Astonea Labs is launching its Initial Public Offering (IPO) through the book-building process, aiming to raise ₹37.67 crore. The entire issue consists of a fresh offer of 27.90 lakh equity shares. The IPO will open for subscription on May 27, 2025, and close on May 29, 2025. Allotment of shares is expected to be finalised by May 30, 2025.
The company's shares are proposed to be listed on the BSE SME platform, with a tentative listing date of June 3, 2025. The price band for the IPO is set between ₹128 and ₹135 per share. Retail investors are required to apply for a minimum of one lot, which consists of 1,000 shares. This brings the minimum investment amount to ₹1,28,000.
However, to improve the chances of allotment, it is advised to consider bidding at the cutoff price, requiring ₹1,35,000. For High Net-worth Individuals (HNIs), the minimum application is two lots, amounting to ₹2,70,000.
Oneview Corporate Advisors Private Limited is managing the IPO, while Kfin Technologies Limited acts as the registrar. For full details, refer to the Astonea Labs IPO Red Herring Prospectus (RHP).
Industry Outlook
- The Indian pharmaceutical industry has been growing steadily at a CAGR of 9.43% and is expected to reach a market size of US$ 130 billion by 2030. With India supplying over 50% of global vaccine demand and 40% of US generic drug needs, this robust export ecosystem creates strong growth potential for companies like Astonea Labs Limited operating in the generic and API segments.
- India accounts for 8% of the global Active Pharmaceutical Ingredients (API) market and produces 500+ APIs, contributing 57% to the WHO prequalified list. As API forms a significant part of Astonea Labs’ offerings, the company is well-positioned to benefit from this increasing global reliance on Indian API producers.
- The biosimilars market in India is projected to grow at a CAGR of 22% to reach US$ 12 billion by 2025. Astonea Labs can leverage this opportunity to expand into biosimilars and benefit from rising demand, helping drive revenue growth and product diversification in the coming years.
Astonea Labs IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use the IPO proceeds to register its products in Bolivia, South America, helping it expand into international markets.
- Funds will be used to buy and install machinery for ointment production at its existing Haripur facility, supporting exports as per global standards.
- A portion of the proceeds will go towards advertising and brand building to enhance market visibility.
- Investment will also be made in hardware and software to strengthen operational capabilities.
- Working capital needs will be supported to ensure smooth day-to-day business operations.
- The remaining funds will be used for general corporate purposes.
About Astonea Labs Limited
Astonea Labs Limited, formerly known as AHU Laboratories Private Limited, is a public limited company engaged in the manufacturing and marketing of pharmaceutical and cosmetic products. Established in 2017 and based in Haryana, the company operates a modern manufacturing facility spread across 7,500 square metres, developed in strict alignment with ISO standards.
The company offers a wide range of products, including medicines for diabetes, cardiovascular health, gynaecology, pain relief, fungal infections, and general wellness.
Its cosmetic range covers skincare, haircare, and oral care products available in various forms such as gels, lotions, and serums. Astonea Labs also undertakes contract manufacturing for domestic and international clients, trading in raw materials and packaging used in pharma and cosmetics.
Astonea Labs markets its own brands—Glow Up, launched in 2022 for skincare and haircare, and Regero, introduced in 2024 for pharmaceutical products. These products are distributed through e-commerce platforms like Amazon and Tata 1MG. A new skincare range under the brand Avicel is also set to launch soon.
The company exports to markets such as Iraq and Yemen and has recently undergone a USFDA audit for OTC products, positioning itself for further global expansion. With a strong network across multiple Indian states and a focus on doctor outreach, Astonea Labs aims to enhance its market footprint through strategic brand building and distribution.
How To Check the Allotment Status of Astonea Labs IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Astonea Labs IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Astonea Labs IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Astonea Labs IPO
Registered office: SCO 186-187, 2nd Floor, Cabin No.206, SECTOR 8 C, Sector 8, Chandigarh 160009, India
Phone: +91 – 9888302323
E-mail: cs@astonea.org
Astonea Labs IPO Reservation
|
Investor Category |
Shares Offered |
|
Retail Shares |
Up to 35% of the Net Issue |
|
QIB Shares |
Up to 50% of the Net Issue |
|
NII (HNI) Shares |
Up to 15% of the Issue |
Astonea Labs IPO Lot Size
|
Application |
Lots |
Shares |
Amount (₹) |
|
Retail (Min) |
1 |
1,000 |
1,28,000 |
|
Retail (Max) |
1 |
1,000 |
1,35,000 |
|
HNI (Min) |
2 |
2,000 |
2,70,000 |
Astonea Labs IPO Promoter Holding
The promoter of the company is Mr. Ashish Gulati
|
Share Holding Pre-Issue |
98.42% |
|
Share Holding Post Issue |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Astonea Labs IPO
|
KPI |
Value |
|
RoE (%) |
37.86 |
|
RoCE (%) |
22.95 |
|
Price to Book Value |
8.57 |
|
PAT Margin |
4.75 |
|
Debt/Equity |
2.16 |
|
Particulars |
Pre IPO |
Post IPO |
|
EPS (₹) |
4.93 |
5.20 |
|
P/E (x) |
27.36 |
25.94 |
Note: Pre-IPO EPS is based on shareholding before the issue and FY24 earnings as of March 31, 2024, from the RHP. Post-Issue EPS is based on post-issue shareholding and annualised earnings as of December 31, 2024, from the RHP.
Astonea Labs IPO Prospectus
Astonea Labs IPO Registrar and Lead Managers
Astonea Labs IPO Lead Managers
- Oneview Corporate Advisors Private Limited
Registrar for Astonea Labs IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: murali.m@kfintech.com
Astonea Labs IPO Registrar
Financial Performance of Astonea Labs Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 8019.09 | 6705.08 |
| Profit After Tax (PAT) (in ₹ lakh) | 380.98 | 66.52 |
| Return on Equity (RoE) (%) | 37.86 | 8.50 |
| Total Borrowings (in ₹ lakh) | 2168.87 | 2196.52 |
| Return on Capital Employed (%) | 22.95 | 10.83 |
| Net Worth (in ₹ lakh) | 1196.75 | 815.77 |
| EBITDA (in ₹ lakh) | 1171.09 | 705.28 |
Know before investing
Strengths
8Over 6 years of experienced management drives sustainable business growth.
Skilled employees and strong HR strategies ensure quality performance.
Customer-centric, scalable model enables efficient resource utilisation and growth.
The product portfolio includes pharmaceuticals and cosmetics in over 10 forms.
Timely delivery and minimal errors build lasting customer relationships.
New product launches aim to boost capacity and market reach.
Expanding exports to regulated markets strengthens global presence.
Targeting unexplored markets to widen domestic and international footprint.
Risks
8Non-payment of FDA’s OMFUA fee deems products misbranded, restricting sales.
Company listed on FDA arrears list, risking reputation and compliance.
Past delays in ROC filings may lead to financial penalties.
55.74% dependency on top 10 suppliers poses procurement risks.
Ongoing legal proceedings may impact business, reputation, and financial performance.
Heavy reliance on pharmaceuticals increases risk from industry disruptions.
Contract manufacturing dependence threatens stability amid client outsourcing changes.
Domain ownership under Astonea Foundation risks online operations and visibility.
Astonea Labs IPO Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|
| Astonea Labs Limited | 5.01 | 15.75 | 31.83 | 9.00 |
| Beta Drugs Limited | 37.90 | 163.43 | 23.19 | 11.39 |
