Aptus Pharma IPO Opens Today with ₹13 Crore Issue, Price Band at ₹65–₹70

September 23, 2025: Aptus Pharma Limited, the pharmaceutical marketing and distribution firm based out of Ahmedabad, has opened its ₹13 crore Initial Public Offering (IPO) for subscription today. The issue will close on September 25, 2025. The issue will be listed on the BSE SME platform on September 30, 2025.

Aptus Pharma Limited, based in Ahmedabad, Gujarat, was formed in 2010 and operates an outsourced manufacturing model. Expertising in the distribution and marketing of pharmaceutical formulations in various therapeutic categories, the organisation is getting ready to make its debut on the BSE SME platform on 30 September 2025 after its IPO.

IPO Opens with ₹65-₹70 Price Band as Subscription Window Starts

The SME IPO has 18.6 lakh equity shares available with a lot size of 2,000 shares at a minimum investment of ₹1.40 lakh at the higher price band. The price band has been fixed at ₹65-₹70 per share, and Market-Hub Stock Broking Pvt Ltd is the market maker.

Aptus Pharma IPO comes at a time when small and medium-sized enterprises (SMEs) are becoming increasingly dependent on the equity markets as a source of fundraising, an indication of the growing demand for capital in growth sectors such as pharmaceuticals.

Anchor Investors Pump in ₹3.70 Crore Pre IPO Opening

Prior to the public subscription, Aptus Pharma pumped in ₹3.70 crore by issuing 5.28 lakh equity shares of ₹70 each to three anchor investors.

• 31 Degrees North Fund – Fund I: 1.92 lakh shares (36.36%)
• Eminence Global Fund PCC – Eubilía Capital Partners Fund I: 1.92 lakh shares (36.36%)

• Zeal Global Opportunities Fund: 1.44 lakh shares (27.87%)

The anchor subscription indicates institutional investment in the issue, which tends to generate momentum for the opening of IPO subscriptions.

Financials Highlight Asset-Light Model Driving Consistent Revenues

Aptus Pharma has posted consistent year-over-year revenues via its contract manufacturing alliances, without having its own production facilities. Its asset-light strategy has allowed the company to extend operations with lower capital outlay, sustaining balanced performance amid a highly competitive pharmaceutical industry.

Through outsourcing production to seven partner plants, the company keeps overheads under check, though third-party dependence introduces operational risks. Its distribution network exists across various therapeutic segments such as cardiovascular, gastrointestinal, neuro-psychiatric, and wellness products, allowing it to diversify revenue streams.

Varied Product Portfolio Across High-Demand Therapeutic Segments

Aptus Pharma has diversified its portfolio since its incorporation in 2010 to include tablets, capsules, syrups, injections, ointments, and drops. Its therapeutic scope includes:

• Anti-infectives and anti-allergics
• Gastrointestinal and antacids
• Nutritional supplements and painkillers
• Neuro-psychiatric, cardiovascular and anti-diabetic products
• General wellness drugs

The broad coverage allows Aptus to leverage the increasing demand for chronic and lifestyle disease drugs in India’s growing pharmaceutical market.

Competitive Threats and Dependence on Regulations Continue to be Dominant Factors

While strong, Aptus Pharma is in the intensely competitive pharma distribution business, with margins always under threat. Overdependence on third-party manufacturing brings supply chain concerns, as regulatory clearances within the pharma space still remain a critical driver of business sustainability and new product launches.

Aptus Pharma’s IPO reinforces the rising trend of SME pharmaceutical companies tapping equity markets for growth finance. The asset-light business model of the company, diversified product base, and strong partnership infrastructure have underpinned steady revenues, although regulatory barriers and dependence on contract manufacturing are key operating aspects to monitor as it moves to the listed platform.

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