Asston Pharma SME IPO subscribed over 173 times on final day. GMP hints at 24% listing gains

The IPO of Asston Pharmaceuticals, a rapidly expanding exporter of healthcare and pharmaceutical products, has drawn strong investor interest across all categories, with the issue subscribed a whopping 173.35 times as of 5 PM on its final day of bidding on July 11, Friday.

Non-institutional investors led the charge, bidding 261.66 times their allotted quota, while retail investors had subscribed 172.06 times, and qualified institutional buyers (QIBs) pitched in with 85.76 times subscription, signaling robust confidence in the company’s growth story and global outlook.

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.


GMP
The grey market premium (GMP) for Asston Pharmaceuticals' SME IPO stood at Rs 30 as of July 11. Based on the upper end of the price band at Rs 123 per share, the estimated listing price is around Rs 153. This implies a potential listing gain of approximately 24.4%.

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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