Anlon Healthcare has again filed its Draft Red Herring Prospectus (DRHP) with SEBI for the third time, to go public with a fresh issue of shares. This is a sign of resilience and clarity of thought as the company looks to fuel its growth through public market participation.
📌 Anlon Healthcare – Overview
Anlon Healthcare is a chemical company based out of Rajkot, Gujarat which manufactures:
- High Purity Pharmaceutical Intermediates – raw materials for Active Pharmaceutical Ingredients (APIs),
- Active Pharmaceutical Ingredients (APIs) – used in various formulations like tablets, capsules, ointments, syrups etc.,
- Nutraceutical APIs, Personal Care Ingredients, Veterinary APIs.
The company is one of the few in India to manufacture loxoprofen sodium dihydrate, a key API used in pain and inflammation management with approvals from major markets like Brazil (ANVISA), China (NMPA) and Japan (PMDA).
Key Strengths:
- Portfolio of 65 commercialised products, 28 in pilot stage, and 49 under R&D.
- Compliance with global pharmacopeia standards (IP, BP, EP, JP, USP).
- Strong regulatory pipeline with 21 DMFs filed across regions including EU, Russia, South Korea, and more.
- Custom manufacturing capabilities for novel and high-purity compounds.
💼 Anlon Healthcare IPO Details
Anlon Healthcare IPO is structured as a pure fresh issue of 1.4 crore equity shares, with no offer-for-sale (OFS) component, signaling promoter confidence and an appetite for capital infusion rather than exits.
| Category | Details |
|---|---|
| Issue Type | Fresh Issue |
| Offer Size | Up to 1.4 crore equity shares |
| Promoters | Punitkumar Rasadia, Meet Vachhani, Mamata Rasadia |
| Merchant Banker | Interactive Financial Services |
| Registrar | KFin Technologies |
💰 Utilization of IPO Proceeds
The company’s roadmap for capital deployment is robust and forward-looking, addressing both capacity expansion and liquidity needs:
| Purpose | Amount (INR in Cr) | Timeline |
|---|---|---|
| Expansion of manufacturing facility | 30.71 | FY27 |
| Debt repayment | 5.00 | FY26 |
| Working capital requirements | 43.15 | FY26: INR 10.3 Cr, FY27: INR 32.85 Cr |
| Inorganic acquisitions & corporate purposes | [Undisclosed] | FY26–FY27 |
Note: Final IPO pricing, valuation, and overall proceeds are yet to be finalized.
📊 Financial Performance Snapshot
Anlon Healthcare has demonstrated strong operational recovery and profitability, as reflected in its restated financials:
| Particulars | FY2022 | FY2023 | FY2024 | 10M FY2025 |
|---|---|---|---|---|
| Revenue from Operations | 57.14 | 112.88 | 66.58 | 77.25 |
| Total Income | 57.54 | 113.12 | 66.69 | 77.37 |
| EBITDA Margin | ~12.3% | ~6.2% | ~14.6% | ~19.3%* |
| Net Profit | (0.11) | 5.82 | 9.66 | 11.96 |
| EPS (Basic/Diluted) INR | (0.09) | 4.85 | 6.68 | 4.65 |
*2025 data annualized based on 10-month performance.
Key Takeaways:
- Revenue volatility suggests cyclical order patterns, but the margin profile has improved steadily.
- The FY25 earnings (10 months) already surpass FY2024, indicating operational efficiency and demand recovery.
- EPS has seen a consistent upward trend, bolstering investor confidence.
The Filing Loop
Anlon Healthcare has filed its DRHP with SEBI three times since late 2024. The first filing was made on 11 October 2024, but the draft offer documents were returned by SEBI in December 2024, with no specific reasons publicly disclosed. The second DRHP was filed on 20 February 2025, but the company voluntarily withdrew the offer on 28 March 2025, citing subdued and volatile equity market conditions. Most recently, Anlon submitted its third DRHP on 21 April 2025, which is currently under review by SEBI.
Across all three filings, Anlon Healthcare has consistently proposed a fresh issue of 1.4 crore equity shares. The company intends to utilize the proceeds from the IPO for the expansion of its manufacturing facility, repayment of debt, meeting working capital requirements, and other general corporate purposes.
⚠️ Risk Factors
As a first-time issuer, Anlon Healthcare IPO does carry typical early-stage market risks:
- Absence of historical market trading – post-listing price volatility expected.
- Concentrated manufacturing footprint – reliance on a single facility may pose scalability or disruption risks.
- Regulatory dependency – filings and DMF approvals in global markets subject to long gestation and uncertainty.
Looking Ahead
Anlon Healthcare marks a credible story of a niche healthcare chemical player ready to scale up operations. The absence of an OFS reflects the promoters’ long-term vision, and the allocation of proceeds shows a well-prioritized roadmap — focusing on capacity expansion, deleveraging, and liquidity.
From a strategic perspective, Anlon’s combination of commercialized APIs, regulatory credibility, and emerging custom synthesis capabilities positions it to ride the global contract manufacturing and pharmaceutical outsourcing wave.
“If priced reasonably, Anlon Healthcare IPO could find favor among institutional and retail investors seeking niche pharma API exposure in India’s rapidly diversifying chemical space.