Robust Subscription Across Investor Categories
The ₹121-crore IPO received bids for over 9.47 crore shares against the 1.33 crore shares on offer. According to exchange data, the retail investor category saw overwhelming demand with 47.29 times subscription. Non-institutional investors subscribed 10.61 times, while Qualified Institutional Buyers (QIBs) managed a modest 1.07 times subscription.
Market analysts said the heavy retail participation signals strong appetite for healthcare-focused mid-cap companies, particularly those with niche manufacturing capabilities. “Retail enthusiasm has clearly outpaced institutional response, showing the retail class is hunting for value plays even in high-risk bets,” said a Hyderabad-based market strategist.
Grey Market Premium Reflects Modest Listing Prospects
While subscription numbers were impressive, Anlon Healthcare’s IPO GMP has softened in recent days. On Friday, the premium stood at ₹2 over the issue price of ₹91, hinting at a listing price of around ₹93 — a modest 2.2% gain. In the past week, the GMP has fluctuated between ₹0 and ₹5, reflecting cautious secondary market sentiment.
Investors tracking unofficial trading noted that the cooling GMP suggests limited listing-day fireworks. Still, with retail demand hitting unprecedented levels, many expect active participation on listing day.
Issue Structure and Fund Utilisation
The IPO was a pure fresh issue of 1.33 crore equity shares, priced in a band of ₹86–91 per share. The company aims to raise ₹121 crore, which will be channelled into expansion and strengthening of operations. About ₹30.7 crore has been earmarked for capacity expansion at its manufacturing facility, ₹43.15 crore for working capital, with the remainder allocated to debt repayment and general corporate purposes.
Interactive Financial Services Ltd served as the book-running lead manager, while KFin Technologies is the registrar for the issue.
Company Profile
Anlon Healthcare operates in the chemical manufacturing space, with a focus on high-purity pharmaceutical intermediates and active pharmaceutical ingredients (APIs). Its products serve as the backbone for multiple pharmaceutical formulations including tablets, capsules, ointments, and syrups. The company’s portfolio also extends to nutraceuticals, personal care products, and animal health solutions.
Industry experts note that rising global demand for APIs amid supply-chain diversification trends may benefit companies like Anlon Healthcare. However, competition and margin pressures remain key challenges.
What Next: Allotment and Listing
Following the closure of bidding, the next crucial step for investors is the basis of allotment, expected to be finalised on September 1. Refunds will be initiated shortly after, with shares likely to be credited by September 3. The stock is expected to debut on the NSE SME platform in early September.
