These figures indicate strong retail interest but a tepid response from institutional investors.
Anlon Healthcare is a specialized chemical manufacturer focusing on pharmaceutical intermediates and active pharmaceutical ingredients (APIs), which are used to formulate finished dosage forms such as tablets, capsules, and syrups. The company also markets products for nutraceuticals, personal care, and animal health.
Analysts say that despite the muted listing, Anlon’s investment in niche APIs like loxoprofen and its expansion plans suggest it may rebound.
“The subdued listing contrasts with the high subscription rate and highlights market wariness about pharma IPOs, especially due to valuation concerns and global economic headwinds,” said a representative from Master Capital Services.
Financially, the company has shown healthy growth. Revenue jumped 81% in FY25 to Rs 120 crore, while net profit more than doubled to Rs 20.5 crore. Profit margins have expanded sharply, with EBITDA margin rising to 26.9% and PAT margin to 17.1%, compared to 18.5% and 5.2% in FY23.At the upper price band, Anlon is valued at a P/E of 19x FY25 earnings, with an EV/EBITDA multiple of 16.7x and a market capitalization of Rs 483.6 crore post-issue. Analysts consider this fully priced.Key strengths include Anlon’s manufacture of loxoprofen sodium dihydrate, an API widely used for pain and inflammation management and produced by very few manufacturers in India. Regulatory approvals from Brazil, Japan, and China further bolster its export prospects and growth potential.
However, risks remain. The company has a limited operating history, and any shutdown of its single facility could impact production. It has also faced regulatory halts in the past, a factor investors should monitor closely.
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