Aptus Pharma shares to debut today. Here's what GMP indicates ahead of listing

Aptus Pharma, a Gujarat-based distributor of pharmaceutical formulations, is set to debut on the BSE SME platform on September 30. The Rs 13.02 crore IPO, which closed for subscription on September 25, drew strong investor participation across categories. However, despite being subscribed over 22 times, the grey market premium (GMP) is at just 6%, suggesting muted listing-day gains.

Strong demand from retail and HNIs

The IPO, priced in a band of Rs 65–70 per share, saw overwhelming demand from individual investors. The retail category was subscribed 31.43 times, while non-institutional investors (NIIs) bid 28.75 times. Qualified institutional buyers (QIBs), however, showed relatively lukewarm interest with a subscription of only 1.24 times.


In total, the issue was subscribed 22.27 times, highlighting high enthusiasm despite its small size. Ahead of the IPO, Aptus Pharma raised Rs 3.70 crore from anchor investors.

About the company

Aptus Pharma is engaged in marketing and distribution of finished pharmaceutical formulations across acute, chronic, and wellness segments. Its portfolio spans over 194 products, including antacids, pain management drugs, antibiotics, cardiology and diabetic therapies, nutraceuticals, injectables, and syrups.

The company operates through alliances with third-party manufacturers across Gujarat, Uttarakhand, and Himachal Pradesh, supported by a distribution network of 125 partners and a field force of 54 sales personnel.

The IPO proceeds will be used for working capital (Rs 8 crore), setting up new office infrastructure (Rs 1.63 crore), and general corporate purposes.

Financials

Aptus Pharma has shown sharp growth, with revenue rising 38% in FY25 to Rs 24.64 crore and profit after tax (PAT) jumping 288% to Rs 3.10 crore.

Investors may need to treat this more as a long-term bet on distribution-led pharma growth rather than chasing quick listing-day gains.

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