Asston Pharmaceuticals shares list at 3% discount to IPO price on BSE SME platform

Pharmaceutical exporter Asston Pharmaceuticals made its debut on the BSE SME platform at Rs 119, listing at a 3.25% discount to its issue price of Rs 123. Despite strong retail and institutional participation in its Rs 27.56 crore IPO, held from July 9 to 11, the stock failed to meet grey market expectations. It was commanding a GMP of Rs 30 ahead of listing, indicating a likely 24% premium over the issue price. However, the stock opened lower, disappointing market sentiments.

The IPO was entirely a fresh issue of 22.41 lakh shares.

Incorporated in 2019, Asston Pharmaceuticals manufactures and exports a wide range of pharmaceutical formulations, including tablets, syrups, capsules, and sachets.


The company focuses on key therapeutic categories such as analgesics, antibiotics, antifungals, and vitamins, with products like Albendazole, Diclofenac, and Ferrovit Syrup forming part of its portfolio.

Asston operates on both direct sales and contract manufacturing models and holds certifications from central and state FDA, NQA, and follows Quality Management System (QMS) standards. As of July 2025, it has a workforce of 52 employees, including 6 on contract.

Financial Snapshot

The company posted robust growth in FY25, with revenue up 62% year-on-year to Rs 25.61 crore, and PAT rising 218% to Rs 4.33 crore. EBITDA also jumped to Rs 6.16 crore from Rs 2.55 crore in the previous year.

With a 24% GMP, strong financials, and growing demand for Indian pharma exports, Asston’s listing is expected to see healthy investor interest, though the SME segment’s volatility remains a caveat. All eyes will now be on the stock’s opening tick on Wednesday.

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