Retail investors led the surge, subscribing 37.58 times their allotted quota, followed by high-net-worth individuals (HNIs) at 51.40 times. Qualified institutional buyers (QIBs) also showed strong interest, subscribing 7.98 times — underscoring broad-based confidence in the company’s growth trajectory and global expansion plans.
The book-built issue is priced in the range of Rs 115 to Rs 123 per share, with a fixed lot size of 1,000 shares. At the upper end of the price band, the IPO aims to raise Rs 27.56 crore entirely through a fresh issue of 22.41 lakh equity shares.
The IPO has generated moderate interest in the grey market, where it is commanding a premium of Rs 30 over the upper issue price of Rs 123 — implying a 24% grey market premium (GMP). The stock is scheduled to list on the BSE SME platform on July 16.
Retail investors are required to apply for a minimum of 2,000 shares.
Sobhagya Capital Options is the lead manager to the issue, Maashitla Securities is acting as the registrar, and JSK Securities and Services will serve as the market maker.Founded in 2019, Asston Pharmaceuticals specializes in the formulation and export of a wide range of pharmaceutical products, including tablets, capsules, syrups, and sachets.The company operates across multiple therapeutic categories such as antibiotics, antifungals, analgesics, and nutritional supplements. Its manufacturing facilities are FDA-certified and adhere to stringent quality management protocols.
The IPO proceeds will be used to fund capital expenditure for machinery acquisition (Rs 6 crore), meet incremental working capital requirements (Rs 13 crore), partially repay borrowings (Rs 1 crore), and cover general corporate expenses.
Financially, the company has shown strong momentum. For the year ended March 2025, Asston posted a 62% rise in revenue and a 218% surge in profit after tax compared to the previous fiscal.
The company reported a PAT of Rs 4.33 crore on revenue of Rs 25.61 crore.
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