IPO Details
Bidding Dates
25 Sep '25 - 29 Sep '25
Minimum Investment
₹2,70,000/ 2 Lots (2,000 Shares)
Price Range
₹135
Maximum Investment
₹2,70,000/ 2 Lots (2,000 Shares)
Retail Discount
To be announced
Issue Size
₹49.26 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |Earkart Ltd IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 25, 25
IPO Closing Date
Sep 29, 25
Basis of Allotment
Sep 30, 25
Initiation of Refunds
Oct 01, 25
IPO Listing Date
Oct 03, 25
Earkart IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
|
Day 1Sep 24, 2025 |
0.11 | 0.01 | 0.06 |
About Earkart Ltd IPO
Earkart IPO is a fixed price issue worth ₹49.26 crore, consisting of a fresh issue of 0.33 crore shares valued at ₹44.75 crore and an offer for sale of 0.03 crore shares worth ₹4.51 crore.
The IPO opens for subscription on September 25, 2025, and will close on September 29, 2025. The share allotment is expected to be finalised on September 30, 2025, with the tentative listing date set for October 3, 2025, on the BSE SME platform.
The issue price is ₹135 per share. The minimum lot size is 1,000 shares, and for retail investors, the minimum investment is ₹2,70,000 (2 lots or 2,000 shares). For HNIs, the minimum application size is 3 lots (3,000 shares), requiring an investment of ₹4,05,000.
Sarthi Capital Advisors Pvt. Ltd. is the lead manager of the issue, while Skyline Financial Services Pvt. Ltd. acts as the registrar. The market maker for the IPO is Rikhav Securities Ltd.
Earkart Ltd IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to allocate ₹2,110.13 lakhs towards meeting its incremental working capital needs in FY 2026. To support business growth and the Shop-in-Shop (SIS) expansion, higher working capital is essential.
- Capital Expenditure for Shop-in-Shop (SIS) Business Model
Around ₹1,733.26 lakhs will be invested in setting up SIS outlets within ENT and ophthalmic clinics across India. - A portion of the proceeds will be used for general corporate needs, which will not exceed 15% of the fresh issue proceeds or ₹10 crores, whichever is lower.
About Earkart Ltd Limited
Earkart Limited is a HealthTech company that focuses on hearing aids and related accessories. The company offers a wide range of modern hearing devices, including Receiver-In-Canal (RIC), Invisible (IIC), Behind-The-Ear (BTE), In-The-Ear (ITE), In-The-Canal (ITC), and Completely-In-Canal (CIC) models. In addition, it provides products such as adjustable foldable walkers and educational tools like Multi-Sensory Integrated Educational Development (MSIED) and Teaching Learning Material (TLM) for people with physical challenges.
Earkart sells its products through a network of partners and clinics both in India and internationally. It is also a trusted supplier on the Government e-Market (GeM), providing hearing aids to ALIMCO under the Ministry of Social Justice and Empowerment.
In April 2024, the company launched a Shop-in-Shop (SIS) model, offering franchise opportunities to opticians and ENT/optical clinics. Currently, Earkart operates 49 SIS clinics across 22 cities in six states and two Union Territories, including Haryana, Uttar Pradesh, Rajasthan, Punjab, Jharkhand, Delhi, Uttarakhand, and Chandigarh.
The company’s manufacturing facility is located in Noida and spans 4,500 square feet. Its key strengths include a diverse range of hearing aid products, a multi-channel distribution network covering online, offline, and B2G sales, and a strong focus on innovation and technology.
Industry Outlook
- The global hearing aid market was valued at around USD 8.1 billion in 2023, expected to grow at a CAGR of 6.6% to reach USD 12.67 billion by 2030.
- India's hearing aids market was estimated at USD 4.23 billion in 2023 and is forecasted to grow at a CAGR of 7.89%, reaching approximately USD 7.2 billion by 2030.
- Government programs like the National Program for the Prevention and Control of Deafness (NPPCD) and schemes providing free assistive devices have enhanced market access, awareness, and acceptance.
- Rapid innovation in hearing aid technology is ongoing, including miniaturisation, wireless and Bluetooth connectivity, AI-driven personalised sound amplification, and rechargeable lithium-ion batteries.
- Telemedicine and tele-audiology adoption facilitate remote hearing aid fitting and ongoing support, increasing accessibility, especially in remote or underserved regions.
- Digitalisation trends are expected to enhance user experience with seamless integration with smartphones and smart devices.
How To Apply for the Earkart Ltd 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 Earkart Ltd 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.
How To Check the Allotment Status of Earkart Ltd 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.
Contact Details of Earkart Ltd Limited
Registered office: Earkart Ltd.
