affect its financial condition if not managed effectively. They may also need additional financing.
- Competition: The company operates in a highly competitive and fragmented generic and nutraceutical market, which can put pressure on pricing, market share, and profitability.
- Raw Material Dependence and Price Volatility: Asston is dependent on suppliers for raw materials and has not entered into long-term supply agreements for major raw materials. Volatility in prices or non-availability could negatively impact their business.
- Counterfeit Drugs and Technological Changes: The availability of counterfeit drugs and the introduction of alternative pharmaceutical products due to changes in technology or consumer needs could adversely affect their goodwill and financial results.
- Employee Misconduct and Retention: The company’s success depends on its ability to attract and retain skilled personnel. Misconduct or errors by employees, or an inability to retain talent, could adversely affect operations.
- IPO-Specific Risks: As this is Asston’s first public issue, there is no formal market for their shares, and investment in equity involves inherent risks, including the risk of losing the entire investment. The sudden boost in bottom lines from FY25 onwards also raises concerns about its sustainability for some analysts.
Asston Pharmaceuticals IPO Review
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Asston Pharmaceuticals IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Asston Pharmaceuticals IPO Lead Managers aka Merchant Bankers
- Sobhagya Capital Options Ltd
Asston Pharmaceuticals Company Address
Asston Pharmaceuticals Limited
4th Floor, Office No. A-431 Balaji Bhavan,
Plot No 42A Sector-11 CBD Belapur,
Navi Mumbai, Thane
Navi Mumbai, Maharashtra, 400614
Phone: +91 22 49731411
Email: info@asstonpharmaceuticals.com
Website: http://www.asstonpharmaceuticals.com/
FAQs about Asston Pharmaceuticals IPO
The Asston Pharmaceuticals IPO opened today, July 9, 2025, and will close on July 11, 2025.
The IPO price band for Asston Pharmaceuticals is set between ₹115 to ₹123 per share.
The minimum lot size for the Asston Pharmaceuticals IPO is 2,000 shares.
The minimum application amount for retail investors is ₹2,46,000 (2,000 shares at ₹123 per share).
The allotment of shares for the Asston Pharmaceuticals IPO is expected to be finalized on July 14, 2025.
Asston Pharmaceuticals IPO is scheduled to list on BSE SME on July 16, 2025.
The promoters of Asston Pharmaceuticals are Dr. Ashish Narayan Sakalkar, Saili Jayaram More, and Sachin Chandrakant Badakh.
The main objectives include funding capital expenditure for machinery, meeting working capital needs, repaying certain borrowings, and general corporate purposes.
As of July 8, 2025, the Grey Market Premium (GMP) for Asston Pharmaceuticals IPO was reported to be ₹10-₹15 per share. (Please note GMP is dynamic and can change).
You can check the allotment status on the website of the IPO registrar, Maashitla Securities Private Limited, or on the BSE website after July 14, 2025.
