Asston Pharmaceuticals was incorporated on April 16, 2019. The company manufactures and exports pharmaceutical formulations and nutraceutical products under the brand “Asston.” Its product range includes tablets, capsules, syrups, ointments, gels, and sachets. It supplies both directly and through contract manufacturing, serving domestic and African markets from its facility in Maharashtra
| Bidding Dates |
|---|
| 09 Jul 2025 - 11 Jul 2025 |
| Subscription |
|---|
| 173.53x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,30,000 | 2 | 2 | 1000 | 2.2 M | ₹115 - ₹123 | 50.66 % | ₹257.7 M - ₹275.6 M | RHP DOC |
Asston Pharmaceuticals IPO SUBSCRIPTION STATUS
11 Jul '25Asston Pharmaceuticals IPO overall subscription rate was 173.53 times the total available shares
Asston Pharmaceuticals IPO retail subscription rate was 228.46 times in the retail segment
Asston Pharmaceuticals IPO non-institutional investor subscription rate was 472.5 times in the non-institutional investor category
Asston Pharmaceuticals IPO Qualified Institutional Bidder subscription rate was 45.39 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Jul 2025 (Day 3) | 228.46x | 472.5x | 45.39x |
10 Jul 2025 (Day 2) | 22.12x | 26.76x | 2.36x |
09 Jul 2025 (Day 1) | 1.62x | 0.88x | 1.86x |
Asston Pharmaceuticals FINANCIALS
| Period | Net Profit (Rs in crore) | Revenue from Operations (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 2MFY26 | 1.3 | 6.2 | -0.4 | -0.4 | 31.2% |
| FY25 | 4.3 | 25.0 | -0.2 | -0.3 | 24.6% |
| FY24 | 1.4 | 15.6 | -3.8 | -3.8 | 16.3% |
| FY23 | 1.1 | 6.5 | -0.3 | -0.6 | 23.2% |
Asston Pharmaceuticals IPO SUBSCRIPTION STATUS DETAILS
Asston Pharmaceuticals had 2.2 M shares on offer
Asston Pharmaceuticals IPO offer price was in the range ₹115 - ₹123
Asston Pharmaceuticals IPO minimum Investment was ₹230000
Asston Pharmaceuticals IPO issue size was ₹ 257.7 M - ₹ 275.6 M
Asston Pharmaceuticals had a minimum lot size of 1000 Shares per application
Asston Pharmaceuticals NUMBER OF SHARES ON OFFER
Asston Pharmaceuticals IPO IMPORTANT DATES
| Issue Open Date | 09 Jul 2025 |
| Issue close Date | 11 Jul 2025 |
| Allotment Date | 14 Jul 2025 |
| Refund Date | 15 Jul 2025 |
| Demat Account Credit Date | 15 Jul 2025 |
| Listing Date | 16 Jul 2025 |
| Listing on Exchange(s) | BSE |
| Asston Pharmaceuticals Allotment Status | Exchange/ Registrar |
Asston Pharmaceuticals IPO subscription opened on 09 Jul 2025, and closed on 11 Jul 2025
IPO allotment for Asston Pharmaceuticals was finalized on Monday, 14 Jul 2025
IPO listing for Asston Pharmaceuticals was on BSE on Wednesday, 16 Jul 2025
Asston Pharmaceuticals IPO LISTING GAINS
| Issue Price (adjusted) | 123.0 |
| Listing Open Price | 119.0 |
| Listing Close Price | 125.0 |
| Listing Gain% | -3.3% |
| Current Gain% | -35.2% |
Asston Pharmaceuticals Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asston Pharmaceuticals Ltd. | 79.7 | 67.8 | 17.6 | -1.7 | 2.1 | 9.9 | 7.5 | 31.6 | 23.3 | 3.9 | -10.6 | 4.5 | -10.6 |
| Sun Pharmaceutical Industries Ltd. | 1945 | 466670.7 | 38.6 | 2.3 | 7.8 | 13.7 | 10.6 | 60433.8 | 10.8 | 11479.4 | 5 | 50.4 | 16.6 |
| Divi's Laboratories Ltd. | 8275 | 219675.3 | 75.1 | 2.8 | 19.6 | 15.3 | 12.8 | 11067 | 14 | 2568 | 17.2 | 110.2 | 26.8 |
| Torrent Pharmaceuticals Ltd. | 4924 | 187293.2 | 85.9 | 9.6 | 11.9 | 25.8 | 4.9 | 13886.2 | 20.3 | 2163.4 | 13.2 | 57.3 | 8.9 |
| Cipla Ltd. | 1463.8 | 118253.6 | 35.1 | -0.9 | 4.2 | 11.3 | 9.1 | 29044.6 | 2.2 | 3879.2 | -26.4 | 41.7 | -37.5 |
| Zydus Lifesciences Ltd. | 1114.2 | 112114.6 | 22.2 | 2.3 | 4.1 | 18.6 | 9.6 | 27657.9 | 17.6 | 5040 | 11.4 | 50.1 | 9.6 |
Asston Pharmaceuticals INFORMATION ON IPO ISSUE
About Asston Pharmaceuticals
