Medistep Healthcare IPO to open on August 8th

Ahmedabad, August 6, 2025 —Medistep Healthcare Limited will launch its SME IPO on NSE (Emerge) through a fresh issuance of 37.44 lakh equity shares, at a fixed price of ₹43 per share. Individual investors (retail) have a minimum subscription requirement of ₹2,58,000 (6,000 shares), and for HNI, it is ₹ 3,87,000 (9,000 shares).

The IPO will be open for subscription on August 8, 2025, and will close on August 12, 2025.

Key IPO Details

The upcoming IPO includes a fixed-price fresh issue of 37,44,000 equity shares at ₹43 each, aggregating to ₹1,609.92 lakh. The face value of the shares is ₹10 each and consists of a market maker reservation of 1,89,000 shares. The IPO will be listed on NSE SME. The issue will be split evenly 50:50 between retail and non-retail investors. The basis of allotment is August 13, shares will be credited on August 14, and listing will be on August 18, 2025.

Issue Object & Fund Utilization

The IPO proceeds will primarily be used to strengthen the company’s operations. A major portion is earmarked for working capital needs (₹1234.17 lakhs), while a part will support general corporate activities (₹193 lakhs). The company also plans to enhance its manufacturing capacity by investing in new plant and machinery. A portion of the funds will cover issue-related expenses.

The company has incurred issue expenses of ₹24.56 lakh as of July 22, 2025.

Financial Highlights (Restated)

Medistep Healthcare Ltd. has delivered a strong financial performance for FY2024–25, with revenue growing by 57% to ₹4,965.48 lakh vs. ₹3,907.19 lakh the previous year (FY24). Profit after tax grew by 42% to ₹414.42 lakh. The company’s net worth rose to ₹1,683.47 lakh, and EPS (Basic) increased to ₹4.01. NAV per share increased to ₹16.09.

Total borrowings fell back slightly to ₹63.53 lakh, representing the discipline it exercised with its balance sheet amid strong topline and bottom-line growth in the lead-up to the company’s IPO.

Business Profile

Medistep operates in the pharmaceutical space, which focuses on intimate hygiene, nutraceuticals, surgical, and OTC products. It also manufactures select nutraceutical and hygiene products under brands such as Drystep Sanitary Pads and Vitastep-Z Energy Powder.

Revenue by Product

Medistep Healthcare experienced a significant shift in revenue components in FY 2024-25. The Intimate Care segment (Drystep) overtook all other components of revenue with ₹1,110.64 lakh in FY25, up from ₹103.38 lakh in FY24, and the revenue generated from Nutraceuticals (Vitastep-Z) jumped significantly to ₹205.53 lakh from ₹22.63 lakh.

Surgical Products’ performance was poor, with revenue declining significantly again, to ₹4.49 lakh from ₹75.20 lakh in FY24 and ₹2,147.53 lakh in FY23. Gujarat generated almost all revenue in FY25, while Rajasthan also contributed a small portion of total revenue in previous years.

Shareholding Pattern

Before the IPO, the shareholding of Medistep Healthcare Ltd. was predominantly promoter-based. The promoters and promoter group retain 93.62% of the total number of 97,98,280 shares. The rest of the shareholding, 6.38% of 6,67,266 shares, is held by the public. This ownership structure reflects a strong promoter control pre-public offering.

Board & Promoters

• Girdhari Lal Prajapat—Managing Director with 12+ years in pharma and hospital operations.
• Hetalben Girdharilal Prajapati—Non-Executive Director with sales and inventory experience.
• Vipul Gobarbhai Dabhi – Executive Director, 19+ years in clinical practice.
• Other Directors: Include professionals from hospital and healthcare management backgrounds.

Risk Factors

Medistep Healthcare is exposed to risks from revenue concentration in Gujarat, high reliance on larger clients and third-party suppliers, regulatory compliance concerns, and operational uncertainty as it transitions to the manufacturing space.

Litigation Summary

Medistep Healthcare Ltd., its promoters, directors, and group companies have no pending litigations or regulations. No actions by SEBI or any stock exchange have occurred in the last five years.

Company Overview

Medistep Healthcare Limited, incorporated in June 2023, is a Gujarat-based player in the pharmaceutical and wellness segment. It caters primarily to Gujarat and Rajasthan through a mix of manufacturing and trading activities. The company is poised to expand its production capacity with proceeds from the IPO.

Medistep’s equity shares are proposed to be listed on the NSE Emerge SME platform.

REF: https://www.medistephc.com/Investors Relations/DraftProspectusm/Abriged_Medistep.pdf

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