Asston Pharmaceuticals IPO Subscribed 13.84 Times on Day 2 Amid Retail and HNI Demand

Mumbai, 10 July 2025: Asston Pharmaceuticals Limited’s initial public offering (IPO) has received an encouraging response from investors across categories, with an overall subscription of 13.84 times by the end of Day 2 of bidding. The IPO, which opened on 9 July 2025, will close on 11 July 2025.

Heavy Retail and HNI Participation Pushes Up Subscription

Retail investors demonstrated strong interest in the IPO, subscribing 16.66 times their allocated quota. Non-Institutional Investors (NIIs) showed even greater enthusiasm, with an oversubscription of 19.67 times. Within the NII category, large investors bidding above ₹10 lakh (bNII) subscribed 19.29 times, while small HNIs (sNII), who bid below ₹10 lakh, subscribed 21.50 times.

Qualified Institutional Buyers (QIBs) also contributed to the demand, subscribing 4.47 times. Meanwhile, the anchor investor and market maker portions had already been fully subscribed ahead of the IPO opening.

Momentum Picks Up on Day 2

The IPO witnessed a sharp increase in participation on Day 2. On the opening day (9 July), total subscription across all categories stood at just 1.75 times. By the close of the second day (10 July), subscription had surged across all investor segments—reaching 4.47 times in the QIB segment, 19.67 times in the NII segment, and 16.66 times among retail bidders.

Subscription Breakdown Across Categories

As of 5:04 PM on 10 July 2025, Asston Pharmaceuticals IPO witnessed a strong response, with bids received for 2.06 crore shares against an offer size of 14.93 lakh shares. This resulted in an overall subscription of 13.84 times, with a total bid value reaching ₹254.18 crore. The Non-Institutional Investor (NII) category alone accounted for 7,354 applications, indicating significant HNI participation.

Here is a detailed category-wise breakdown:

• Anchor Investors
  • Shares Allotted: 6.35 lakh
  • Total Value: ₹7.81 crore
  • Subscription: Fully subscribed
• Market Maker
  • Shares Allotted: 1.13 lakh
  • Total Value: ₹1.39 crore
  • Subscription: Fully subscribed
• Qualified Institutional Buyers (QIBs)
  • Shares Offered: 4.25 lakh
  • Shares Bid For: Nearly 19 lakh
  • Subscription: 4.47 times
• Non-Institutional Investors (NIIs)
  • Shares Offered: 3.22 lakh
  • Shares Bid For: 63.34 lakh
  • Subscription: 19.67 times
  • Applications Received: 7,354
• Retail Investors
  • Shares Offered: 7.46 lakh
  • Shares Bid For: Over 1.24 crore
  • Subscription: 16.66 times

The strong oversubscription across all categories, especially in retail and NII segments, reflects heightened investor confidence in the company’s business model and growth potential.

Anchor Investment Allocation Prior to IPO Opening

A total of 6.35 lakh shares were allotted to anchor investors at ₹123 per share, generating proceeds of ₹7.81 crore. Notable anchor investors included:

• VIKASA Capital Inc., which received 1.14 lakh shares worth ₹1.40 crore
• Kingsman Wealth Fund PCC, allotted 1.15 lakh shares worth ₹1.41 crore
• Minerva Ventures Fund, which secured 1.63 lakh shares valued at ₹2 crore
• Abundantia Capital VCC, which received 2.43 lakh shares amounting to ₹2.98 crore

IPO Structure and Offer Details

The IPO comprises a fresh issue of 22.41 lakh equity shares, aggregating up to ₹27.56 crore. There is no offer-for-sale component. Of the total issue:

• 7.46 lakh shares (₹9.18 crore) are reserved for retail investors
• 10.60 lakh shares (₹13.04 crore) are offered to qualified institutional buyers (QIBs)
• 3.22 lakh shares (₹3.96 crore) are set aside for non-institutional investors (NIIs)
• 6.35 lakh shares (₹7.81 crore) were allocated to anchor investors
• 1.13 lakh shares (₹1.39 crore) were reserved for market making activities

The public portion available for bidding comprises 21.28 lakh shares worth ₹26.17 crore. Sobhagya Capital Options Ltd is the book-running lead manager for the issue, with Maashitla Securities Pvt Ltd serving as the registrar. JSK Securities and Services Pvt Ltd is acting as the market maker.

Key IPO Timelines and Investment Terms

The IPO is open from 9 July to 11 July 2025. The allotment is expected to be finalised by 14 July 2025, and listing is tentatively scheduled for 16 July 2025 on the BSE SME platform.

The price band has been fixed between ₹115 and ₹123 per share, with a face value of ₹10. Each application requires a minimum lot size of 1,000 shares. Retail investors must apply for a minimum of two lots (2,000 shares), amounting to ₹2.3 lakh at the upper price band. High Net-Worth Individuals (HNIs) need to apply for a minimum of three lots (3,000 shares), equating to ₹3.69 lakh.

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