Asston Pharmaceuticals was incorporated on April 16, 2019. The company manufactures and exports pharmaceutical formulations and nutraceutical products under the brand “Asston.” Its product range includes tablets, capsules, syrups, ointments, gels, and sachets. It supplies both directly and through contract manufacturing, serving domestic and African markets from its facility in Maharashtra
Object of the Issue
- Funding capital expenditure requirements towards acquiring machinery in the manufacturing unit
- Funding the incremental working capital requirements
- Repayment and/or prepayment, in part or full, of certain of the outstanding borrowings availed by the company
- General corporate purposes
Asston Pharmaceuticals - PROMOTERS
| Name |
|---|
| Ashish Narayan Sakalkar |
| Saili Jayaram More |
| Sachin Chandrakant Badakh |
Asston Pharmaceuticals Book Running Lead Manager
Sobhagya Capital Options Private Limited
cs@sobhagyacap.com
Asston Pharmaceuticals Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
Asston Pharmaceuticals Strengths
Diverse product portfolio
The company offers a broad range of over 100 registered trademarks, including pediatric drugs, anti-tuberculosis treatments, and eye drops. With formulations like tablets, syrups, sachets, and injectables, the company caters to a wide spectrum of healthcare needs, making it a preferred partner for diverse markets
Strong formulation capability
The company has built deep expertise in formulation development across multiple therapeutic areas. Its in-house quality assurance and control facilities further enhance product quality. This capability has helped establish the company as a reliable player, especially in export markets
Reliable manufacturing network
The company works with five WHO-GMP certified contract manufacturers and also owns a unit at Ambernath with FDA approval for pharmaceutical production. These partnerships ensure industry-compliant output and operational flexibility. The company has developed strong ties with these manufacturers and is actively looking to expand its network further
Asston Pharmaceuticals Risks
Third-party dependency
The company operates its own manufacturing facility in Ambernath, Maharashtra, but relies on third-party manufacturers for certain products beyond tablets. While this contract manufacturing arrangement enhances production capacity, the company does not have exclusive or long-term agreements with these partners
Low entry barrier
The contract manufacturing space has low entry barriers, requiring no special certifications, making it easy for competitors to access the same manufacturers. The company currently has five tie-ups for medicine production, primarily for export. These manufacturers contribute significantly to overall revenue
Regional concentration
All of the company’s own and contract manufacturing facilities are located in Maharashtra, exposing it to geographic concentration risk. Any disruption—such as political unrest, labor issues, pandemics, regulatory challenges, or natural disasters in or around Maharashtra—could severely impact production and operations
IPO FAQs
The promoters of the company are Ashish Narayan Sakalkar, Saili Jayaram More and Sachin Chandrakant Badakh.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 115.0 - 123.0.
The IPO application opens on Jul 09, 2025 and closes on Jul 11, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 230,000.0, the maximum value for this IPO is Rs 246,000.0.
This IPO will be allotted on Jul 14, 2025.
The refund will be credited to your account on Jul 15, 2025.
The allotted shares will be credited to your demat on Jul 15, 2025.
Asston Pharmaceuticals Ltd.’s shares listed on the stock exchanges on Jul 16, 2025.