Shop No. 8-P, Street No. 6,
Vasundhara Enclave,
East Delhi, New Delhi, 110096
Phone: 0120-4102857
Email: cs@earkart.in
Website: https://www.earkart.in/
Earkart Ltd IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker |
1,85,000 (5.07%) |
|
NII (HNI) |
17,32,000 (47.47%) |
|
Retail |
17,32,000 (47.47%) |
|
Total |
36,49,000 (100.00%) |
Earkart Ltd IPO Lot Size Details
|
Application Type |
Lots |
Shares |
Amount (₹) |
|
Individual Investors (Retail) – Min |
2 |
2,000 |
2,70,000 |
|
Individual Investors (Retail) – Max |
2 |
2,000 |
2,70,000 |
|
HNI – Min |
3 |
3,000 |
4,05,000 |
Earkart Ltd IPO Promoter Holding
Rohit Misra and Monika Misra are the promoters of the company
|
Share Holding Pre-Issue |
78.75% |
|
Share Holding Post Issue |
57.34% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Earkart Ltd IPO
|
KPI |
Values |
|
ROE (%) |
34.55 |
|
ROCE (%) |
47.32 |
|
Debt/Equity |
0.26 |
|
RoNW (%) |
34.55 |
|
PAT Margin (%) |
15.93 |
|
EBITDA Margin (%) |
22.65 |
|
Price to Book Value |
7.08 |
Earkart Ltd IPO Prospectus
Earkart Ltd IPO Registrar and Lead Managers
Earkart Ltd IPO Lead Managers
- Sarthi Capital Advisors Pvt.Ltd.
Registrar for Earkart Ltd IPO
Skyline Financial Services Pvt.Ltd.
- Phone: 02228511022
- Email: ipo@skylinerta.com
- Website: https://www.skylinerta.com/ipo.php
Financial Performance of Earkart Limited
| Particulars | Year ending on Mar 31, 2025 | Year ending on Mar 31, 2024 | Year ending on Mar 31, 2023 |
|---|---|---|---|
| Assets (₹ Crore) | 30.29 | 19.25 | 14.73 |
| Total Income (₹ Crore) | 43.19 | 31.97 | 28.97 |
| Profit After Tax (PAT) (₹ Crore) | 6.88 | 3.06 | 1.31 |
| EBITDA (₹ Crore) | 9.76 | 3.55 | 1.61 |
| Net Worth (₹ Crore) | 19.92 | 13.03 | 6.56 |
| Reserves & Surplus (₹ Crore) | 9.48 | 12.97 | 6.49 |
| Total Borrowing (₹ Crore) | 4.96 | 4.00 | 1.21 |
Know before investing
Strengths
8-
Established presence in the hearing aid industry with government and private sector clientele, including a trusted GeM supplier relationship with ALIMCO under the Government of India.
-
Diversified client base spanning government tenders, private retailers, distributors, and an innovative Shop-in-Shop model with ENT clinics and opticians.
-
Strong focus on product innovation, research and development to keep pace with advancements in hearing aid technology.
-
Positive financial performance metrics with EBITDA margins improving significantly in recent years and return on equity around 23-27%.
-
Increasing preference for advanced remote audiometry and hearing diagnostics can position Earkart OMNI as a cost-efficient solution in underserved regions.
-
Opportunity to develop and commercialise newer hearing aid technologies leveraging the company’s R&D capabilities and patented inventions.
-
Government policies supporting assistive devices for differently-abled persons provide structural tailwinds for business growth.
-
Emphasis on digital health solutions and telemedicine can boost remote diagnostics and follow-ups fueling recurring revenue streams from service contracts.
Risks
8-
The majority of revenue comes from government contracts. Delays, policy changes, or loss of contracts could impact revenue and cash flow.
-
Strict domestic and international regulations may delay product launches or increase costs.
-
Heavy reliance on top suppliers in India, China, UK, and USA; disruptions or quality issues may affect production and costs.
-
Any breakdown, power failure, or disruption at the Noida facility could halt production.
-
Top 10 customers contribute over 90% of revenue; loss or reduced orders could significantly affect sales.
-
Limited testing capacity may cause defects, recalls, or reputational harm; additional equipment is planned to address this.
-
Adoption of Earkart OMNI and R&D outcomes are critical; failures or slow adoption could hurt growth.
-
Rapid technological advancements may render products obsolete, requiring continuous innovation and investment.
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Earkart Peer Comparision
| Competitor | Sales (₹ Lakhs) | PAT (₹ Lakhs) | EPS (₹) | P/E Ratio |
|---|---|---|---|---|
| Earkart Limited | 3,329.74 | 305.81 | 2.03 | |
| OSEL Devices Limited | 13,268.52 | 1,268.41 | 11.31 | 10.82 |
Earkart Ltd IPO FAQs
Earkart Ltd IPO is a fixed price issue IPO. It opens for subscription on September 25, 2025, and closes on September 29, 2025.
The Basis of Allotment will happen on Monday, September 30, 2025.
The IPO subscription window will open on September 25, 2025.
The minimum lot size retail investors can subscribe to is ₹2,70,000.00 (2,000 shares).
The listing date for Earkart Ltd IPO is Friday, October 03, 2025.
The issue size of the Earkart Ltd IPO is ₹49.26 crore.
The open and close dates for Earkart Ltd IPO are from September 25, 2025, to September 29, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Earkart Ltd Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Earkart Ltd IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Skyline Financial Services Pvt.Ltd. is the registrar responsible for managing the IPO allotment process and handling investor queries.
The Earkart Ltd IPO is proposed to be listed on the BSE SME platform.
