Anlon Healthcare Limited’s first-ever Initial Public Offering (IPO) has created a buzz in the Indian stock market as it heads into its final subscription day. The Rajkot-based pharmaceutical intermediates and active pharmaceutical ingredients (API) manufacturer is raising about ₹121 crore through the issue. The IPO has been priced in the range of ₹86–91 per share, aiming to give investors an entry into a growing company with expansion plans in the healthcare sector.
The market response so far has been encouraging, particularly from retail investors, who have shown extraordinary enthusiasm. Institutional interest, however, has been more restrained, creating a mixed but positive sentiment overall. Let’s take a closer look at the subscription numbers, grey market trends, IPO schedule, and what experts are saying.
Anlon Healthcare IPO Subscription Momentum
On Day 1, Anlon Healthcare’s IPO witnessed a healthy start, with the issue subscribed 1.61 times overall. Retail investors stood out by subscribing to nearly 9 times their reserved quota, while institutional and non-institutional investors (NIIs) showed comparatively lower interest.
By Day 2, momentum picked up further. The total subscription rose to around 3.3 times the issue size. Retail participation remained the driving force, climbing to more than 20 times their quota. NIIs subscribed at just over 2 times, while Qualified Institutional Buyers (QIBs) crossed the 1x threshold, marking an improvement in sentiment from the larger investor class.
As of Day 3, August 29, 2025, the overall IPO subscription had reached nearly 3.9 times. Retail investors once again dominated with bids in the range of 26–29 times their quota. NIIs were in the 3.2–4 times range, and QIBs maintained just over 1 time. These figures highlight that while retail investors are highly confident, institutional players remain cautious in their approach.
Anlon Healthcare IPO Grey Market Premium and Listing Expectations
In the grey market, Anlon Healthcare’s IPO is trading at a modest premium of ₹5–6 per share. This translates to an expected 5–6% listing gain over the upper price band of ₹91. If the trend holds, the stock may list around ₹96–97 per share.
However, analysts point out that despite the strong subscription numbers, the grey market premium has stayed relatively flat. This suggests that while demand is high, broader market sentiment is more balanced, with cautious optimism rather than over-excitement. Such stability could mean a controlled listing performance without extreme volatility on debut.
Anlon Healthcare IPO Timeline and Fund Utilization
The IPO bidding window closes on August 29, 2025. The allotment process is expected to be completed by September 1, 2025, while the listing is scheduled for September 3, 2025 on both the BSE and NSE.
According to the company, the funds raised will be utilized for:
- Expansion of manufacturing capacity to meet rising demand for pharmaceutical intermediates and APIs.
- Enhancing working capital to improve operational efficiency.
- Debt repayment, helping strengthen the balance sheet.
- General corporate purposes, providing flexibility for future growth.
These steps underline Anlon Healthcare’s ambition to scale its operations and reinforce its financial position in the coming years.
Industry View and Analyst Commentary
Experts tracking the IPO note that the offering is primarily retail-driven, with overwhelming small investor participation. In contrast, institutional investors have been more reserved, reflecting a careful assessment of valuations and market conditions.
Brokerage houses such as Anand Rathi have recommended subscribing to the IPO for the long term, citing the company’s growth prospects in the pharmaceutical sector. However, they also warn that valuations at the upper price band may already reflect fair value, leaving limited room for sharp immediate upside.
Analysts further highlight that the grey market premium’s muted movement despite robust demandindicates that the market expects a steady but not overly aggressive listing. This could favor investors seeking stable returns rather than speculative gains.
Conclusion
Anlon Healthcare Limited’s IPO has clearly caught the attention of retail investors, with subscription numbers far exceeding expectations. The modest grey market premium, combined with measured institutional participation, points to a controlled yet positive listing scenario.
With allotment results due on September 1 and the stock debuting on September 3, investors are eagerly waiting to see whether Anlon Healthcare lives up to the early excitement. While short-term listing gains may be moderate, the company’s long-term growth potential in the pharmaceutical space could provide a solid foundation for patient investors.
F.A.Q.
– What is the price band of the Anlon Healthcare IPO?
The IPO is priced between ₹86 and ₹91 per share. Investors can bid within this range based on their preference.
– How much was the Anlon Healthcare IPO subscribed?
As of the final subscription day (August 29, 2025), the IPO was subscribed around 3.9 times overall, with retail investors leading at 26–29 times their quota.
– What is the Grey Market Premium (GMP) of the Anlon Healthcare IPO?
The IPO is trading at a GMP of ₹5–6 per share, suggesting an expected listing gain of around 5–6% over the upper price band.
– When will the Anlon Healthcare IPO allotment and listing take place?
The allotment is expected on September 1, 2025, while the listing is scheduled for September 3, 2025 on the BSE and NSE.
– How will Anlon Healthcare use the IPO proceeds?
The funds will be used for expansion of manufacturing capacity, working capital needs, debt repayment, and general corporate purposes.
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